New Financial Services market report from Business Monitor International: "Estonia Insurance Report 2014"
Boston, MA -- (SBWIRE) -- 12/09/2013 -- In theory, Estonia should be one of the most dynamic markets for insurance in Central and Eastern Europe. The reality is rather more prosaic
The business environment is sound. The regulator is highly regarded. In the recent past, the economy has been resilient, if not exactly booming. Most importantly, the local subsidiaries of very substantial multi-nationals dominate the non-life segment and comprise the life segment. These are companies that are able to gain economies of scale through operating in much larger markets nearby (e.g. Scandinavia or Austria) as well as across all three of the Baltic states. Even if the economic, political and business environments of Estonia were very challenging, foreign majors such as VIG (which operates as Compensa), RSA, Gjensidige Baltic, ERGO, SEB Life & Pensions, Swedbank, Seesam and the local offshoots of Finland's Sampo (If P&C and Mandatum Life) could cope easily.
TIn spite of an ageing demographic profile and limited social security, life premiums remain at around US $70 per capita in a country where annual incomes are around EUR12,000. Notwithstanding a surge in popularity of unit-linked products, which has produced double digit growth in overall life premiums in 2013, the vast majority of the population appears not to use life insurance. In short, too many Estonians are too poor, and/or not (yet) sufficiently well informed about its benefits to use life insurance as a part of their savings plans.
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