According to the European Insurance and Occupational Pensions Authority (EIOPA), the average level of trust in insurance in the European Union is 50%. Mart Jesse, CEO of EKsL, emphasized that a high level of trust in insurance indicates a well-functioning insurance market.
“If three-quarters of people trust insurance, their experience with the services is predominantly positive. The higher the trust, the greater the likelihood that people will insure themselves sufficiently”, explained Jesse. “Estonians are happy to insure their homes and cars, but they often do not think about insuring their lives. While 71% of people have home insurance, only 20% have life insurance, the study showed”, added CEO of EKsL.
According to the study, 75% of the population trusts insurance, including 65% who rather trust it and 10% who absolutely trust it. 17% do not trust insurance, including 3% of residents who do not trust it at all. “Although the percentage of trust in insurance in Estonia is higher than the European average, there is still plenty of room for improvement”, said Jesse.
The survey showed that the most important criterion for choosing an insurance provider is price for more than half of the population. The next most important criterion for 39% is the terms of an insurance contract. For approximately one fifth, an insurance company’s reputation is important when choosing an insurance provider, while the same number simply extend the existing contract. 6% of the population follows recommendations of an insurance broker.
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