Estonia Insurance Industry – Key Trends and Opportunities to 2027
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Estonia Insurance Industry Report Overview
The total gross written premium (GWP) in the Estonia insurance industry was EUR550 million in 2022 and is expected to record a CAGR of more than 5% during 2023-2027. In 2022, real GDP in Estonia decreased by 1.3%. This was mainly due to a fall in foreign intangible investments, a negative trade balance, and soaring import prices due to the Russia/Ukraine conflict. The economic recovery will be supported by lower energy and commodity prices, along with gradually stronger external demand.
Estonia Insurance Industry Outlook 2022-2027 (EUR Million)
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The Estonia insurance industry report provides in-depth market analysis, information, and insights into the Estonia insurance industry. The report has a comprehensive overview of the Estonia economy, government initiatives, and investment opportunities. The Estonia insurance regulatory framework’s evolution, key facts, taxation regime, licensing, and capital requirements are covered in this report. Furthermore, the report offers Estonia’s insurance market structure giving details of lines of business and premiums ceded along with cession rates.
Market Size (2022) | EUR550 million |
CAGR (2023-2027) | >5% |
Key Insurance Sectors | Life Insurance and General Insurance |
Key Trends | Digitalization, Product Development, and Gig Economy Insurance |
Key Lines of Business (Life Insurance) | General Annuity, Endowment, Supplementary or Riders, and Others |
Key Lines of Business (General Insurance) | Property, Motor, Liability, Financial Lines, MAT, and General Insurance PA&H |
Key Companies | If P&C Insurance, Swedbank P&C Insurance, Lietuvos draudimas, ERGO Insurance, Compensa Vienna Insurance Group, Salva Kindlustuse, BTA Baltic Insurance Company, LHV Kindlustus, Akcine draudimo bendrove Gjensidige Baltic, and Inges Kindlustus |
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Estonia Insurance Industry Trends
Some of the key trends influencing the Estonia insurance industry are digitalization, product development, and gig economy insurance.
Digitalization: In May 2023, no-code software provider Insly launched BrokerFlow. This tool allows brokers to digitize their sales workflows, including application forms, risk surveys, and customer proposals. With the new tool, brokers will be able to streamline their sales process and help clients make better insurance decisions.
Gig Economy Insurance: In May 2022, Estonia-based insurtech company Cachet – which offers insurance services to gig economy workers – raised EUR5.5 million ($6 million). The funding will be used to improve its technology and data models, increase its headcount, and expand its operations in Europe.
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Estonia Insurance Industry Sectors
The key sectors in the Estonia insurance industry are life insurance and general insurance. In 2022, the general insurance sector accounted for the highest share. The growth of the motor and non-life PA&H segments was the key driver for the Estonia GI sector. The growth in the motor line of business is due to more than 38,000 road accidents taking place in 2022, which led to an increase in insurance premium rates.
Estonia Insurance Industry Analysis by Sector, 2022 (%)
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Estonia Insurance Industry – Competitive Landscape
The key companies in the Estonia insurance industry are If P&C Insurance, Swedbank P&C Insurance, Lietuvos draudimas, ERGO Insurance, Compensa Vienna Insurance Group, Salva Kindlustuse, BTA Baltic Insurance Company, LHV Kindlustus, Akcine draudimo bendrove Gjensidige Baltic, and Inges Kindlustus among others. In 2022, If P&C Insurance was the largest insurer in the Estonia insurance industry, followed by Swedbank P&C Insurance and ERGO Insurance.
Estonia Insurance Industry Analysis by Companies, 2022 (%)
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Key Segments Covered in the Report
Estonia Insurance Industry Sector Outlook (Value, EUR Million, 2018-2027)
- Life Insurance
- General Insurance
Scope
This report provides a comprehensive analysis of the Estonia insurance industry –
- It provides historical values for the Estonia insurance industry for the report’s 2018–22 review period, and projected figures for the 2023–27 forecast period.
- It offers a detailed analysis of the key categories in the Estonia insurance industry and market forecasts to 2027.
- It profiles the top life insurance companies in Estonia and outlines the key regulations affecting them.
Key Highlights
• Key insights and dynamics of the Estonia insurance industry.
• A comprehensive overview of the Estonia economy, government initiatives, and investment opportunities.
• The Estonia insurance regulatory framework’s evolution, key facts, taxation regime, licensing, and capital requirements.
• The Estonia insurance industry’s market structure giving details of lines of business.
• Estonia’s reinsurance business’s market structure giving details of premium ceded along with cession rates.
Reasons to Buy
- Make strategic business decisions using in-depth historic and forecast market data related to the Estonia insurance industry, and each category within it.
- Understand the demand-side dynamics, key market trends, and growth opportunities in the Estonia insurance industry.
- Assess the competitive dynamics in the Estonia insurance industry.
- Identify growth opportunities and market dynamics in key product categories.
Swedbank Life Insurance
Swedbank P&C Insurance
BTA Baltic Insurance Company
ERGO Insurance
Salva Kindlustuse
Compensa Vienna Insurance Group
SEB Elu- ja Pensionikindlustus
Table of Contents
Frequently asked questions
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What was the Estonia insurance industry gross written premium in 2022?
The gross written premium of the Estonia insurance industry was EUR550 million in 2022.
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What is the Estonia insurance industry growth rate?
The insurance industry in Estonia is expected to achieve a CAGR of more than 5% during 2023-2027.
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What sector dominated the Estonia insurance industry in 2022?
The general insurance segment dominated the Estonia insurance industry in 2022.
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What are the key companies in the Estonia insurance industry?
The key companies in the Estonia insurance market are If P&C Insurance, Swedbank P&C Insurance, Lietuvos draudimas, ERGO Insurance, Compensa Vienna Insurance Group, Salva Kindlustuse, BTA Baltic Insurance Company, LHV Kindlustus, Akcine draudimo bendrove Gjensidige Baltic, and Inges Kindlustus among others.
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