Estonia Property & Casualty Insurance Market Size & Share Analysis - Industry Research Report - Growth Trends

The Property and Casualty Insurance market in Estonia can be Segmented by Product Type (Motor Insurance, Property Insurance, Civil Liability Insurance, Financial Loss Insurance, and Other Insurance) and Distribution Channel (Direct Sales, Agents, Brokers, and Other Distribution Channels). The report offers market size and forecasts for the Estonia Property & Casualty Insurance Market in value (USD million) for all the above segments.

Estonia Property & Casualty Insurance Market Size

Estonia Property & Casualty Insurance Market Summary
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Study Period 2018- 2028
Base Year For Estimation 2022
Forecast Data Period 2023 - 2028
Historical Data Period 2018 - 2021
CAGR > 5.00 %
Market Concentration Medium

Major Players

Estonia Property & Casualty Insurance Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Estonia Property & Casualty Insurance Market Analysis

The Estonia property & casualty insurance market is expected to register a CAGR greater than 5% during the forecast period.

Property and casualty insurance in Estonia is provided by insurance companies registered in Estonia, Estonian branches of foreign insurers, and foreign insurers operating internationally. Most property and casualty insurance premium is written by Estonian insurers, followed by branches of the foreign insurer and foreign insurer operating internationally.

The COVID-19 crisis on the economy affected the revenue base of the property and casualty insurance sector. The restrictions imposed by the government and the general economic downturn caused by the COVID-19 crisis affected the demand for services and goods for which non-life insurance companies offer insurance coverage.

Except for motor third-party liability insurance and travel insurance, practically all types of insurance premiums in Estonia had increased. The number of non-life insurance companies in Estonia were existing at 13 in number last year. Value of gross premium written by non life insurance companies had observed a continuous growth over the years existing at USD 195.05 million creating a growing market for P&C insurance.

Estonia Property & Casualty Insurance Market Trends

Direct Sales leading P&C Insurance market

Direct sales of property and casualty insurance through the insurer or employee is a major insurance distribution channel in Estonia. The majority of insurance contracts were signed directly with the insurer or an employee, and this method accounted for 51% of new contract premiums. Insurance agents accounted for about 18% of new contract premiums, while insurance brokers accounted for 31%.

With the increasing contribution of the direct sale in P&C insurance, the Value of gross premiums written by property insurance companies in Estonia increased to USD 48.68 million last year.

Estonia Property & Casualty Insurance Market: Insurance contract Signed through different channel ( In Percentage)

Motor Vehicle Insurance Leading Property And Casualty Insurance in Estonia

Land vehicle insurance is the largest segment of Estonia's property and casualty insurance. For the first half of last year, USD 67.26 Million was paid for land vehicle insurance, followed by USD 59.67 Million for property insurance. In contrast, motor third-party liability insurance premiums observed a decline.

The value of motor vehicle insurance in Estonia has observed a continuous increase over the years, increasing to a value of USD 52 Million last year, and is expected to grow further with an increase in per capita consumer spending in Estonia.

Estonia Property & Casualty Insurance Market: Value of Gross Written Premium by Motor Vehicle Insurance in Estonia, In USD Million, (2019-2022)

Estonia Property & Casualty Insurance Industry Overview

The property and casualty insurance market in Estonia is highly competitive. An increasing number of non-life insurance companies are registered in Estonia, which include branches of foreign insurance companies. P&C Insurance holds the largest market share in the non-life insurance market in Estonia, followed by ERGO Insurance and Swedbank P&C, holding more than 50% of the non-life insurance market share. Other P&C insurance companies existing in Estonia include Salva Insurance Limited, Compensa Vienna Insurance Group, ADB Estonia, and AB Lietuvos draudimas.

Estonia Property & Casualty Insurance Market Leaders

  1. IF P&C Insurance

  2. ERGO Insurance

  3. Swedbank P&C

  4. AB Lietuvos draudimas

  5. Compensa Vienna Insurance Group, ADB Estonia

*Disclaimer: Major Players sorted in no particular order

Estonia Property & Casualty Insurance Market Concentration

Estonia Property & Casualty Insurance Market News

  • 2022: Zurich Insurance Group (Zurich) acquired Estonia-based company AlphaChat, which provides conversational artificial intelligence (AI) technology for customer service automation, to further enhance the Group’s digital capabilities.
  • July 2022: Invalda INVL completes the acquisition of Mandatum Life’s Baltic insurance business. Mandatum Life is one of Finland’s largest life insurance companies, which also operates in the Baltics through branch operations across Lithuania, Latvia, and Estonia.

