Market Snapshot
| Study Period: | 2018-2027 |
| Base Year: | 2021 |
| CAGR: | <5 % |
|
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Market Overview
The impact of 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 cover.
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. In Estonia, 1,687,838 new non-life insurance contracts were signed in the first half of 2021, up from 1,511,258 new contracts in the first half of 2020. In the first half of 2021, such contracts brought in 204 million euros in premiums, while the first half of 2020 brought in 194 million Euros. Except for motor third-party liability insurance and travel insurance, practically all types of insurance premiums increased. The 62 million euros paid for land vehicle insurance and the 55 million euros paid for property insurance were the greatest aggregate volumes of premiums, as they had been in previous years. Premiums for health insurance and financial loss insurance, which was products that were particularly significant due to the epidemic, continued to rise. Premiums for health insurance climbed by 1.4 million euros to 3.7 million euros in the past year. The amount of money received in premiums for financial loss insurance climbed from 7 million to 10 million euros.
Scope of the Report
Property and Casualty Insurance is the type of coverage that protects the policy holder's things and property such as 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. Estonia's Property and Casualty Insurance market can be Segmented by Product Type ( Motor Insurance, Property Insurance, Civil Liability Insurance, Financial Loss Insurance and Other P&C Insurance), By Distribution Channel (Direct Sales, Agents, Brokers, and Other Distribution Channel). This report aims to provide a detailed analysis of the Property and Casualty insurance market in Estonia. It focuses on the market dynamics, emerging trends in the segments and market Segmentation, and insights on various product and application types. Also, it analyses the key players and the competitive landscape in the Property and Casualty insurance market in Estonia.
| By Product Type | |
| Motor Insurance | |
| Property Insurance | |
| Civil Liability Insurance | |
| Financial Loss Insurance | |
| Others |
| By Distribution Channel | |
| Direct | |
| Agents | |
| Brokers | |
| Other Distribution Channel |
Key Market Trends
Direct Sales Contributes For The Majority Of The New Contracts Signed In Estonia
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%.
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Motor Vehicle Insurance Represents the Largest Segment In The 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 2021, Euro 62 million was paid for the land vehicle insurance, followed by Euro 55 million for the property insurance. In contrast, motor third-party liability insurance premiums fell from 48 million euros a year earlier to 44 million. The main reason for this was that lower tariffs were applied in 2021 than a year earlier.
Competitive Landscape
The property and casualty insurance market in Estonia is highly competitive. A number of non-life insurance companies which are registered in Estonia, branches of the foreign insurance companies, and foreign insurers operating internationally are operating in the market. IF P&C insurance held the largest market share in the non-life insurance market in Estonia, followed by ERGO Insurance and Swedbank P&C. These three hold more than 50% of the non-life insurance market share.
Recent Developments
- In January 2021, Estonian LHV Group's recently established non-life insurance unit, LHV Kindlustus started its operations in January. The company will initially serve the LHV Bank customers, thus accessing a base of 264,000 potential clients.
- In 2021, Compensa Vienna Insurance Group, ADB Estonia branch, merged with Seesam Insurance. It was one of the major non-life insurance events of the year. In terms of insurance premiums, Compensa Vienna Insurance Group's ADB Estonia branch's market share declined from 13% to 11% after the merger.
Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS AND DYNAMICS
4.1 Market Overview
4.2 Market Driver
4.3 Market Restraints
4.4 Insight on Technologial Adoption in the Market
4.5 Porter's Five Forces Analysis
4.5.1 Threat of New Entrants
4.5.2 Bargaining Power of Buyers/Consumers
4.5.3 Bargaining Power of Suppliers
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry
4.6 Insight on Various Government Regulations in the Market
4.7 Impact of Covid 19 on market
5. MARKET SEGMENTATION
5.1 By Product Type
5.1.1 Motor Insurance
5.1.2 Property Insurance
5.1.3 Civil Liability Insurance
5.1.4 Financial Loss Insurance
5.1.5 Others
5.2 By Distribution Channel
5.2.1 Direct
5.2.2 Agents
5.2.3 Brokers
5.2.4 Other Distribution Channel
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 IF Property and Casualty Insurance
6.1.2 ERGO Insurance
6.1.3 AB Lietuvos draudimas Estonia branch
6.1.4 Swedbank P&C Insurance
6.1.5 BTA Baltic Insurance Company
6.1.6 Salva Kindlustus
6.1.7 Compensa Vienna Insurance Group, ADB Estonia branch
6.1.8 LHV Kindlustus
6.1.9 Inges Kindlustus*
*List Not Exhaustive7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. DISCLAIMER
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Frequently Asked Questions
What is the study period of this market?
The Property & Casualty Insurance Market In Estonia market is studied from 2018 - 2027.
What is the growth rate of Property & Casualty Insurance Market In Estonia?
The Property & Casualty Insurance Market In Estonia is growing at a CAGR of <5% over the next 5 years.
Who are the key players in Property & Casualty Insurance Market In Estonia?
IF P&C Insurance, ERGO Insurance, Swedbank P&C, AB Lietuvos draudimas , Compensa Vienna Insurance Group, ADB Estonia , Salva Insurance Limited are the major companies operating in Property & Casualty Insurance Market In Estonia.
