STATISTICS: Estonia’s insurers reported double digit increase in FY2023 business

26 March 2024 — Andrei VICTOR
STATISTICS: Estonia’s insurers reported double digit increase in FY2023 business

At the end of 2023, the insurance market of Estonia totaled EUR 638.44 million in terms of GWP, up by 15.89% y-o-y, according to the year-end market data published by the Estonian National Statistics Board.

The life insurance segment was up by 5.72% y-o-y to EUR 83.99 million, while in the case of non-life insurance market, the GWP amounted to EUR 554.45 million (86.84% of total), up by 17.60% y-o-y.

In terms of claims, insurers paid claims worth EUR 432.68 million, up by 14.65% y-o-y or by EUR 56 million in absolute values due to the 38.27% growth rate reported by the life insurance segment.

Estonia's largest life insurer in terms of GWP was Swedbank Life Insurance SE (47% market share), followed by SEB Life and Pension Baltic SE Eesti filiaal (23%) and COMPENSA Life VIG SE (15.20%).

In the non-life segment, Top 3 market players as GWP volume were: Swedbank P&C Insurance AS (EUR 104.23 million) followed by the former leader - If P&C Insurance AS (GWP of EUR 98.78 million) and ERGO Insurance SE - EUR 86.53 million.

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