The Estonian insurance market ended the first half of 2013 with impressive growth rates in terms of GWP, but with less impressive results as far as profitability is concerned. Thus, according to data provided by the Financial Supervision Authority in Estonia, the total GWP amounted to EUR 217.55 million, 23.6% up y-o-y. At the same time, the consolidated net profit for life insurance decreased from EUR 12.73 million in 1H2012 to EUR 4.11 million in 1H2013, while the same indicator for non-life insurance fell from EUR 31.45 million in 1H2012.
In January-March 2013, the gross written premiums of insurance companies in Estonia increased by 23.75%, reaching EUR 110 million, compared with total volume of premiums in the correspondent period of 1Q2012. Claims paid by insurers amounted to EUR 61.30 million according to official data published by the Financial Supervision Authority of Estonia.
Estonia will see growth in its motor insurance market after a rise in car sales, according to a report into the sector.
Insurance company ERGO closes 18 offices and makes nearly fifty people
redundant in Estonia in the course of its spring-summer sales network
reform, Aripaev Online reports.
Yesterday Estonia's Financial Supervision Authority (FI) issued an
injunction to Insurance Broker Services, owned by IIZI Group, for
illegally influencing rates offered by insurers.
In 2012, the gross written premiums of insurance companies in Estonia marked a double-digit increase of 10.6% y-o-y. In absolute values, the insurance market has gained in GWP more than EUR 33 million: from EUR 312 million in 2011 to EUR 345 million in December 2012.
CIG Pannonia First Hungarian General Insurance (EMABIT), the 100% non-life insurance unit of Hungary's CIG Pannonia Life Insurance, will begin operations in Estonia, Latvia and Lithuania, CIG Pannonia Life Insurance announced on Friday.
Estonian insurance companies collected in February 5.6 million euros in
life insurance premiums, 14.7 percent more than in the same month of the
Insurance companies operating in Estonia ascertained in 2012 a total of
250 insurance fraud cases with which fraudsters tried to get EUR 2.4
million, LETA/Public Broadcasting reports.
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.