Estonia Property & Casualty Insurance Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS AND INSIGHTS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

      1. 4.2.1 Self service insurance through Mobile apps increasing Non-life insurance penetration

      2. 4.2.2 Increase in Natural catastrophe driving new business opportunity for P&C insurance

    3. 4.3 Market Restraints

      1. 4.3.1 Decline in companies operating in Estonia Insurance Market

      2. 4.3.2 Cybersecurity risk affecting the Market

    4. 4.4 Market Opportunities

      1. 4.4.1 Continuously Increasing Financial Literacy rate in Indonesia

      2. 4.4.2 Increasing sales of passengers cars in Estonia

    5. 4.5 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.5.1 Threat of New Entrants

      2. 4.5.2 Bargaining Power of Buyers

      3. 4.5.3 Bargaining Power of Suppliers

      4. 4.5.4 Threat of Substitutes

      5. 4.5.5 Intensity of Competitive Rivalry

    6. 4.6 Insight on Various Government Regulations in the Market

    7. 4.7 Impact of COVID-19 on the Market

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Product Type

      1. 5.1.1 Motor Insurance

      2. 5.1.2 Property Insurance

      3. 5.1.3 Civil Liability Insurance

      4. 5.1.4 Financial Loss Insurance

      5. 5.1.5 Others

    2. 5.2 By Distribution Channel

      1. 5.2.1 Direct

      2. 5.2.2 Agents

      3. 5.2.3 Brokers

      4. 5.2.4 Other Distribution Channel

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Company Profiles

      1. 6.1.1 IF Property and Casualty Insurance

      2. 6.1.2 ERGO Insurance

      3. 6.1.3 AB Lietuvos draudimas Estonia branch

      4. 6.1.4 Swedbank P&C Insurance

      5. 6.1.5 BTA Baltic Insurance Company

      6. 6.1.6 Salva Kindlustus

      7. 6.1.7 Compensa Vienna Insurance Group, ADB Estonia branch

      8. 6.1.8 LHV Kindlustus

      9. 6.1.9 VIG Group

      10. 6.1.10 Lietuvos Draudimas

      11. 6.1.11 Inges Kindlustus*

    2. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

  8. 8. DISCLAIMER

Estonia Property & Casualty Insurance Industry Segmentation

Property and casualty insurance is the type of coverage that protects the policyholder's things and property, such as a home, car, and other belongings. It also includes liability coverage which protects you if you're found legally responsible for an accident that causes injuries to another person or damages to their property.

The property and casualty insurance market in Estonia can be segmented by product type (motor insurance, property insurance, civil liability insurance, financial loss insurance, and other insurance) and distribution channel (direct sales, agents, brokers, and other distribution channels). The report offers market size and forecasts for the Estonia property & casualty insurance market in value (USD million) for all the above segments.

By Product Type
Motor Insurance
Property Insurance
Civil Liability Insurance
Financial Loss Insurance
Others
By Distribution Channel
Direct
Agents
Brokers
Other Distribution Channel

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Estonia Property & Casualty Insurance Market Research FAQs

The Estonia Property & Casualty Insurance Market is studied from 2018 - 2028.

The Estonia Property & Casualty Insurance Market is growing at a CAGR of >5% over the next 5 years.

IF P&C Insurance, ERGO Insurance, Swedbank P&C, AB Lietuvos draudimas , Compensa Vienna Insurance Group, ADB Estonia are the major companies operating in Estonia Property & Casualty Insurance Market.

Property & Casualty Insurance In Estonia Industry Report

Statistics for the 2023 Estonia Property & Casualty Insurance market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Estonia Property & Casualty Insurance analysis includes a market forecast outlook to and historical overview. Get a sample of this industry analysis as a free report PDF download.

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