Estonian residents have become more aware of the importance of travel insurance
The value of travel insurance policies taken out in Estonia was 25.7 million euros in 2023, and 22.4 million euros in 2022. How common is travel insurance in Estonia? What is the total value of premiums and claims paid? In this blog post, Statistics Estonia’s analyst Egle Loorits takes a closer look at the latest data on travel insurance.
The purpose of travel insurance is to provide compensation for unforeseen expenses incurred while travelling. Travel insurance covers, for example, accidents, medical emergencies abroad, trip cancellation or interruption, and lost or delayed baggage. It is usually possible to pay for additional coverage for other risks. For example, additional coverage should be purchased by travellers planning to do extreme sports during their trip.
According to the latest data published by Statistics Estonia, the volume of travel insurance gross premiums increased by 11% in the second quarter of 2024, compared with the same period of last year. The value of new policies taken out was 7 million euros. In the first half of 2024, April had the highest amount of travel insurance premiums. In the last few years, October has usually been the month with the biggest amount of premiums.
In the second quarter of 2024, the value of travel insurance gross claims paid was 3.9 million euros, up from 3.5 million euros in the second quarter last year. Travel insurance gross claims paid in 2023 were at the same level as in 2022 – 14 million euros.
In the second quarter this year, the biggest amount of travel insurance premiums were collected by the company Swedbank P&C Insurance AS (2.8 million euros), followed by Salva Kindlustuse AS (1 million euros) and Compensa Vienna Insurance Group UADB Eesti filiaal (733,000 euros).
The trends indicate that more and more people are acknowledging the importance of getting travel insurance. For example, in 2023, there was a case of a boy who had leptospirosis while on holiday in the USA. Since the disease usually has a seven-day incubation period, the boy only developed symptoms during the trip. The insurance company covered the family’s medical expenses which amounted to 30,000 euros in the USA alone (source: Õhtuleht, 21 April 2023).
Insurance provides financial coverage for various unexpected events, including accidents, injuries, and theft, among others. Insurance companies offer life and non-life insurance. The most well-known and common types of non-life insurance are motor third-party liability insurance, travel insurance, and homeowners’ insurance.
See also the insurance section on our website.
More detailed data have been published in the statistical database.
Additional information: Starting from 2024, Statistics Estonia’s database includes information about technical risk insurance. Data on this type of insurance were previously not published. Technical risk insurance comprises contractors’ all risks (CAR) insurance, erection all risks (EAR) insurance, and contractors’ plant and machinery (CPM) insurance.
When using Statistics Estonia’s data and graphs, please indicate the source.
For further information:
Kaia-Liisa Tabri
Communications Partner
Marketing and Dissemination Department
Statistics Estonia
Tel +372 625 9201
press [at] stat.ee (press[at]stat[dot]ee)