ERGO Kindlustus given the permission to offer new types of insurance
The Financial Supervision Authority gave an additional activity license to ERGO Kindlustuse AS for offering railway rolling stock insurance, ship liability insurance and financial loss insurance.
Pursuant to the Insurance Activities Act, an insurance company may only offer the types of insurance for which it has been granted activity licenses.
There are seven insurance companies currently operating in Estonia on the basis of activity licenses and six branches of foreign non-life insurance providers have also been registered here. The market leader on the non-life insurance market in 2009 according to the insurance premiums collected in Estonia is IF P&C Insurance with 26%, followed by ERGO Kindlustus (19%), Swedbank Varakindlustus (16%) and Seesam Rahvusvaheline Kindlustus (12%). The total market share of the branches of foreign insurers is 17% and the biggest market share amongst the latter is held by the Estonia Branch of BTA apdrošinâšanas akciju sabiedrîba (4%).
Comprehensive insurance and motor third party liability insurance comprised approximately two-thirds or 65% of the property insurance market in 2009.