Insurance companies If, Salva, Ergo and Swedbank P&C Insurance have received over 200 damage notices in connection with the storm that has ravaged Estonia for the past couple of days, LETA/National Broadcasting reports.
Insurance group ERGO will merge its general insurance companies in Latvia, Estonia and Lithuania and set up a head office in Estonia, Nozare.lv was informed by the company. It is planned that the merger will be concluded by January 1, 2013. After the merger, the company will be called ERGO Insurance SE. Also, the Latvian and Lithuanian general insurance companies will proceed with their activities as ERGO branches, writes The Baltic Course.
As of Tuesday morning, Swedbank insurance had received 40 damage claims
connected to the storm that has ravaged Estonia for the past couple of
days, most of them concerning vehicles; the company forecasts that their
clients will submit around a hundred damage claims connected to the
storm, amounting to damage compensations of 400,000 EUR, LETA/Postimees
In January-September 2011, the gross written premiums of insurance companies in Estonia decreased by 5.2%, reaching EUR 302 million, compared with total underwritings in the correspondent period of 2010. Claims paid by insurers amounted to EUR 193 million according to official data published by the Financial Supervision Authority of Estonia.
The Bulgarian Financial Supervision Commission has approved INTERAMERICAN Bulgaria's application to provide insurance on the territory of Estonia, the authority reports.
The business of life insurance companies in Estonia has been gravely affected by the economic recession and ongoing financial crisis.
Over half of respondents to an online poll by Swedbank said they have no opportunity to build up savings because there's simply nothing left over from their salaries at the end of the month.
Although by law, banks are not allowed to cross-sell insurance and car leasing or housing loans, it is well known that they often do so, offering loan customers services of the bank-owned insurer, writes Aripaev.
Pohjola will expand its services in the Baltic region by opening a branch office in Tallinn. These new services for corporate customers in Estonia cover payment and liquidity management as well as working capital finance and investment financing.
Problems in pan-Baltic management of the Estonian subsidiary of German insurance giant ERGO continue, and the insurer keeps losing executives and market share, writes ?ripaev.