Life Insurance in Estonia, Key Trends and Opportunities to 2017
Synopsis The report provides in depth market analysis, information and insights into the Estonian life insurance segment, including: The Estonian life insurance market’s growth prospects by insurance categories Key trends and drivers for the Estonian life insurance segment
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1. Life Insurance in Estonia, Key Trends and Opportunities to 2017
Synopsis
The report provides in depth market analysis, information and insights into the Estonian life insurance
segment, including:
The Estonian life insurance market’s growth prospects by insurance categories Key trends and
drivers for the Estonian life insurance segment The various distribution channels in the Estonian life insurance
segment Detailed competitive landscape in the life insurance segment in Estonia A description of the life
reinsurance segment in Estonia Porter's Five Forces Analysis of the life insurance segment
Executive summary
The Estonian life insurance segment grew at a CAGR of 7.6% during the review period, driven by an aging
population and demand for investment-linked products. The aging population drove consumer attention
towards post-retirement savings. This is expected to remain the growth driver for life insurance over the
forecast period, during which time the segment is expected to expand at a CAGR of 13.6%.
Scope
This report provides a comprehensive analysis of the life insurance market in Estonia:
It provides historical values for Estonia's life insurance market for the report’s 2008–2012
review period and forecast figures for the 2012–2017 forecast period It offers a detailed analysis of the
key sub-segments in Estonia's life insurance market, along with market forecasts until 2017 It covers an
exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses,
combined ratio, frauds and crimes, total assets, total investment income and retentions It analyses the various
distribution channels for life insurance products in Estonia Using Porter’s industry-standard
“Five Forces” analysis, it details the competitive landscape in Estonia for the life insurance
business It provides a detailed analysis of the reinsurance market in Estonia and its growth prospects It
profiles the top life insurance companies in Estonia and outlines the key regulations affecting them
Reasons to buy
Make strategic business decisions using historic and forecast market data related to the Estonian life
insurance market and each sector within it Understand the demand-side dynamics, key market trends and
growth opportunities within the Estonian life insurance market Assess the competitive dynamics in the life
insurance market, along with the reinsurance segment Identify the growth opportunities and market dynamics
within key product categories Gain insights into key regulations governing the Estonian insurance market and
its impact on companies and the market's future
Key highlights
The Estonian life insurance segment was driven by developments in unit-linked and pension-related
products during the review period, as well as growth in the aging population and a decline in the overall
population With the increase in aging population, life insurance policies such as individual life and term life
are expected to experience growth over the forecast period, driving the Estonian life segment over the forecast
period The Estonian insurance industry is dominated by foreign-owned insurers. In the life insurance
segment, all four insurers operating in Estonia are foreign-owned and are headquartered in the Nordic
countries The Estonian life insurance segment grew from EUR123.3 million (US$181.4 million) in 2008 to
EUR165.2 million (US$230.1 million) in 2012, at a CAGR of 7.6% during the review period In terms of
distribution channels, e-commerce accounted for the largest market share, followed by direct marketing and
bancassurance
Life Insurance in Estonia, Key Trends and Opportunities to 2017
2. table Of Contents
1 Executive Summary
2 Introduction
2.1 What Is This Report About?
2.2 Definitions
2.3 Methodology
3 Estonian Insurance Industry Attractiveness
3.1 Estonian Insurance Industry Size, 2008–2017
3.2 Key Industry Trends And Drivers
4 Life Insurance Outlook
4.1 Life Insurance Growth Prospects
4.1.1 Individual Life Insurance
4.1.2 Individual General Annuity Insurance
4.1.3 Individual Endowment Insurance
4.1.4 Individual Marriage And Birth Insurance
4.1.5 Individual Term Life Insurance
4.1.6 Individual Supplementary Insurance
4.2 Life Insurance Growth Prospects By Customer Segments
4.2.1 Individual Single-premium Policies
4.2.2 Individual Non-single-premium
5 Analysis By Distribution Channel
5.1 Direct Marketing
5.2 Bancassurance
