Property Insurance - Estonia | Statista Market Forecast

The Property Insurance market market in Estonia is expected to reach a projected market size (gross written premium) of US$237.50m in 2024.
The average spending per capita in this market is estimated to be US$180.10 in the same year.
It is anticipated that the gross written premium will experience an annual growth rate (CAGR 2024-2029) of 0.95%, leading to a market volume of US$249.00m by 2029.
In comparison to other countries worldwide, the United States is projected to generate the highest gross written premium of US$240.4bn in 2024.
Estonia's property insurance market is witnessing a surge in demand due to the rapid growth of the real estate sector in the country.

Definition:

The property insurance market encompasses insurance products that protect individuals and businesses from financial losses related to damage or loss of property, such as homes, commercial buildings, or personal belongings. Policyholders pay regular premiums to insurance providers, and in return, these insurers offer coverage for events like fire, theft, natural disasters, and other property-related risks. Property insurance is crucial for safeguarding assets and providing financial assistance to repair or replace property damaged or lost due to covered incidents.

Additional information:

The market contains the following KPIs: gross written premium aggregated for all countries and regions, gross written premium per capita, and the share of insureds in the total population for over 50 countries.

Insurance for all damage or loss of property caused by fire and natural forces
Insurance for all damage or loss of property caused by crime

All other insurance types, such as life insurance and health insurance
Reinsurance

The Property Insurance market in Estonia is experiencing significant growth and development. Customer preferences in the Property Insurance market in Estonia are shifting towards comprehensive coverage that not only protects the physical structure of the property but also provides additional benefits such as coverage for personal belongings and liability protection. Customers are increasingly looking for customizable insurance plans that cater to their specific needs and offer a sense of security and peace of mind. Trends in the market show a rise in demand for digital insurance solutions, with more customers opting to purchase property insurance online or through mobile apps. This shift towards digitalization has made it easier for customers to compare different insurance products, get quotes, and manage their policies conveniently. Insurers in Estonia are also leveraging technology to streamline claims processing and improve customer service. Local special circumstances in Estonia, such as the country's high rate of homeownership and the vulnerability to natural disasters like floods and storms, are driving the growth of the Property Insurance market. Homeowners are increasingly recognizing the importance of protecting their properties against unforeseen events and are investing in insurance coverage to safeguard their assets. Underlying macroeconomic factors, such as the overall stability of the Estonian economy, low interest rates, and increasing disposable income levels, are also contributing to the growth of the Property Insurance market. As the economy continues to grow and households become more affluent, the demand for property insurance is expected to rise further as individuals seek to protect their valuable assets.

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.

Berkshire Hathaway, State Farm, and Progressive Corp are just some of the biggest property and casualty insurance companies in the world - all of which hail from the United States. Property and casualty insurance is a type of insurance which covers risks related to loss or damage of property. This type of insurance has two major areas: protection of physical objects and protection against legal liability. In total, the value of gross premiums written by the U.S. property and casualty insurance sector exceeded 850 billion U.S. dollars in 2022. In the same year, 35 percent of the U.S. P&C premiums were written by private passenger auto insurance companies.