LHV Kindlustus, Estonian LHV Group's recently established non-life insurance unit, ended the first half of the year with a net loss of EUR 388,000. The consolidated net profit of AS LHV Group, including banking, asset management and insurance businesses, reached EUR 24.3 million.
According data provided by LKF (Estonian Traffic Insurance Fund), the number of traffic accidents related to MTPL policies issued by Estonian insurers was 2,570 in May 2021, about 30% more as compared with May 2020.
According to LKF (Estonian Traffic Insurance Fund) statistics
, the MTPL annual average premium fell to EUR 108 in the first quarter of 2021. As comparison, two years ago the same indicator was EUR 145, about 26% less.
Estonian insurers reported a GWP of EUR 118 million in Q1 2021, or 0.94% less y-o-y, according to quarterly figures, published by the Estonian National Statistics Board. The total value of GWP for the life segment increased by 1.87% y-o-y to EUR 20.94 million, while the value of non-life GWP totaled EUR 97.93 million, down by 1.52% y-o-y.
Estonian LHV Kindlustus, has just started the active offering of motor insurance, bringing a domestic alternative to the non-life insurance market occupied by foreign companies, MarketScreener
reports. The company is already providing home insurance, as well as equipment and additional guarantee insurance.
According to the EKsL statistics (Association of Estonian Insurance Companies), last year, local insurers settled about 30 thousand home insurance claims, about one third of them being caused by pipe leaks.
According to the Estonian Insurance Association (EKsL), due to the slipperiness caused by the freezing rain that hitted Estonia, on February 23, 360 traffic accidents covered by MTPL or MoD policies occured, with a total incurred loss of about half million euro.
According to the statistics of the Estonian Traffic Insurance Fund (LKF), during last year were reported about 29,700 traffic events subject to MTPL insurance policies, which is 6,400 less than last year.
Last year, Estonian insurance conciliators were involved in 257 insurance disputes, of which 178 ended with an agreement between the insurer and the client. Most of disputes were related to MTPL insurance cases, followed by household insurance, as informed in a statement the Estonian Insurance Association (EKsL).
Last year, the Estonian insurance market posted aggregate GWP worth of EUR 468.86 million, 5% down compared with the previous year, according to FY2020 market figures published by the Estonian National Statistics Board.
Estonian LHV Group's recently established non-life insurance unit, LHV Kindlustus started operations in January. The company will service in the near future the LHV Bank customers, thus accessing a base of 264,000 potentially clients.
According to the most recent statistics published by Estonian Motor Insurance Bureau, in the first eleven months in 2020, in the country there were about 25,000 traffic insurance accidents subject to insurance, of which 10,300 were related to parking lots.
Estonian insurers reported 3Q 2020 GWP of EUR 350 million, 4.66% less compared with January-September 2019, according to the market figures published by the Estonian National Statistics Board.
Estonian start-up DriveX comes with a new technology that would help car insurance companies to save billions, reports www.businessworldreport.com.
Estonian insurers reported H1 2020 GWP of EUR 235.79 million, 5.49% less compared with January-June 2019, according to the market figures published by the Estonian National Statistics Board.
Estonian insurers reported GWP of EUR 120 million in Q1 2020, or EUR 2 million less y-o-y, according to quarterly figures published by the Estonian National Statistics Board. The total value of GWP for the life segment decreased by 13.7% y-o-y to EUR 20.6 million, while the value of non-life GWP totaled EUR 99.5 million, up by 1.2% y-o-y.
Estonian PZU Kindlustus, part of the PZU Group, has already paid out some EUR 100,000 in travel insurance claims related to the coronavirus outbreak, the local press reports. The company representatives said the number of claims has lately exceeded 50 per day in several occasions.
According to the statistics of the Estonian Motor Insurance Bureau (LKF), in 2019, the average annual premium for motor third party liability (MTPL) insurance was EUR 134, decreasing by EUR 8 (-5%) year-on-year.
Last year, the Estonian insurance market posted aggregate GWP worth of EUR 493.83 million, 10.56% down compared with the previous year, according to FY2019 preliminary market figures published by the Estonian National Statistics Board.
From the beginning of 2020, the Financial Supervision Authority (FSA) and the Guarantee Fund of Estonia will operate under one roof. The merger will help the Guarantee Fund to fulfill its statutory objectives more quickly and efficiently and save costs.