ESTONIA: Jan-March: growth of motor insurance prices is slowing down

According to the statistical data of the Estonian Motor Insurance Fund (LKF), growth of motor insurance prices is slowing down, which is confirmed by their increase only by 1% in the 1st quarter of 2019 y-o-y, as the Fund informed on its official website on May 15.

As of now, the average yearly premium for motor insurance is about EUR 147. Mart JESSE, the Head of the Fund, believes that even though motor insurance cost had been increasing over the past few years, now it is obviously slowing down. "The cost increase was due to the increasing average damage amount and losses in the motor insurance market. By the end of the last year, the market got back to moderate profit after six years of losses, which indicates a decrease of pressure on prices", JESSE said.

During Jan-March 2019, 9,500 motor insurance events were registered, which is 9% more y-o-y. According to Jevgeni MAKSINI, Head of the claims department at BTA Kindlustuse, snow and ice roads affected the number of road accidents at the beginning of the year.

More detailed statistics on motor insurance for the 1Q2019 can be found here (in Estonian)



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