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.

By insurance classes, life insurers collected premiums of EUR 157 million, down by almost 14% as compared to December 2010. This drop was primarily driven by the decrease of 19% in unit-linked life insurance premiums. However, with a premium volume of EUR 84 million and a share of 21% in the total market, unit-linked life segment remained the life insurance product with the largest volume. The following classes are the endowment insurance, with EUR 42 million in GWP, and term-life assurance with EUR 12.3 million underwritings. Supplementary and other life insurance products collected premiums within the amount of EUR 18.4 million.

Top 3 life insurers (SWEDBANK Life Insurance SE, MANDATUM Life SE and COMPENSA Life VIG SE) collected 89% of insurance premiums. Comparing with 2010, the volume of insurance premiums decreased for all life insurance companies, except COMPENSA Life VIG SE. The insurer collected 26% more insurance premiums in 2011 and its market share increased from 9.4% to 13.8%.

The value of insurance premiums written by non-life insurers was almost equal to that collected a year before: EUR 242.3 million. The motor hull insurance represented the main non-life line, with a share in the whole insurance market of 19.4% (EUR 77.5 million in insurance premiums). At the same time, the market share of MTPL insurance "ranked second" with 15.4% (EUR 61.3 million). Property insurance (fire, allied perils and other damages to property, summed) generated 15.8%, the volume of premiums written being EUR 63 million.

In 2011, If P&C Insurance AS had the biggest share of the non-life insurance market (47%). The market share of SWEDBANK Varakindlustus was 16.1% (ranked second), and ERGO Kindlustus's market share was 16%.

Access www.xprimm.com and download the FY2011 Estonian insurance market.

Market portfolio (in EUR):

• Gross written premiums
• Paid claims 
• Growth rates
  

Life and non-life insurance lines insurance companies ranking (in EUR):

• Gross written premiums
• Paid claims 
• Market shares
• Growth rates