Life Insurance in Estonia, Key Trends and Opportunities to 2019

Life Insurance in Estonia, Key Trends and Opportunities to 2019

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Published on Oct 29, 2015 - 147 pages

Timetric's 'Life Insurance in Estonia, Key Trends and Opportunities to 2019' report provides in-depth market analysis, information and insights into the Estonian life insurance segment, including:
  • The Estonian life insurance segment's growth prospects by life insurance category
  • Key trends, drivers and challenges for the life insurance segment
  • A comprehensive overview of Estonia's economy and demographics
  • The various distribution channels in the Estonian life insurance segment
  • Details of the competitive landscape in the life insurance segment in Estonia
  • Details of regulatory policy applicable to the Estonian insurance industry
Report Highlights
  • Life insurance accounted for 18.1% of the Estonian insurance industry's gross written premium in 2014.
  • The life segment is highly consolidated, with only four life insurers and an affiliated branch of foreign life insurer..
  • Life insurers in Estonia employ diverse distribution methods, with direct marketing, bancassurance and e-commerce being the leading channels. Insurers operating as subsidiaries of banks and strategic tie-ups between insurers and banks support the growth of bancassurance.
  • Low interest rates forced life insurers in Estonia to terminate guaranteed-return products and shift focus to linked insurance products. In 2014, total linked policies accounted for 63.4% of the life segment's premium.
  • The aging population and investment-driven consumers will remain the key growth drivers for the life segment over the forecast period.
Report Scope

This report provides a comprehensive analysis of the life insurance segment in Estonia:
  • It provides historical values for the Estonian life insurance segment for the report's 2010-2014 review period, and projected figures for the 2014-2019 forecast period.
  • It offers a detailed analysis of the key categories in the Estonian life insurance segment, and market forecasts to 2019.
  • It analyzes the various distribution channels for life insurance products in Estonia.
  • It profiles the top life insurance companies in Estonia, and outlines key regulations affecting them.
Reasons to Get this Report
  • Make strategic business decisions using in-depth historic and forecast market data related to the Estonian life insurance segment and each category within it.
  • Understand the demand-side dynamics, key market trends and growth opportunities in the Estonian life insurance segment.
  • Assess the competitive dynamics in the life insurance segment.
  • Identify growth opportunities and market dynamics in key product categories.
  • Gain insights into key regulations governing the Estonian insurance industry, and their impact on companies and the industry's future.


Table of Contents

1 Key Facts and Highlights
2 Executive Summary
3 Introduction
3.1 What is this Report About?
3.2 Definitions
3.3 Methodology
4 Economy and Demographics
5 Life Insurance Outlook
5.1 Key Drivers
5.2 Key Trends
5.3 Challenges
5.4 Life Insurance Growth Prospects by Category
5.5 Individual Life Insurance
5.5.1 Individual general annuity insurance
5.5.2 Individual endowment insurance
5.5.3 Individual term life insurance
5.5.4 Individual supplementary insurance
5.5.5 Other individual life insurance
5.6 Life Insurance Growth Prospects by Product Type
5.6.1 Total linked insurance business
5.6.2 Total non-linked insurance business
6 Analysis by Distribution Channel
6.1 Direct Marketing
6.2 Bancassurance
6.3 Agencies
6.4 Brokers
7 Competitive Landscape and Strategic Insights
7.1 Overview
7.2 Leading Companies in the Estonian Life Insurance Segment
7.2.1 Compensa Life Vienna Insurance Group SE - company overview
7.2.2 Swedbank Life Insurance SE - company overview
7.2.3 AS SEB Elu- ja Pensionikindlustus - company overview
7.2.4 Mandatum Life Insurance Baltic SE - company overview
8 Governance, Risk and Compliance
8.1 Legislation Overview and Historical Evolution
8.2 Latest Changes in Regulations
8.3 Regulations and market practice by Type of Insurance
8.3.1 Life insurance
8.3.2 Property insurance
8.3.3 Motor insurance
8.3.4 Liability Insurance
8.3.5 Marine, aviation and transit insurance
8.3.6 Personal accident and health insurance
8.4 Compulsory Insurance
8.4.1 Motor third-party liability insurance
8.4.2 Social security system
8.4.3 Professional indemnity insurance for alternative investment fund managers
8.5 Supervision and Control
8.5.1 International Association of Insurance Supervisors (IAIS)
8.5.2 European Insurance and Occupational Pensions Authority (EIOPA)
8.5.3 Financial Supervision Authority
8.5.4 Estonian Insurance Association (Eesti Kindlustusseltside Liit - EKsL)
8.5.5 The Estonian Traffic Insurance Fund (Eesti Liikluskindlustuse Fond - LKF)
8.6 Non-Admitted Insurance Regulations
8.6.1 Overview
8.6.2 Intermediaries
8.6.3 Market practices
8.6.4 Fines and penalties
8.7 Company Registration and Operations
8.7.1 Types of insurance organization
8.7.2 Establishing a local company
8.7.3 Foreign ownership
8.7.4 Types of license
8.7.5 Capital requirements
8.7.6 Solvency margins
8.7.7 Reserve requirements
8.7.8 Investment regulations
8.7.9 Statutory return requirements
8.7.10 Fee structure
8.8 Taxation
8.8.1 Insurance premium or policy taxation
8.8.2 Corporate tax
8.8.3 VAT
8.8.4 Captives
8.9 Legal System
8.9.1 Introduction
8.9.2 Access to court
8.9.3 Alternative dispute resolution (ADR)
9 Appendix
9.1 Contact Timetric
9.2 About Timetric
9.3 Timetric's Services
9.4 Disclaimer

List of Tables

Table 1: Estonian Life Insurance - Key Facts, 2014
Table 2: Insurance Industry Definitions
Table 3: Estonian Government Credit Ratings
Table 4: Foreign Direct Investment in Estonia, 2011-2014
Table 5: Estonian Life Insurance - Gross Written Premium by Category (EUR Million), 2010-2014
Table 6: Estonian Life Insurance - Gross Written Premium by Category (US$ Million), 2010-2014
Table 7: Estonian Life Insurance - Gross Written Premium by Category (EUR Million), 2014-2019
Table 8: Estonian Life Insurance - Gross Written Premium by Category (US$ Million), 2014-2019
Table 9: Estonian Life Insurance - New Business Direct Written Premium (EUR Million), 2010-2014
Table 10: Estonian Life Insurance - New Business Direct Written Premium (EUR Million), 2014-2019


Companies Mentioned:

Compensa Life Vienna Insurance Group SE
Swedbank Life Insurance SE
AS SEB Elu- ja Pensionikindlustus
Mandatum Life Insurance Baltic SE