Estonian insurance companies posted total gross written premiums of EUR 259 million at the end of September, 2012, 10.9% up as compared with the previous year, according to quarterly market data published by the Financial Supervision Authority. Paid claims have increased by 2%, reaching EUR 145 million.
All Estonian insurance companies will have to adhere to the unisex
principle when concluding insurance contracts starting from December 21,
2012, the Estonian subsidiary of a banking group SEB said in a
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.
According to a study of the Estonian Traffic Insurance Fund (ETIF),
vehicles that lack valid traffic insurance have caused 5.2 million euros
worth of damages in traffic over the past five years, Public
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.
Owners of scooters need to obtain the traffic insurance to ride the motorbikes after July 1, the Estonian national broadcasting corporation ERR reports.
Insurance service usage in Lithuania and Estonia is higher than in Latvia, according to the results of a recent online survey by GfK Custom Research Baltic.
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.
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.
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.
The storms that ravaged Estonia during the past Christmas have so far brought insurance companies 567 damage claims for 1.4 million euros, LETA/Postimees Online reports.
Insurance companies If, Salva, Ergo and Swedbank P&C Insurance have received over 200 damage notices in connection with the storm that has ravaged Estonia for the past couple of days, LETA/National Broadcasting reports.
Insurance group ERGO will merge its general insurance companies in Latvia, Estonia and Lithuania and set up a head office in Estonia, Nozare.lv 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.
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
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.
The Bulgarian Financial Supervision Commission has approved INTERAMERICAN Bulgaria's application to provide insurance on the territory of Estonia, the authority reports.
The business of life insurance companies in Estonia has been gravely affected by the economic recession and ongoing financial crisis.
Over half of respondents to an online poll by Swedbank said they have no opportunity to build up savings because there's simply nothing left over from their salaries at the end of the month.
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.
Pohjola will expand its services in the Baltic region by opening a branch office in Tallinn. These new services for corporate customers in Estonia cover payment and liquidity management as well as working capital finance and investment financing.