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Estonia Insurance Report Q3 2016

  • May 2016
  • -
  • Business Monitor International
  • -
  • 52 pages

Includes 3 FREE quarterly updates

BMI View: Estonia's insurance industry is expected to grow steadily over the forecast period between 2016and 2020, particularly in the larger non-life sector. Similar to many developing markets, Estonia's non-lifesector is dominated by basic lines including motor and property insurance - each of which is expected togrow over the next five years, bolstered by wider economic growth as well as the diversification of availableproduct lines. In the life sector, gradual improvements in average household income rates will supportgrowth, though affordability remains a hindrance to stronger growth. Already a highly consolidatedmarket, the small size of Estonia's life and non-life sectors means we do not expect to see any major newentrants in the near-term.

Key Updates And Forecasts

-Nordic insurance company Gjensidige Group is merging its insurance subsidiaries in the Baltic states.The merger is expected to complete by Q3 2016 and once complete the company, which coversoperations in Estonia, Latvia and Lithuania will be headquartered in Vilnius.

-At present we expect life insurance premiums to grow by a relatively sedate 2.7% in local currency termsin 2016. Currency movements mean premiums will fall by 0.9% in US dollar terms to USD103mn.Similar growth is expected over the remainder of the forecast period.

-Stronger growth is expected in the larger non-life sector, where premiums are forecast to grow by 5.4% inlocal currency terms in 2016, translating to 1.6% growth in US dollar terms to USD446mn. The mostrobust growth will be seen in well established lines such as health and property insurance.

Table Of Contents

Estonia Insurance Report Q3 2016
BMI Industry View 5
Table: Headline Insurance Forecasts (Estonia 2013-2020) 5
Insurance 6
Industry Forecast 7
Life Premiums Forecast 7
Table: Life Premiums (Estonia 2013-2020) 10
Table: Life Insurance Claims (Estonia 2008-2015) 11
Non-Life Premiums Forecast 12
Table: Non-Life Premiums (Estonia 2013-2020) 15
Table: Non-Life Insurance Claims (Estonia 2009-2015) 17
Non-Life Sub-Sector Forecast 17
Table: Non-Life Insurance Premiums by Product Line (Estonia 2013-2020) 26
Insurance Risk/Reward Index 27
Emerging Europe Risk/Reward Index 27
Table: Emerging Europe Insurance Risk/Reward Index - Q316 28
Market Overview 29
Life Market Overview 29
The Product Offering 29
The Competitive Landscape 29
Table: Life Insurance Market Share (USDmn), 2010-2015 31
Non-Life Market Overview 32
The Product Offering 32
The Competitive Landscape 32
Table: Non-Life Insurance Market (USDmn), 2010-2015 34
Company Profile 35
Compensa Life VIG 35
If PandC Insurance 40
Seesam 42
Swedbank Life Insurance 44
Methodology 46
Industry Forecast Methodology 46
Risk/Reward Index Methodology 49
Table: Indicators 51
Table: Weighting of Indicators 52

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