ESTONIA: Insurance services more popular in Lithuania and Estonia than in Latvia

Insurance service usage in Lithuania and Estonia is higher than in Latvia, according to the results of a recent online survey by GfK Custom Research Baltic.

The survey carried out in May showed that 80 percent of Internet users in the three Baltic countries used various insurance services. The percentage rates were 85 percent in Lithuania, 84 percent in Estonia and 76 percent in Latvia.

GfK CR Baltic Business Development Manager Dalia Jasiukeviciene said that while a large percentage of those polled were using insurance services, finances remained the key factor in choosing insurance services. Therefore, mandatory insurance was dominant, with motor third party liability insurance being the most popular type of insurance in the Baltics.

""About one-fifth of participants of the survey were not using any insurance services, but, naturally, all others most frequently purchase mandatory third-party liability coverage or insurance coverage that banks require them to purchase when issuing loans. This survey has also proved that crisis-affected people still do not have enough funds to purchase additional insurance types, such as health insurance or comprehensive car insurance. Also, respondents note an increase in prices for insurance services,"" she said in a press release.

Sixty-two percent of respondents in Lithuania, 65 percent in Estonia and 55 percent in Latvia had mandatory motor third-party liability coverage.

Property insurance was the second most popular type of insurance in Estonia and Latvia, at 44 percent and 28 percent of those polled, respectively. In Lithuania, the percentage was 25 percent.

Accident and health insurance was the most popular in Lithuania, with 36 percent of respondents having this type of coverage, compared with 22 percent in Latvia and 24 percent in Estonia.

Voluntary comprehensive car insurance was the most popular in Estonia, at 27 percent. This compares to 18 percent in Latvia and 11 percent in Lithuania.

As much as 51 percent of respondents in Lithuania, more than in the two other Baltic countries, noted that prices for insurance services had increased in the past year.

Some 1,017 people, aged 18 to 65 years, were surveyed online in Lithuania, 1,014 in Latvia and 1,059 in Estonia.

Read the full story on  www.15min.lt

Follow XPRIMM Publications on LinkedIn, for more data on the insurance and financial industry.

Share |

Related articles

ON THE MOVE

GENERALI Group results for year 2018

In 2018, GENERALI Group operating result reached EUR 4,857 million (+3.0%), with a net profit of EUR 2,309 mil. (+9.4%). The total gross written premiums (GWP) of the Group amounted EUR 66,691 mil. (+4.9%).

14.03.2019

MetLife announced leadership changes as part of CEO transition

MetLife announced a series of changes to its senior leadership ranks in connection with its CEO transition, all of which are effective May 1, 2019. In January 2019, the BoD announced that Michel KHALAF, President, U.S. Business and EMEA, will become MetLife's President, CEO and Member of the Board effective May 1, replacing Steven KANDARIAN, who is retiring.

14.03.2019

HANNOVER RE launches an insurtech innovation platform

Germany-based Hannover Re launched a platform designed to bring the insurance companies and insurtech innovators closer. Through the "hr | equarium" platform, Hannover Re wants to facilitate the connection between supply and the demand for insurtech solutions, taking advantage of its worldwide spread.

14.03.2019

TOP EVENT

Conclusions: TBILISI - the first Georgian International Insurance Conference

Today takes place in Tbilisi the first Georgian International Insurance Conference, an event that will put under scrutiny the current status and the future development perspectives of the local market, in an attempt of identifying the main growth opportunities. The forthcoming launch of the mandatory MTPL system is the most important topic on the agenda, as this new line of business has the potential to provide for a significant growth, but also to become a market disruptor.

14.03.2019

Motor insurance - becoming more financially efficient and consumer friendly

Under the strong pressure put by the technological evolution, the motor insurance business is rapidly changing, both in operational terms and, most visible, in the way insurers are interacting with their customers. Step by step, the insurers' relationship with customers evolves from simply indemnifying insureds for the losses suffered because of road incidents, to helping them prevent incidents and rapidly recover after the accidents that couldn't be avoided.

27.02.2019

See all