Location map
author: OCHA/ ReliefWeb

- Eastern Europe, bordering the Baltic Sea and Gulf of Finland;
- Neighbours: Latvia, Russia, Finland.

- maritime;
- wet, moderate winters;
- cool summers.

Natural hazards:
- floods in the spring;

Macro indicators
* 2018 estimates
Pop. density*:29.2people/km2
GDP*:25.7EUR billion

European Union:
EU member, since 2004

Currency: Euro
Code: EUR
Since: 2011
- replaced Estonian kroon (EEK)

Insurance market portfolio
* 2018 estimates
Overall Property*:24%
Overall Motor*:48%



ESTONIA, 1H2012: Double digit increase in GWP

Estonian insurance companies underwrote about EUR 176 million during the first half of the current year, according to the figures published by Financial Supervision Authority of Estonia, representing an 11.4% increase compared to June 2011. Paid claims have increased by 1.2% reaching EUR 99 million.

Stagnation for ESTONIAN market in 1Q2012

In January-March 2012, the gross written premiums of insurance companies in Estonia increased slightly, by 0.14%, reaching EUR 104.82 million, compared with total underwritings in the correspondent period of 1Q2011. Claims paid by insurers amounted to EUR 63.96 million according to official data published by the Financial Supervision Authority of Estonia. At the end of March, underwritings on life insurance decreased by 18.17% y-o-y, reaching EUR 34.12 million. At the same time Estonian general insurers totaled EUR 70.70 million, increasing in absolute value by about EUR 7.72 million.

ESTONIA, FY 2011: Again "in the red" after joining the Euro zone

Maybe it has nothing in common, but after joining the Euro zone in 2011, as its 17th member, the Estonian insurance market re-entered on a descend path, with its GWP volume dropping by 6% in comparison with the previous year. In 2010, Estonian insurers managed to place a positive result, with a 16% growth in GWP, a quite impressive result following to 1.3% decrease registered in 2009. On the claims side, Estonian insurers paid EUR 269.4 million in 2011.

ESTONIA: QBE Insurance decided to stop activities

QBE Insurance Europe Limited has, following a strategic market review, decided to stop concluding new insurance contracts by its Estonians branch office. "Its existing book will be placed into run off and the company will continue to perform its obligations under existing insurance contracts", the company announced in a press release.

ESTONIA: Insurers ascertained 327 fraud cases in 2011

Insurance companies ascertained 327 insurance fraud cases in Estonia in 2011 while 1.88 million euros worth of fraud was prevented with the help of preventive measures, LETA/National Broadcasting reports.

ESTONIA will become the head office of ERGO in Baltic States

Insurance group ERGO will merge its general insurance companies in Latvia, Estonia and Lithuania and set up a head office in Estonia, was informed by the company. It is planned that the merger will be concluded by January 1, 2013. After the merger, the company will be called ERGO Insurance SE. Also, the Latvian and Lithuanian general insurance companies will proceed with their activities as ERGO branches, writes The Baltic Course.

ESTONIA: Swedbank insurance in Estonia forecasts storm damages bill to reach 400,000 EUR

As of Tuesday morning, Swedbank insurance had received 40 damage claims connected to the storm that has ravaged Estonia for the past couple of days, most of them concerning vehicles; the company forecasts that their clients will submit around a hundred damage claims connected to the storm, amounting to damage compensations of 400,000 EUR, LETA/Postimees Online reports.

ESTONIA: The market continued to decline in 3Q2011

In January-September 2011, the gross written premiums of insurance companies in Estonia decreased by 5.2%, reaching EUR 302 million, compared with total underwritings in the correspondent period of 2010. Claims paid by insurers amounted to EUR 193 million according to official data published by the Financial Supervision Authority of Estonia.

ESTONIA: Insurers demand less cross-selling from banks

Although by law, banks are not allowed to cross-sell insurance and car leasing or housing loans, it is well known that they often do so, offering loan customers services of the bank-owned insurer, writes Aripaev.