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Estonia

Life Report

Product Insurance Market Reports Life Rev Estonia

Key Highlights

Get access to Axco’s online product with the latest market intelligence for the market of your choice

 

  • Key insights and explanations of market developments in life insurance, healthcare and pensions
  • Details Estonia's insurance, social security, pensions and healthcare regulatory framework and company and personal tax considerations
  • Current legislation and upcoming changes
  • The latest developments in Estonia's economic and political environment
  • Demographic information
  • Market statistics and company performance

Report Overview

Independent strategic insight, line of business detail, regulatory information & market data for the non-life (P&C) insurance market of Estonia

The Estonia life and benefits market report provides a comprehensive, impartial analysis of the life insurance market of Estonia.  Information extends to extensive detail on healthcare (public and private), pensions and benefits, and social security. Specialist researchers visit Estonia and interview local professionals working across the local market. The report is updated with new information and data regularly throughout the cycle of country visits.

The report provides information about Estonia’s demographic profile and assesses its economic, political, climate, operational, and security risks. Key data on the investment environment in Estonia is available.

Axco’s report describes the regulatory framework that applies to the Estonia domestic life insurance sector, including whether non-admitted insurance is permitted in Estonia; as well as the legislation necessary to know regarding Estonia’s healthcare, pensions and social security.

Statistics include five years of life insurance market performance indicators, including gross written premiums, premium growth and penetration rates. Company statistics show who are the leading life insurance companies in Estonia with local life insurance company premiums, market share and year on year growth.

Life Insurance

Axco provides details on the life insurance sector including Estonian market participants, reinsurance and distribution channels. The reports describe classes of business from both individual and group life such as whole life, endowment, term life and unit-linked.
Information on non-life classes for example critical illness and private medical insurance.

Healthcare

The report describes the public and private healthcare system in Estonia, the scope of cover, accessibility financing and provides an analysis of how the public and private systems complement each other.

Pensions

Axco reports on the three pillars of Estonian pension provision.

  • State pension benefits including benefit calculations and eligibility criteria 
  • Workplace pension provision; types of schemes calculations eligibility and; tax implications
  • Voluntary individual pension provision, type of products and tax implications

Social Security

The Estonia report provides an in-depth analysis of the regulatory framework governing social security as well as details on financing and eligibility. Information includes but is not limited to

  • state pensions,
  • permanent disability benefit
  • occupational accident and disease
  • maternity and paternity payments 

Estonia Life and Benefits Report Extract

Below are brief extracts of information from the Estonia Life & Benefits Report; more updated information may be available in the latest published report.

Life Insurance

Estonia's modern insurance industry has been in existence for over 25 years; even though the market remains small in European and world terms, it continues to develop slowly but positively. In 2021, with the economy improving after the COVID-19 pandemic, income levels are also recovering slowly for both individuals and enterprises, although some sectors remain under pressure.

A savings culture has yet to take hold, however, and according a to a 2019 survey about half of Estonians have savings while ....

Pensions

Estonia's modern insurance industry has been in existence for over 25 years; even though the market remains small in European and world terms, it continues to develop slowly but positively. In 2021, with the economy improving after the COVID-19 pandemic, income levels are also recovering slowly for both individuals and enterprises, although some sectors remain under pressure.

Due to the reform of the pension system, premium for pillar II annuities ....

Healthcare

Figures for the year to 31 December 2020 reflect the full impact on the Estonian insurance market of the ongoing COVID-19 pandemic. Premium income in 2020 for private medical expenses insurance (PMI) was about EUR 2.7mn (USD 3.24mn) from around 276 group policies covering about 10,800 lives.

In the first half of 2021 the number of lives had grown significantly to about 16,400, from 777 contracts with premium of EUR 3.5mn (USD 4.20mn). Some estimates suggest that premium volume could reach ....

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