Estonia Property & Casualty Insurance Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 230.74 Million |
| Market Size (2029) | USD 244.80 Million |
| CAGR (2024 - 2029) | 1.19 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Estonia Property & Casualty Insurance Market Analysis
The Estonia Property & Casualty Insurance Market size in terms of gross written premiums value is expected to grow from USD 230.74 million in 2024 to USD 244.80 million by 2029, at a CAGR of 1.19% during the forecast period (2024-2029).
Property and casualty insurance in Estonia is provided by insurance companies registered in Estonia, Estonian branches of foreign insurers, and foreign insurers operating internationally. Most property and casualty insurance premium is written by Estonian insurers, followed by branches of the foreign insurer and foreign insurer operating internationally.
The critical factor that drives Estonia’s property and casualty insurance market is using microeconomics to determine the market's trajectory. The businesses and individuals seeking to protect their assets, economic growth, and stability are linked to increased demand for property and casualty. The factors that impact the insurers' operations and market behavior are strong government regulations related to risk management and consumer protection.
Domain factors like climate change and natural disasters significantly drive Estonia's property and casualty insurance market. Due to the rising risk of extreme weather conditions and environmental factors, Estonia's demand for coverage against property damage and liability has diversified.
To enhance the efficiency and competitiveness of the industry, the emergence of numerous technological advancements like digital platforms, data analytics, and artificial intelligence has changed underwriting processes, risk assessment, and claims management.
Estonia Property & Casualty Insurance Market Trends
Direct Sales leading P&C Insurance market
Direct sales of property and casualty insurance through the insurer or employee is a major insurance distribution channel in Estonia. The majority of insurance contracts were signed directly with the insurer or an employee, and this method accounted for 51% of new contract premiums. Insurance agents accounted for about 18% of new contract premiums, while insurance brokers accounted for 31%.
Driven by a rising emphasis on direct sales in the P&C insurance sector, property insurance firms in Estonia witnessed a surge in gross premiums written, reaching a value of USD 48.68 million in the previous year.
Motor Vehicle Insurance Leading Property And Casualty Insurance in Estonia
Land vehicle insurance is the largest segment of Estonia's property and casualty insurance. For the first half of last year, USD 67.26 Million was paid for land vehicle insurance, followed by USD 59.67 Million for property insurance. In contrast, motor third-party liability insurance premiums observed a decline.
The value of motor vehicle insurance in Estonia has observed a continuous increase over the years, increasing to a value of USD 52 Million last year, and is expected to grow further with an increase in per capita consumer spending in Estonia.
Estonia Property & Casualty Insurance Industry Overview
The property and casualty insurance market in Estonia is highly competitive. An increasing number of non-life insurance companies are registered in Estonia, which include branches of foreign insurance companies. P&C Insurance holds the largest market share in the non-life insurance market in Estonia, followed by ERGO Insurance and Swedbank P&C, holding more than 50% of the non-life insurance market share. Other P&C insurance companies existing in Estonia include Salva Insurance Limited, Compensa Vienna Insurance Group, ADB Estonia, and AB Lietuvos draudimas.
Estonia Property & Casualty Insurance Market Leaders
IF P&C Insurance
ERGO Insurance
Swedbank P&C
AB Lietuvos draudimas
Compensa Vienna Insurance Group, ADB Estonia
*Disclaimer: Major Players sorted in no particular order
Estonia Property & Casualty Insurance Market News
- In February 2024, Howden acquired the business operations of the corporate portfolio of KindlustusEst Kindlustusmaakler OÜ as well as AS Smart Kindlustusmaakler. Howden expands its footprint in the area by acquiring two prominent insurance agents in Estonia.
- In March 2024, Swedbank entered into a partnership with Akur8, an insurance pricing solution powered by Transparent AI. Swedbank intends to expedite its insurance pricing procedure, guaranteeing accuracy, transparency, and an enhanced customer experience, by utilizing Akur8's cloud-based, fully integrated platform.
