STATISTICS: ESTONIA, FY2014: Local market reported increases on almost all business lines

19 February 2015 — Vlad BOLDIJAR
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.

It's worth mentioning that, with the exception of three particular segments (endowment insurance, birth and marriage insurance and financial loss insurance), the local insurance industry reported growth rates in GWP on all classes.

On the life insurance segment (EUR 79.6 million, about 23.3% of total market), the unit-linked sub-class was the largest (EUR 32.9 million), followed by pension insurance (EUR 16.4 million) and endowment policies (EUR 16.2 million). Overall, the life insurance sector reported a 9.3% increase in GWP.

In the case of non-life insurance market, the GWP amounted to EUR 261.4 million (76.7% of total), 7% more y-o-y. In terms of GWP, the largest share in total market were reported for the following sub-classes: Motor Hull (GWP of EUR 92.3 million, 27% of total market), MTPL (EUR 66.4 million, 19.5%) and property insurance (EUR 68.2 million, 20%).

Of all five life insurers, Estonia's market leader in life insurance was SWEDBANK Life Insurance SE (37% market share), followed by SEB Elu- ja Pensionikindlustuse AS (23.6%) and COMPENSA Life VIG SE (18.8%).

The country's leading player in the non-life segment was If P&C Insurance AS (GWP of EUR 67.4 million), followed by ERGO Insurance SE (EUR 41.4 million) and SWEDBANK P&C Insurance AS - EUR 38.8 million.

It is important to note: The figures published by the Estonian National Statistics Board - reflect the performance of Estonian insurers and other EU branches - for the insured risks only in Estonia.

Access and download the FY2014 Estonian insurance market.

Market portfolio:
  • Gross written premiums
  • Paid claims 
  • Growth rates
Life and non-life rankings:
  • Gross written premiums
  • Paid claims 
  • Market shares
  • Growth rates

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