Over the past few years, the Non-life insurances market in Estonia has been experiencing notable growth and development. Customer preferences in the Estonian Non-life insurances market are shifting towards more comprehensive coverage options that offer a wider range of benefits and services. Customers are increasingly seeking customizable insurance plans that cater to their specific needs and provide added value beyond basic coverage. This trend mirrors the global movement towards personalized insurance products that offer greater flexibility and tailored solutions. Trends in the market indicate a rising demand for digital insurance services in Estonia. Insurers are leveraging technology to streamline processes, enhance customer experience, and offer innovative products online. The convenience of purchasing and managing insurance policies digitally is becoming increasingly important for customers, driving the adoption of digital solutions in the Non-life insurance sector. Local special circumstances in Estonia, such as its small market size and unique regulatory environment, play a significant role in shaping the Non-life insurances market. The relatively small population and market size in Estonia create opportunities for insurers to focus on niche segments and develop specialized insurance products to meet the specific needs of customers. Additionally, the regulatory framework in Estonia is conducive to innovation and competition, encouraging insurers to introduce new products and services to the market. Underlying macroeconomic factors, such as economic stability and income levels, also influence the development of the Non-life insurances market in Estonia. A stable economy and increasing disposable income levels contribute to higher demand for insurance products as individuals and businesses seek to protect their assets and mitigate risks. As the economy continues to grow, the Non-life insurances market in Estonia is expected to expand further, driven by the increasing awareness of the importance of insurance coverage among consumers.
Data coverage:
Data encompasses B2B and B2C enterprises. Figures are based on gross written premium, gross written premium per capita, gross claim payments, loss ratio, and distribution channels.Modeling approach / Market size:
Market sizes are determined by a Bottom-Up approach, based on a specific rationale for each market layer. As a basis for evaluating markets, we use industry associations, national statistic offices, and international organizations, such as OECD. Next we use relevant key market indicators and data from country-specific associations such as insurance consumer spending, gross domestic product, insurance - consumer price index (CPI), population growth. This data helps us to estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing and HOLT-linear. The main drivers are insurance consumer spending and insurance - consumer price index (CPI).Additional Notes:
The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.
Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)
