Estonia Insurance Report 2012

Date: November 22, 2011
Pages: 55
US$ 1,175.00
Report type: Strategic Report
Delivery: E-mail Delivery (PDF), Download

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Estonia is par excellence an example of a Central and Eastern European country where the vast majority of players in the insurance sector see the sector in regional terms, or as an adjunct to commercial banking and other aspects of financial services. Many of the largest insurers are subsidiaries or branches of major Scandinavian banks (ie: Swedbank and SEB) or insurance companies (ie: Sampo, Pohjola, Codan and Gjensidige). Of the insurers that are active in Central and Eastern Europe outside the Baltic states, the two that are present in Estonia are ERGO (in both the non-life and the life segments) and Compensa Vienna Insurance Group (which entered the market three years ago when the Austrian company bought Seesam Life) – but only in the life segment. Local groups, such as Inges and Salva (or, depending on how ‘local’ is defined, BTA) are active, but are generally relatively small.

The households and corporate buyers of insurance are the beneficiaries of all this, because they have access to highly sophisticated products, and at low – indeed, falling – prices. As of October 2011, the latest data from the Finansinspektioon, the omnibus financial services regulator of Estonia, indicates that prices are under downwards pressure in the compulsory motorist third-party liability (CMTPL) and voluntary motor insurance (CASCO) markets. Meanwhile, demand for some non-life lines – such as liability insurance – is clearly growing.

Falling prices is not just the result of over-supply – as multi-nationals allocate too much capital to underwriting risks in Estonia. It is also the result of falling demand. The number of CASCO policies outstanding fell by around 5% over the year to June 2011. The number of in-force policies in the life segment has also been falling – for most lines. Estonia is not just a small market: it is one that, by some metrics, has been becoming smaller.
Executive Summary
  Table: Total Premiums, 2008-2016
Key Insights And Key Risks
SWOT Analysis
Estonia Insurance Industry SWOT
Estonia Political SWOT
Estonia Economic SWOT
Estonia Business Environment SWOT
Central And Eastern Europe Life Sector Overview
  Table: Central And Eastern European Life Premiums, 2009-2016 (US$mn)
Estonia Life Sector Update
  Table: Gross Premiums H110-H11 (EUR ‘000)
  Table: Contractual Payments, H110-H11 (EUR ‘000)
Life Industry Forecast Scenario
  Table: Total Life Premiums 2008-2016
Growth Drivers And Risk Management Projections
  Table: Insurance Key Drivers, Demographics 2008-2016
Central And Eastern Europe Non-Life Sector Overview
  Table: Central And Eastern European Non-Life Premiums, 2008-2016 (US$mn)
Estonia Non-Life Sector Update
Estonia’s Non-Life Segment* Premiums And Claims (EUR ‘000) H111
Non- Life Industry Forecast Scenario
  Table: Non-Life Premiums 2008-2016
Growth Drivers And Risk Management Projections
Macroeconomic Outlook
  Table: GDP By Expenditure, Current Prices Breakdown, 2008-2016
Healthcare Insurance
  Table: Insurance Key Drivers, Disability-Adjusted Life Years, 2008-2016
  Table: Insurance Key Drivers, Autos 2008-2015
Insurance Risk/Reward Ratings
  Table: Estonia’s Insurance Risk/Reward Ratings
  Table: Central And Eastern Europe Insurance Risk/Reward Ratings
Competitive Landscape
Competitive Landscape Analysis
Major Players In Estonia’s Insurance Sector
  Table: Non-Life Segment Market Share, 2010
Company Profiles
Regional Company Profiles
Vienna Insurance Group
BMI Methodology
Insurance Risk/Reward Ratings
  Table: Insurance Risk/Reward Indicators And Rationale
  Table: Weighting Of Indicators
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