(MENAFNEditorial)
Insurers have benefited from strong growth in sales of health insurance or unit-linked life insurance. Over the short-term though the growth in premiums in USD terms will be held back by the weakness of the EUR. In the medium-term the steady growth in the economy will boost volumes in most sub-sectors of the non-life segment. Benefits of lower claims (and other) costs in the motor sub-sector will be passed on to customers. Low household incomes though will likely constrain the development of life insurance. Beyond 2020 most of the constraints and challenges will be reduced with the likely result that growth in premiums accelerates.
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Recent developments highlight both the strengths and the weaknesses of Estonia's insurance sector. Particular companies have had success in selling health insurance or unit-linked life insurance. The insurers are clearly in control of claims (and other) costs in the important motor insurance sub-sector which accounts for a little over half of the activity in the non-life segment. Consolidation of the sector means that it is dominated by the Baltic states operations of major multinationals. However the benefits of lower motor claims costs are being passed on to clients rather than to insurers' shareholders. At the margin recent tax changes may boost households' ability to buy insurance. However the minimum wage remains at a low EUR390 per month. By most metrics life insurance is very underdeveloped: the segment accounts for about one fifth of all insurance premiums written.
In the short-term the key factor - for both of the major segments - is the likely weakness in the EUR which we expect to persist into 2016. This will hold back the development of premiums in USD terms. Most lines of the non-life segment though should enjoy respectable volume growth. In addition it is possible that some of the life insurers enjoy success with sales of unit-linked products.
Over the medium-term the main driver of...
Report Table of Contents:
BMI Industry View
SWOT
Political
Economic
Industry Forecast
Total Premiums Forecast
Table: Total Gross Premiums Written (Estonia 2011-2018)
Net Premiums and Reinsurance
Table: Total Net Premiums Written (Estonia 2011-2018)
Reinsurance
Table: Total Reinsurance Premiums Written (Estonia 2011-2018)
Claims
Table: Total Insurance Claims (Estonia 2008-2013)
Insurers' Assets
Table: Total Insurance Assets (Estonia 2008-2013)
Life Premiums Forecast
Life Premiums
Table: Gross Life Premiums Written (Estonia 2011-2018)
Net Premiums
Table: Net Life Premiums Written (Estonia 2011-2018)
Life Insurance Claims
Table: Life Insurance Claims (Estonia 2008-2013)
Life Insurers' Assets
Table: Life Insurers' Assets (Estonia 2008-2013)
Key Insurance Drivers
Table: Insurance Key Drivers Disease Adjusted Life Years (Estonia 2011-2018)
Table: Insurance Key Drivers Private Health Expenditure (Estonia 2011-2018)
Non-Life Premiums Forecast
Non-Life Premiums
Table: Gross Non-Life Premiums Written (Estonia 2011-2018)
Net Non-Life Premiums
Table: Net Non-Life Premiums Written (Estonia 2011-2018)
Non-Life Claims
Table: Non-Life Insurance Claims (Estonia 2006-2013)
Non-Life Insurers' Assets
Table: Assets (Estonia 2006-2013)
Non-Life Sub-Sector Forecast
Table: Non-Life % Breakdown (Estonia 2011-2018)
Motor and Transport Insurance
Table: Motor Vehicle Insurance (Estonia 2011-2018)
Table: Insurance Key Drivers Autos (Estonia 2011-2018)
Table: Transport Insurance (Estonia 2011-2018)
Table: Insurance Key Drivers Freight Tonnage (Estonia 2011-2018)
Property Insurance
Table: Property Insurance (Estonia 2011-2018)
Health and Personal Accident Insurance
Table: Health Insurance (Estonia 2011-2018)
Table: Personal Accident Insurance (Estonia 2011-2018)
General Liability and Credit Insurance
Table: General Liability Insurance (Estonia 2011-2018)
Table: Credit/Financial Guarantee Insurance (Estonia 2011-2018)
Industry Risk Reward Ratings
Central and Eastern European Risk/Reward Index
Table: Central And Eastern Europe Risk/Reward Index - Q1 2015
Market Overview
Life Market Overview
Table: Life Insurance Market Share USDmn 2008-2013
Table: Life Insurance Market Share (%) 2008-2013
Non-Life Market Overview
Table: Non-Life Market Share USDmn 2008-2013
Table: Non-Life Market Share (%) 2008-2013
Company Profile
Compensa Life VIG
ERGO
If P&C Insurance
Seesam
Swedbank Life Insurance
Demographic Forecast
Estonia
Table: Estonia's Population By Age Group 1990-2020 ('000)
Table: Estonia's Population By Age Group 1990-2020 (% of total)
Table: Estonia's Key Population Ratios 1990-2020
Table: Estonia's Rural And Urban Population 1990-2020
Methodology
Industry Forecast Methodology
Risk/Reward Index Methodology
Table: Indicators
Table: Weighting of Indicators
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