Estonian insurers posted aggregate GWP of EUR 267 million at the end of September 2015, up by 5.4% y-o-y, according to quarterly market figures published by the Estonian National Statistics Board. Of all five life insurers, the market leader was SWEDBANK Life Insurance SE (40.2% market share), while Estonia's market leader in non-life insurance was If P&C Insurance AS (27%).
The insurers activating on the Estonian market reported total gross written premiums of EUR 178 million at the end of June 2015, up by 4.6% y-o-y, according to the market figures published by the Estonian National Statistics Board. At the same time, the value of paid claims was up by 7.1% y-o-y to EUR 99 million.
The insurance company If P&C Insurance AS in Estonia and its subsidiaries in Latvia and Lithuania earned EUR 9.3 million in the first half of the year 2015, which is 13% less than in the respective period last year, when the company's profit reached EUR 10.7 million, as the company informed LETA.
Estonian insurers reported gross written premiums totaling EUR 87.24 million at the end of March 2015, 4% more compared with the previous year, according to quarterly market figures published by the Estonian National Statistics Board. At the same time, the value of paid claims increased by EUR 1.29 million in absolute value, up to EUR 51.06 million.
The total profit of the Estonian insurance company If P&C Insurance
AS, and its subsidiaries in Latvia and Lithuania, amounted to EUR 5.2
million in the first quarter of 2015, reports LETA, according to If
P&C Insurance AS.
Last year, the Estonian insurance market posted total gross written premiums of EUR 341 million, 7.5% up compared with the previous year, according to FY2014 preliminary market figures published by the Estonian National Statistics Board. Claims paid during the period were up by 3.5% to EUR 189.5 million due to the 5% increase reported on the general insurance segment.
Cooperation between If P&C Insurance and Estonian Air enables the
customers of the airline to book ticket and travel insurance on Estonian
Air home page together with a flight ticket. Ticket and travel
insurance, that are designed specially for Estonian Air customers, can
be obtained by one click only. Ticket insurance is a unique solution
in Estonia giving insurance protection for the flight ticket in case of
missing the flight. Travel insurance has a larger coverage than
traditional insurance product, and is valid all over the world.
Insurers active on Estonian market posted total gross written premiums of EUR 253.5 million at the end of September 2014, 7.9% up as compared with the previous year, according to quarterly market figures published by the Estonian National Statistics Board. At the same time, the value of paid claims remained almost unchanged a year ago, reaching EUR 135.7 million.
Gross insurance premiums reported by the four life insurers and by the eight general insurers operating in Estonia in the first half of 2014 increased by 3.3% compared to the year before to EUR 225 million, according to statistics published by Financial Supervision Authority of Estonia. The value of claims paid by insurers decreased 6.4% y-o-y to EUR 114 million.
During January-March 2014, the gross written premiums of Estonian insurance companies increased by 3.3% y-o-y, reaching EUR 113.6 million, due the double digit positive performance reported by the life insurers: +14% y-o-y to EUR 23.2 million.
Fitch Ratings has affirmed Estonia's Long-term foreign and local
currency Issuer Default Ratings (IDR) at 'A+'. The Outlooks are Stable.
The Country Ceiling has been affirmed at 'AAA' and the Short-term
foreign currency IDR at 'F1'. KEY RATING DRIVERS Estonia's ratings are
underpinned by its strong public finances, economic policy framework and
The leading insurance company in the Baltics, ERGO and the largest
Nordic financial group Nordea have agreed that the new fund manager of
pension funds of ERGO Funds AS in Estonia will be Nordea Pensions
Estonia AS. The transfer has been approved by the Estonian Financial
Estonia's insurance market is more intelligent - residents evaluate
services and contract conditions more carefully. Latvian and Lithuanian
residents do not. They do, however, trust companies that come
recommended, said BTA Insurance Company CE Chairman Jānis Lucaus in his
interview to BNN.
The Estonian insurer IF and its subsidiaries in Latvia and Lithuania recorded in 1Q2014 a consolidated profit of EUR 5.3 million, a figure 4 times higher compared to 1Q2013, informs LETA.
The upswing trend established in the Estonian market is the previous quarters continued also in the last three months of the previous year. Thus, the market ended 2013 with a 24% y-o-y growth in GWP, to almost EUR 428 million, driven by the non-life insurance lines which recorded impressive double digit growth rates. At the same time, claims paid by the Estonian insurers in 2013 amounted to EUR 238 million, 16% up y-o-y.
In recent years the number of occupational accidents recorded by the Estonian Labor Inspectorate grew continuously, from about 3.000 in 2009 to approximately 4.000 in 2013. Only last year SEB Elu-ja pensionikindlustus registered 33 occupational accidents, paying its clients over 12.000 euro, the insurers' representatives told the Baltic Course. In this context, Estonian employees are severely under-insured for the risks arising from their occupational profile.
In January-September 2013, the gross premiums written by the Estonian insurance companies increased by 23.7%, reaching EUR 320 million, compared with total GWP in the correspondent period of 2012. Claims paid by insurers amounted to EUR 178.4 million according to official data published by the Financial Supervision Authority of Estonia.
While generally traffic re-organisations made by City of Tallinn such as
designating special bus lanes have caused motorists much grief, it
seems that there is one exception - the notorious Haabersti roundabout
in Õismae which is known as Estonia's most dangerous intersection,
Polish insurer PZU SA has official announced expansion into Estonia in a
press conference in Tallinn that was hosted by the company's board
chairman Andrzej Klesyk.
According to Peter Hagen, CEO of the owner of life insurance company
Compensa Life, Austrian insurance company Vienna Insurance Group (VIG),
the group will enter the Estonian insurance market next year, the daily
Postimees reports on Monday.