According to the statistics of the Traffic Insurance Fund (LKF), 34,300 traffic insurance cases took place in Estonia last year with a total loss of EUR 72 million. In addition, Estonian vehicles caused 2,600 traffic accidents abroad, the total damage of which reached EUR 11 million, the Fund reports.
According to the Association of Estonian Insurance Companies (EKsL), the average insurance loss from home fires has almost tripled in five years. In home insurance in 2022, there were a total of 425 fires with a total loss of EUR 7 million.
According to the Estonian Insurance Association (EKsL), in the last 15 years, storms have caused the most insurance cases in December. The risk of storms is also greater in October and August. The biggest storm in 2023 was on October 7-8, when it caused 1,500 insurance cases with a total loss of EUR 3.5 million.
Estonian insurers posted January-September 2023 aggregate GWP worth EUR 477 million, 17.5% more y-o-y, according to the market figures published by the Estonian National Statistics Board. Total paid claims by local insurers increased by 4.5% y-o-y to ~EUR 302 million.
According to the Estonian Traffic Insurance Fund (LKF), during the first 10 months of 2023, the average annual premium for motor insurance amounted to EUR 144, which is 22% more y-o-y, the Fund said.
According to the Association of Estonian Insurance Companies (EKsL), 30% of the country’s population has life insurance. Last year, collected life insurance premiums reached EUR 60 per person, while non-life insurance amounted to EUR 347 per person, the Association wrote.
Balcia insurance became a new member of the Association of Estonian Insurance Companies (EKsL). All 18 insurance companies operating in Estonia are members of EKsL, Association of Estonian Insurance Companies (EKsL) informed.
EKsL and the Estonian Insurance Brokers Association are organizing selection of the best act in insurance of the year for the first time. Eight applications were received for the competition, Association of Estonian Insurance Companies (EKsL) informed.
Estonian insurers reported H1 2023 GWP worth EUR 318.8 million, 18.4% more compared with January-June 2022, according to the market figures published by the Estonian National Statistics Board. At the same time, the value of life & non-life paid claims and indemnities remained approximately around last year's value (~ EUR 200 million)
According to the statistics of the Estonian Traffic Insurance Fund (LKF), the share of road accidents caused by elderly drivers has increased by 70% over the past 10 years.
Estonian insurers posted aggregate business worth EUR 154.89 million in Q1 2023, or 18.58% more y-o-y, according to quarterly figures, published by the Estonian National Statistics Board.
Last year, traffic insurance intermediaries operating at the Estonian Traffic Fund (LKF) settled 134 disputes between insurers and clients, 75% of which ended in an agreement, the Association of Estonian Insurance Companies (EKsL) wrote.
The growth drivers of the Estonian insurance market last year were employer's health insurance and private property insurance, including home insurance.
From June 1, 2023, a green card policy issued for an Estonian vehicle will not be valid in Russia or Belarus, in its turn a green card policy of Russia and Belarus won't be valid in Estonia or other countries of the European Economic Area.
According to the Estonian Insurance Association (EKsL), last year 506 insurance frauds were proven with an attempt to defraud EUR 1.4 million. The largest increase of frauds was recorded in home insurance.
According to the Association of Estonian Insurance Companies (EKsL), insurance companies paid for 29,400 home insurance events last year. This included 1,700 liability insurance cases related to home insurance, where damage was mostly caused to a neighbor. If the average loss in home insurance was EUR 1,430, in liability insurance it reached EUR 1,720.
Last year, Estonian insurance market totaled EUR 550.90 million in terms of GWP, up by 13.26% y-o-y, according to FY2022 market figures published by the Estonian National Statistics Board.
According to the statistics of the Association of Estonian Insurance Companies (EKsL), last year 1,260 employers purchased additional health insurance, insuring a total of 48,400 employees. The number of contracts increased by 52% over the year, and the number of insured employees increased by 72%, the press-release said.