Insurance

Insurance provides protection against the unexpected. The purpose of insurance companies is to provide customers with financial support in the event of accidents, theft and other unexpected incidents. Insurance companies offer life and non-life insurance.

Life insurance provides financial support to the insured person and their loved ones in the event of a terminal illness, loss of capacity for work, an accident or death. There are also life insurance policies with an investment component for building wealth.

Non-life insurance is taken out to mitigate financial losses. The main types of non-life insurance are motor vehicle, travel and home insurance. The most common of these is compulsory motor third party liability insurance for trailers and motor vehicles with a maximum permitted speed exceeding 15 km/h. Motor third party liability insurance covers property damage and personal injury caused to others and also damage caused by uninsured or unidentified vehicles.

Insurance statistics provide an overview of the insurance market, including the most common types of insurance used, the changes in insurance premiums and claims as well as other trends in the sector. Statistics Estonia collects data on premiums and claims by type of insurance and produces statistics on the volume and structure of the Estonian insurance sector. Data are collected from life and non-life insurance companies operating in Estonia under a license as well as from the Estonian branches of foreign life and non-life insurance companies.

The data on insurance premiums are used in the calculation of the consumer price index.