A new Insurance Activities Act will be in force from 23.2018 in Estonia. This new act is done according to IDD directive and fully meets with requirements in IDD.
Estonian financial services market overview made by FSA – https://www.fi.ee/public/Estonian_financial_services_market_2017_30_06.pdf
There is quiet pressure on the insurance market to increase prices
www.iizi.ee/en/quiet-pressure-insurance-market-increase-prices
Estonian insurance sector leaders joining IIZI Kindlustusmaakler
www.iizi.ee/en/estonian-insurance-sector-leaders-joining-iizi-kindlustusmaakler
March 2016, some key news about Estonia:
· From 01.01.2016 we have new Insurance Activities Act – https://www.riigiteataja.ee/en/eli/ee/Riigikogu/act/508012016001/consolide
· From 01.03.2016 Compensa Vienna Insurance Group started non-life sales in Estonia. Also IIZI started cooperation with Compensa.
· From 01.01.2016 IIZI started activly selling Life insurance and Pension products to clients. Also separated department was established for that.
IIZI Group AS announces that the executive management and the key personnel of IIZI Kindlustusmaakler AS, lead by the company’s managing director Igor Fedotov, have acquired the majority holding in the IIZI Group from the previous owners. The main motivation behind the aquisition was the fact that the business activities of the IIZI Group have been divided into two— the successful start‐up Insly offers software for the global market and the market leader IIZI focuses on offering new exciting insurance mediation services. The transaction provides today’s executive management with greater possibilities for further development of the business activities within the field of insurance mediation services.
This report gives wider overview about insurance business in Estonia.
The negotiations about new insurance law are started and new law must be efective from January 2015. Main issue will be brokers fees and how clients are served by brokers, agents or directly by insurance company.
Eubronet - European Brokers Network - is a partnership between insurance brokers based in several European countries, including a collaboration with a USA-based broker.
The purpose of the network is for insurance brokers to offer their clients the highest quality service in relation to international business and international risks.
Eubronet enables customers to connect to insurance experts who have a specific knowledge of the legal requirements and needs within their own market.
Eubronet offers an international, personal service in all countries in which Eubronet partners are located.
Eubronet brokerage services are also available in other markets in which customers conduct business or have conducted business in the past, or for professional reasons, such as Africa, the Middle East, South America, Australia and the Far East.
Eubronet exists 25 years! A wonderful milestone, 25 years the Eubronet insurancebrokers are serving customers who do business and have risks beyond its own borders.