5.3 Agencies
5.4 E-commerce
5.5 Brokers
5.6 Other Channels
6 Governance, Risk And Compliance
6.1 Legislation Overview And Historical Evolution
6.2 Regulations By Type Of Insurance
6.2.1 Life Insurance Regulations
6.2.2 Property Insurance Regulations
6.2.3 Motor Insurance Regulations
6.2.4 Marine, Aviation And Transit Insurance Regulations
6.2.5 Personal Accident And Health Insurance Regulatory Trends
Life Insurance in Estonia, Key Trends and Opportunities to 2017
3. 6.3 Compulsory Insurance
6.3.1 Motor Third-party Liability Insurance
6.3.2 Social Security System
6.4 Supervision And Control
6.4.1 International Association Of Insurance Supervisors (iais)
6.4.2 European Insurance And Occupational Pensions Authority (eiopa)
6.4.3 Financial Supervision Authority
6.5 Non-admitted Insurance Regulations
6.5.1 Overview
6.5.2 Intermediaries
6.5.3 Market Practices
6.5.4 Fines And Penalties
6.6 Company Registration And Operations
6.6.1 Types Of Insurance Organization
6.6.2 Establishing A Local Company
6.6.3 Foreign Ownership
6.6.4 Types Of License
6.6.5 Capital Requirements
6.6.6 Solvency Margins
6.6.7 Reserve Requirements
6.6.8 Investment Regulations
6.6.9 Statutory Return Requirements
6.6.10 Fee Structure
6.7 Taxation
6.7.1 Insurance Premium Or Policy Taxation
6.7.2 Corporate Tax
6.7.3 Vat
6.7.4 Captives
6.8 Legal System
6.8.1 Introduction
6.8.2 Access To Court
6.8.3 Alternative Dispute Resolution (adr)
7 Porter’s Five Forces Analysis
7.1 Bargaining Power Of Supplier: Medium
7.2 Bargaining Power Of Buyer: Low
7.3 Barriers To Entry: Low To Medium
7.4 Intensity Of Rivalry: Medium
7.5 Threat Of Substitutes: Low
8 Reinsurance Growth Dynamics And Challenges
8.1 Reinsurance Segment Size, 2008–2017
8.2 Reinsurance Segment Size By Insurance Segment, 2008–2017
Life Insurance in Estonia, Key Trends and Opportunities to 2017
4. 9 Competitive Landscape And Strategic Insights
9.1 Overview
9.2 Leading Companies In The Estonian Life Insurance Segment
9.3 Swedbank Life Insurance Se – Company Overview
9.3.1 Swedbank Life Insurance Se – Key Facts
9.3.2 Swedbank Life Insurance Se – Key Financials
9.4 Compensa Life Vienna Insurance Group Se – Company Overview
9.4.1 Compensa Life Vienna Insurance Group Se – Key Facts
9.4.2 Compensa Life Vienna Insurance Group Se – Key Financials
9.5 Seb Elu- Ja Pensionikindlustus – Company Overview
9.5.1 Seb Elu- Ja Pensionikindlustus – Key Facts
9.5.2 Seb Elu- Ja Pensionikindlustus – Key Financials
9.6 Mandatum Life Insurance Baltic Se – Company Overview
9.6.1 Mandatum Life Insurance Baltic Se – Key Facts
9.6.2 Mandatum Life Insurance Baltic Se – Key Financials
10 Business Environment And Country Risk
10.1 Business Confidence
10.1.1 Market Capitalization Trend – Tallinn Stock Exchange, Estonia
10.2 Economic Performance
10.2.1 Gdp At Constant Prices (us$)
10.2.2 Gdp Per Capita At Constant Prices (us$)
10.2.3 Gdp At Current Prices (us$)
10.2.4 Gdp Per Capita At Current Prices (us$)
10.2.5 Gdp By Key Segments
10.2.6 Agriculture, Hunting, Forestry, Fishing Net Output At Current Prices (eur)
10.2.7 Agriculture, Hunting, Forestry, Fishing Net Output At Current Prices (us$)
10.2.8 Agriculture, Hunting, Forestry, Fishing Net Output At Current Prices As A Percentage Of Gdp
10.2.9 Manufacturing Net Output At Current Prices (eur)
10.2.10 Manufacturing Net Output At Current Prices (us$)
10.2.11 Manufacturing Net Output At Current Prices As A Percentage Of Gdp
10.2.12 Mining, Manufacturing And Utilities Net Output At Current Prices (eur)
10.2.13 Mining, Manufacturing And Utilities At Current Prices (us$)
10.2.14 Mining, Manufacturing And Utilities At Current Prices As A Percentage Of Gdp
10.2.15 Construction Net Output At Current Prices (eur)
10.2.16 Construction Net Output At Current Prices (us$)
10.2.17 Construction Net Output At Current Prices As A Percentage Of Gdp
10.2.18 Inflation Rate
10.2.19 Exports As A Percentage Of Gdp
10.2.20 Imports As A Percentage Of Gdp
10.2.21 Exports Growth
10.2.22 Imports Growth
10.2.23 Annual Average Exchange Rate Eur–us$
10.3 Infrastructure Quality And Availability
10.3.1 Commercial Vehicles Exports Total Value
10.3.2 Commercial Vehicles Imports Total Value
Life Insurance in Estonia, Key Trends and Opportunities to 2017
5. 10.3.3 Automotive Exports Total Value
10.3.4 Automotive Imports Total Value
10.3.5 Total Internet Subscribers
10.4 Labor Force
10.4.1 Labor Force
10.4.2 Unemployment Rate
10.5 Demographics
10.5.1 Gross National Disposable Income (us$)
10.5.2 Total Population
10.5.3 Urban And Rural Population
10.5.4 Age Distribution Of The Total Population
11 Appendix
11.1 Methodology
11.2 Contact Us
11.3 About Timetric
11.4 Disclaimer
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Life Insurance in Estonia, Key Trends and Opportunities to 2017