Non-Life Insurance in Estonia, Key Trends and Opportunities to 2019

Non-Life Insurance in Estonia, Key Trends and Opportunities to 2019

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Published on Oct 30, 2015 - 115 pages

Timetric's 'Non-Life Insurance in the Estonia, Key Trends and Opportunities to 2019' report provides in-depth market analysis, information and insights into the Estonian non-life insurance segment, including:
  • The Estonian non-life insurance segment's detailed outlook by product category
  • A comprehensive overview of Estonia's economy and demographics
  • A comparison of the Estonian insurance industry with regional counterparts
  • Analysis of natural hazards and their impact on the Estonian insurance industry
  • Details of the competitive landscape in the non-life insurance segment in Estonia
  • Details of regulatory policy applicable to the Estonian insurance industry
Report Highlights
  • In 2014, Estonia was comparable to Sweden in terms of non-life insurance penetration.
  • Stable economic growth coupled and rising disposable incomes resulted in increased demand for residential construction.
  • Due to the compulsory nature of liability insurance, there has been a growing demand for professional liability insurance for auditors and advocates. Professionals such as accountants, architects, engineers, lawyers and medical service providers are not obligated but take out voluntary insurance, so as to prevent future losses.
  • The European Parliament passed a new regulation making it mandatory to compensate for any damages resulting caused to the participants of clinical trials.
  • Bancassurance is a preferred distribution channel due to the banks' established customer base. Tie-ups between insurers and banks supported the growth of bancassurance during the review
  • The Estonian non-life insurance segment is highly concentrated, with the four leading companies accounting for 93.4% of the non-life gross written premium in 2014.
Report Scope

This report provides a comprehensive analysis of the non-life insurance segment in Estonia:
  • It provides historical values for the Estonian non-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 non-life insurance segment, and market forecasts to 2019.
  • It analyzes the various distribution channels for non-life insurance products in Estonia.
  • It profiles the top non-life insurance companies in Estonia, and outlines the 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 non-life insurance segment and each category within it.
  • Understand the demand-side dynamics, key market trends and growth opportunities in the Estonian non-life insurance segment.
  • Assess the competitive dynamics in the non-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 Economy and Demographics
4 Segment Outlook
4.1 Regional Comparison
4.2 Segment Indicators
4.2.1 Gross written premium and penetration
4.2.2 Policies sold
4.2.3 Claims
4.2.4 Profitability
4.2.5 Assets and investments
5 Outlook by Category
5.1 Motor Insurance
5.1.1 Product overview
5.1.2 Premium
5.1.3 Policies
5.1.4 Claims
5.1.5 Profitability
5.2 Property Insurance
5.2.1 Product overview
5.2.2 Premium
5.2.3 Policies
5.2.4 Claims
5.2.5 Profitability
5.3 Liability Insurance
5.3.1 Product overview
5.3.2 Premium
5.3.3 Policies
5.3.4 Claims
5.3.5 Profitability
5.4 Marine, Aviation and Transit Insurance
5.4.1 Product overview
5.4.2 Premium
5.4.3 Policies
5.4.4 Claims
5.4.5 Profitability
6 Natural Hazards
7 Analysis by Distribution Channel
8 Competitive Landscape
8.1 Overview
8.2 Leading Companies in the Estonian Non-Life Insurance Segment
8.2.1 If P&C Insurance AS - company overview
8.2.2 Ergo Insurance SE - company overview
8.2.3 Seesam Insurance AS - company overview
8.2.4 Swedbank P&C Insurance AS - company overview
8.2.5 Salva Kindlustuse AS - company overview
9 Governance, Risk and Compliance
9.1 Legislation Overview and Historical Evolution
9.2 Latest Changes in Regulations
9.3 Regulations and market practice by Type of Insurance
9.3.1 Life insurance
9.3.2 Property insurance
9.3.3 Motor insurance
9.3.4 Liability Insurance
9.3.5 Marine, aviation and transit insurance
9.3.6 Personal accident and health insurance
9.4 Compulsory Insurance
9.4.1 Motor third-party liability insurance
9.4.2 Social security system
9.4.3 Professional indemnity insurance for alternative investment fund managers
9.5 Supervision and Control
9.5.1 International Association of Insurance Supervisors (IAIS)
9.5.2 European Insurance and Occupational Pensions Authority (EIOPA)
9.5.3 Financial Supervision Authority
9.5.4 Estonian Insurance Association (Eesti Kindlustusseltside Liit - EKsL)
9.5.5 The Estonian Traffic Insurance Fund (Eesti Liikluskindlustuse Fond - LKF)
9.6 Non-Admitted Insurance Regulations
9.6.1 Overview
9.6.2 Intermediaries
9.6.3 Market practices
9.6.4 Fines and penalties
9.7 Company Registration and Operations
9.7.1 Types of insurance organization
9.7.2 Establishing a local company
9.7.3 Foreign ownership
9.7.4 Types of license
9.7.5 Capital requirements
9.7.6 Solvency margins
9.7.7 Reserve requirements
9.7.8 Investment regulations
9.7.9 Statutory return requirements
9.7.10 Fee structure
9.8 Taxation
9.8.1 Insurance premium or policy taxation
9.8.2 Corporate tax
9.8.3 VAT
9.8.4 Captives
9.9 Legal System
9.9.1 Introduction
9.9.2 Access to court
9.9.3 Alternative dispute resolution (ADR)
10 Databook
10.1 Policies and Premium
11 Definitions and Methodology
11.1 Definitions
11.2 Methodology
12 About Timetric
12.1 Contact Timetric
12.2 About Timetric
12.3 Timetric's Services
12.4 Disclaimer

List of Tables

Table 1: Estonian Non-Life Insurance - Key Facts, 2014
Table 2: Estonian Non-Life Insurance - Segment Shares of the Top Insurers, 2014
Table 3: Estonian Government Credit Ratings
Table 4: Estonian Non-Life Insurance - Gross Written Premium (EUR Million and US$ Million), 2010-2014

Companies Mentioned:

If P&C Insurance AS
Ergo Insurance SE
Seesam Insurance AS
Swedbank P&C Insurance AS
Salva Kindlustus AS
Inges Kindlustus
AS KredEx Krediidikindlustus
DAS Oigusabikulude Kindlustus