Estonia Property & Casualty Insurance Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS AND INSIGHTS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Self service insurance through Mobile apps increasing Non-life insurance penetration
4.2.2 Increase in Natural catastrophe driving new business opportunity for P&C insurance
4.3 Market Restraints
4.3.1 Decline in companies operating in Estonia Insurance Market
4.3.2 Cybersecurity risk affecting the Market
4.4 Market Opportunities
4.4.1 Continuously Increasing Financial Literacy rate in Indonesia
4.4.2 Increasing sales of passengers cars in Estonia
4.5 Industry Attractiveness - Porter's Five Forces Analysis
4.5.1 Threat of New Entrants
4.5.2 Bargaining Power of Buyers
4.5.3 Bargaining Power of Suppliers
4.5.4 Threat of Substitutes
4.5.5 Intensity of Competitive Rivalry
4.6 Insight on Various Government Regulations in the Market
4.7 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
5.1 By Product Type
5.1.1 Motor Insurance
5.1.2 Property Insurance
5.1.3 Civil Liability Insurance
5.1.4 Financial Loss Insurance
5.1.5 Others
5.2 By Distribution Channel
5.2.1 Direct
5.2.2 Agents
5.2.3 Brokers
5.2.4 Other Distribution Channel
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 IF Property and Casualty Insurance
6.1.2 ERGO Insurance
6.1.3 AB Lietuvos draudimas Estonia branch
6.1.4 Swedbank P&C Insurance
6.1.5 BTA Baltic Insurance Company
6.1.6 Salva Kindlustus
6.1.7 Compensa Vienna Insurance Group, ADB Estonia branch
6.1.8 LHV Kindlustus
6.1.9 VIG Group
6.1.10 Lietuvos Draudimas
6.1.11 Inges Kindlustus*
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. DISCLAIMER
Estonia Property & Casualty Insurance Industry Segmentation
Property and casualty insurance protects the policyholder’s belongings and property, including a home, vehicle, and other possessions. Liability coverage protects you if you’re found liable for causing an accident that causes injury to another person or damage to their property.
The Estonia property and casualty insurance market is segmented by product type, and distribution channel. The market by product type is further segmented into motor insurance, property insurance, civil liability insurance, financial loss insurance, and other insurance. The market by distribution channel is further segmented into agents, direct sales, brokers, and other distribution channels. The report offers market size and forecasts for the Estonia property & casualty insurance market in value (USD) for all the above segments.
| By Product Type | |
| Motor Insurance | |
| Property Insurance | |
| Civil Liability Insurance | |
| Financial Loss Insurance | |
| Others |
| By Distribution Channel | |
| Direct | |
| Agents | |
| Brokers | |
| Other Distribution Channel |
Estonia Property & Casualty Insurance Market Research FAQs
How big is the Estonia Property & Casualty Insurance Market?
The Estonia Property & Casualty Insurance Market size is expected to reach USD 230.74 million in 2024 and grow at a CAGR of 1.19% to reach USD 244.80 million by 2029.
What is the current Estonia Property & Casualty Insurance Market size?
In 2024, the Estonia Property & Casualty Insurance Market size is expected to reach USD 230.74 million.
Who are the key players in Estonia Property & Casualty Insurance Market?
IF P&C Insurance, ERGO Insurance, Swedbank P&C, AB Lietuvos draudimas and Compensa Vienna Insurance Group, ADB Estonia are the major companies operating in the Estonia Property & Casualty Insurance Market.
What years does this Estonia Property & Casualty Insurance Market cover, and what was the market size in 2023?
In 2023, the Estonia Property & Casualty Insurance Market size was estimated at USD 227.99 million. The report covers the Estonia Property & Casualty Insurance Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Estonia Property & Casualty Insurance Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Property & Casualty Insurance In Estonia Industry Report
Statistics for the 2024 Estonia Property & Casualty Insurance market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Estonia Property & Casualty Insurance analysis includes a market forecast outlook to and historical overview. Get a sample of this industry analysis as a free report PDF download.
