Insurance broker market reviews now published by Financial Supervision Authority
The Financial Supervision Authority has published biannual financial service market reviews since 2006. These reviews, which cover life and non-life insurance, investment and pension fund as well as loan and deposit markets, now also provide a description of the activities of insurance brokers.
The reviews are available here.
For the latest review, click here.
A total of 231 million euros was collected in insurance premiums by licensed non-life insurance companies in Estonia and affiliated branches of foreign life insurance institutions in 2012, with policies purchased via insurance brokers contributing 103 million euros. With regard to the volume of insurance premiums mediated, the main insurance categories are road vehicle insurance (i.e. motor own damage insurance) and motor third party liability insurance. A total of 37 insurance brokers offered non-life insurance contracts in 2012, with the biggest market share held by IIZI Kindlustusmaakler AS (18%), followed by Marsh Kindlustusmaakler AS and Insurance broker services OÜ (each with a market share of 11%).
Life insurance activities pale in comparison to non-life insurance activities – in 2012, life insurance companies collected 68.6 million euros in insurance premiums in Estonia, with the brokers’ contribution amounting to a mere 900,000 euros.