Estonian insurance market totaled EUR 550.90 million in terms of GWP

Estonian insurance market totaled EUR 551 million in terms of GWP, up by 13.26% y-o-y, according to FY2022 market figures published by the Estonian National Statistics Board.

The life insurance segment decreased by 8.56% y-o-y to EUR 79.44 million, while in the case of non-life insurance market, the GWP amounted to EUR 471.5 million (85.58% of total), up by 18% y-o-y.

In terms of claims, insurers paid claims worth EUR 382.57 million, up by 28.4% y-o-y or by EUR 27.11 million in absolute values due to the 17.51% growth rate reported by the non-life insurance segment.

Estonia’s largest life insurer in terms of GWP was Swedbank Life Insurance SE (47.84% market share), followed by SEB Life and Pension Baltic SE Eesti filiaal (23.82%) and COMPENSA Life VIG SE (14.9%).

In non-life segment, Top 3 market players as GWP volume was: If P&C Insurance AS (GWP of EUR 88.77 million), followed by Swedbank P&C Insurance AS (EUR 84.10 million) and ERGO Insurance SE – EUR 73.33 million.

by Yana Keller