Non-life insurances - Estonia | Statista Market Forecast

The Non-life insurances market market in Estonia is projected to reach a market size (gross written premium) of US$767.90m in 2024.
On average, each person in Estonia is expected to spend US$582.20 on Non-life insurances market in 2024.
The market is expected to grow at an annual rate of 0.33% (CAGR 2024-2029), resulting in a market volume of US$780.60m by 2029.
In global comparison, the United States is expected to generate the highest gross written premium in the Non-life insurances market market, amounting to US$2.5tn in 2024.
Estonia's non-life insurance market is experiencing significant growth due to an increase in demand for property and casualty coverage.

Definition:

Non-life insurance, also known as general insurance, covers a wide range of insurance products that protect against financial losses related to events other than death. Non-life insurance is designed to provide policyholders with financial support and protection in various circumstances, like car accidents, property damage, and medical expenses.

Structure:

The non-life insurance market covers the following insurance types: health, motor vehicles, property, general liability, and legal.

Additional information:

The market contains the following KPIs: gross written premium aggregated for all countries and regions, gross written premium per capita, gross claim payments, and the loss ratio – calculated as gross claim payments divided by gross written premium.

Health insurances
Motor Vehicle insurances
Property insurances
General Liability insurances
Legal insurances

Live insurances
Other non-live insurances, such as travel insurance, freight insurance, and accident insurance
Reinsurance

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.

This report presents a comprehensive analysis and additional information on the Financial market, in a PDF format.

Both the number and cost of global risks are rising due to drivers, such as climate change and cyber crime, and these trends are impacting in the insurance industry. The global insurance market was worth almost six trillion U.S. dollars in 2022, but this looks set to increase substantially in the coming years. Cyber crime is consistently seen as a leading risk to global business by risk management experts. Meanwhile, the cost of natural disaster losses rose over the past two decades. These risks are likely to grow in the future, which will sustain the growth of the insurance sector.