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Estonia Insurance Report Q2 2016

Estonia Insurance Report Q2 2016

BMI View: We hold a positive outlook for the Estonian insurance industry as a whole. The insuranceindustry in Estonia is characterised by a small but fairly rapidly evolving market, marked by increasingcompetition and the domination of motor vehicle and property insurance lines. In the vastly more importantnon-life segment, the economic recovery and initiatives by the insurers themselves should underpin highsingle-digit growth in premiums in most sub-sectors in 2016. In the main category, the motor vehicleinsurance line, volumes are set to grow, driven by growing incomes and expansion of the national vehiclefleet. We are now expecting double-digit annual growth rates for motor vehicle insurance. In the lifesegment, a campaign to educate households and companies, led by the major multi-national companies thatare present in Estonia, should ensure that premiums will rise quite quickly from a low base over the mediumto long term.

Key Updates And Forecasts

We expect life premiums to jump by 3.7% in EUR terms to reach EUR92.5mn in 2016.

Non-life premiums will grow at a faster rate, jumping by 11.8% in EUR terms and 8.8% in US dollarterms in 2016. We forecast total non-life premiums underwritten in 2016 will reach EUR469mn,translating into USD502mn.

The motor vehicle insurance line will be the clear outperformer in 2016. Growing by an estimated 14.2%in local currency terms, we forecast premiums to reach EUR280mn. In US dollar terms, growth willamount to an estimated 11.1%, with premiums topping USD299mn.

BMI Industry View
Table: Headline Insurance Forecasts (Estonia 2012-2019)
Industry Forecast
Life Premiums Forecast
Table: Life Premiums (Estonia 2013-2020)
Table: Life Insurance Claims (Estonia 2008-2014)
Non-Life Premiums Forecast
Table: Non-Life Premiums (Estonia 2013-2020)
Table: Non-Life Insurance Claims (Estonia 2008-2014)
Non-Life Sub-Sector Forecast
Table: Non-Life Insurance Premiums By Product Line (Estonia 2013-2020)
Insurance Risk/Reward Index
Emerging Europe Risk/Reward Index
Table: Emerging Europe Insurance Risk/Reward Index - Q216
Market Overview
Life Market Overview
The Product Offering
The Competitive Landscape
Table: Life Premiums (USDmn), 2009-2014
Table: Life Insurance Market, (%), 2009-2014
Non-Life Market Overview
The Product Offering
The Competitive Landscape
Table: Non-Life Insurance Market (USDmn), 2009-2014
Table: Non-Life Insurance Market (%), 2009-2014
Company Profile
Compensa Life VIG
If P&C Insurance
Swedbank Life Insurance
Industry Forecast Methodology
Risk/Reward Index Methodology
Table: Indicators
Table: Weighting of Indicators

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