Estonia Property & Casualty Insurance Market Size
| 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
*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.
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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 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
IF P&C Insurance
ERGO Insurance
Swedbank P&C
AB Lietuvos draudimas
Compensa Vienna Insurance Group, ADB Estonia
*Disclaimer: Major Players sorted in no particular order
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. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS AND INSIGHTS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Self service insurance through Mobile apps increasing Non-life insurance penetration
4.2.2 Increase in Natural catastrophe driving new business opportunity for P&C insurance
4.3 Market Restraints
4.3.1 Decline in companies operating in Estonia Insurance Market
4.3.2 Cybersecurity risk affecting the Market
4.4 Market Opportunities
4.4.1 Continuously Increasing Financial Literacy rate in Indonesia
4.4.2 Increasing sales of passengers cars in Estonia
4.5 Industry Attractiveness - Porter's Five Forces Analysis
4.5.1 Threat of New Entrants
4.5.2 Bargaining Power of Buyers
4.5.3 Bargaining Power of Suppliers
4.5.4 Threat of Substitutes
4.5.5 Intensity of Competitive Rivalry
4.6 Insight on Various Government Regulations in the Market
4.7 Impact of COVID-19 on the 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 VIG Group
6.1.10 Lietuvos Draudimas
6.1.11 Inges Kindlustus*
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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 |
Estonia Property & Casualty Insurance Market Research FAQs
What is the study period of this market?
The Estonia Property & Casualty Insurance Market is studied from 2018 - 2028.
What is the growth rate of Estonia Property & Casualty Insurance Market?
The Estonia Property & Casualty Insurance Market is growing at a CAGR of >5% over the next 5 years.
Who are the key players in Estonia Property & Casualty Insurance Market?
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.
Estonia Property & Casualty Insurance Market Report Snapshots
