New Financial Services market report from Business Monitor International: "Estonia Insurance Report Q2 2016"
[ClickPress, Thu Feb 25 2016] We hold a positive outlook for the Estonian insurance industry as a whole. The insurance industry in Estonia is characterised by a small but fairly rapidly evolving market, marked by increasing competition and the domination of motor vehicle and property insurance lines. In the vastly more important non-life segment, the economic recovery and initiatives by the insurers themselves should underpin high single-digit growth in premiums in most sub-sectors in 2016. In the main category, the motor vehicle insurance line, volumes are set to grow, driven by growing incomes and expansion of the national vehicle fleet. We are now expecting double-digit annual growth rates for motor vehicle insurance. In the life segment, a campaign to educate households and companies, led by the major multi-national companies that are present in Estonia, should ensure that premiums will rise quite quickly from a low base over the medium to long term.
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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 dollar terms 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 will amount to an estimated 11.1%, with premiums topping USD299mn.
The Estonia Insurance Report has been researched at source and features BMI Research's independent assessment and forecasts for the insurance sector. It examines industry developments, key growth drivers and risk management projections, including the macroeconomic situation, government policy, regulatory environment and the level of development and potential for growth, broken down by line. Leading insurers are profiled, covering premiums, products and services and competitive positioning.
BMI's Estonia Insurance Report provides professionals, consultancies, government departments, regulatory bodies and researchers with independent forecasts and regional competitive intelligence on the Estonian insurance industry.
Benchmark BMI's independent insurance industry forecasts for Estonia to test other views - a key input for successful budgeting and strategic business planning in Estonia's insurance market.
Target business opportunities and risks in Estonia through our reviews of latest industry trends, regulatory changes and major deals, investments and macroeconomic developments.
Exploit latest competitive intelligence on your competitors, partners and clients via our Company Profiles (inc. SWOTs, KPIs and latest activity).
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