STATISTICS: Estonian insurers' business compressed by 5% last year

25 February 2021 —
STATISTICS: Estonian insurers' business compressed by 5% last year
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.

The life insurance segment decreased by 10.79% y-o-y to EUR 85.56 million, while in the case of non-life insurance market, the GWP amounted to EUR 383.3 million (81.75% of total), down by 3.68% y-o-y.

In terms of claims, during 2020 Estonian insurers paid claims worth EUR 276.76 million, EUR 3 million less as compared with FY 2019. Life indemnities totaled EUR 63.18 million (vs. EUR 61.10 million a year before), while non-life payments totaled EUR 213.58 million, down by 2% y-o-y.

Of all five active life insurers, Estonia's largest market player in terms of GWP was SEB Life and Pension Baltic SE Eesti filiaal (45.25% market share), followed by SEB Elu- ja Pensionikindlustuse AS (24%) and COMPENSA Life VIG SE (16.48%).

The country's leading player in the non-life segment was If P&C Insurance AS (GWP of EUR 73.42 million), followed by Swedbank P&C Insurance AS (EUR 72.36 million) and ERGO Insurance SE - EUR 67.72 million.

Access and download the latest Estonian insurance market statistics.