Market Trends of Estonia Property & Casualty Insurance Industry
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.
