Estonian insurers posted 9M 2024 aggregate GWP worth EUR 508.06 million, 6.52% more y-o-y, according to the market figures published by the Estonian National Statistics Board. Total paid claims by local insurers remained almost on the same level as the previous year, to ~EUR 303.7 million.

Total GWP reported on non-life insurance classes amounted to EUR 446.2 million (+7.3% y-o-y), of which EUR 142.7 million – MoD, EUR 114.3 million – property insurance, and EUR 100.9 million – Motor TPL. At the same time, the life insurance segment was up by just 1.16% y-o-y to EUR 61.8 million (~12.2% of total GWP).

The largest life insurer in the country in terms of GWP remained SWEDBANK Life Insurance SE (45.8% market share), while Swedbank P&C Insurance AS (19.05%) lead the non-life insurance segment.

Note: The figures published by the Estonian National Statistics Board - reflects the performance of Estonian insurers and other EU branches - for the insured risks only in Estonia.

Access XPRIMM Database and download the 3Q2024 Estonian insurance market statistics.

The Healthcare Liability Insurance Act enters into force soon, and by the beginning of December all Estonian healthcare service providers must have a liability insurance contract. A few weeks ago, only PZU Insurance offered this type of insurance, and now international insurance brokers have also joined, err.ee writes.

According to Mart Jesse, chairman of the board of the Estonian Insurance Association (EKsL), mandatory liability insurance of health care providers, or patient insurance, is an important milestone in Estonian health care, which increases confidence of both health care workers and patients, the Association said.

This year, over 450,000 motor insurance price comparisons have been made via online calculator of the Estonian Traffic Insurance Fund (LKF). As of July 1, 2024, 882,000 motor insurance contracts were valid in Estonia, with an average annual premium of EUR 151.

Estonian insurers wrote gross premiums worth EUR 344.8 million in 1H 2024, by 8.16% more y-o-y. At the same time, paid claims increased by 5.46%, to EUR 207.72 million. The market portfolio’s structure remained largely unchanged, with only very small alterations of some LoBs’ weight.

During the first half of this year, the number of companies that purchased employer's health insurance to cover medical expenses of their employees increased by 11% - 1400 employers have insured 60,000 employees, which is the highest result since the launch of this insurance product in 2018.

In Estonia in the first half of this year, insurers compensated motor insurance losses in the amount of EUR 41 million, which is 13% more y-o-y. According to the statistics of the Estonian Traffic Fund (LKF), the number of motor insurance claims increased by 3%, reaching 17,000 cases.

Estonian insurers posted aggregate business worth EUR 169.62 million in Q1 2024, or 9.51% more y-o-y, according to quarterly figures, published by the Estonian National Statistics Board.

According to the recently approved amendments to the Road Insurance Law, the maximum compensation amount for a road accident will increase to EUR 6.45 million from July 15. And from December 1 this year, traffic insurance will be extended to unregistered vehicles such as electric scooters and off-road vehicles, the Estonian Traffic Fund (LKF) announced.

According to the Association of Estonian Insurance Companies (EKsL), last year insurers paid for 29,000 glass damages through voluntary vehicle insurance, the total loss of which was EUR 17 million.

According to the statistics of the Estonian Traffic Fund (LKF), last year, app taxis caused twice as many traffic insurance cases as regular taxis and seven times more than other passenger cars.

At the end of 2023, the insurance market of Estonia totaled EUR 638.44 million in terms of GWP, up by 15.89% y-o-y, according to the year-end market data published by the Estonian National Statistics Board.

According to the Estonian Insurance Association (EKsL), 529 insurance fraud cases were registered last year, with an attempt to defraud EUR 2 million. At that, the average scam amount was EUR 3,800, and larger frauds exceeded EUR 100,000.

Estonia's largest property insurers have adopted the Swedish company CAB Group's MEPS software, which is used to calculate real estate renovations, for example, for home insurance customers.

According to the statistics of the Estonian Traffic Fund (LKF), 3,800 traffic insurance cases were registered in January this year, with an estimated total loss of EUR 8.6 million, which is the largest amount of damage and the most accident-prone month in Estonia in the last few years.

According to the Association of Estonian Insurance Companies (EKsL), 1,340 employers purchased additional health insurance last year, insuring a total of 55,600 employees. The amount of employer health insurance premiums increased by 30% and reached EUR 19 million, the Association wrote.

Last year, 440 applications were submitted to resolve insurance disputes, of which 229 were related to motor insurance.

According to the statistics of the Traffic Insurance Fund (LKF), 34,300 traffic insurance cases took place in Estonia last year with a total loss of EUR 72 million. In addition, Estonian vehicles caused 2,600 traffic accidents abroad, the total damage of which reached EUR 11 million, the Fund reports.

According to the Association of Estonian Insurance Companies (EKsL), the average insurance loss from home fires has almost tripled in five years. In home insurance in 2022, there were a total of 425 fires with a total loss of EUR 7 million.

According to the Estonian Insurance Association (EKsL), in the last 15 years, storms have caused the most insurance cases in December. The risk of storms is also greater in October and August. The biggest storm in 2023 was on October 7-8, when it caused 1,500 insurance cases with a total loss of EUR 3.5 million.