Life market waits for boost from Pillar II pension funds

The Estonian life market is small in world terms, but the situation will change substantially when pension savings accumulated in the new Pillar II funds are released to buy pension annuities from life companies

In early 2006 there were five life insurers. None of the life insurance companies are listed on the Tallinn Stock Exchange and all are in private ownership. Bancassurers (Hansapanga Elukindlustus, SEB Uhispanga Elukindlustus and Sampo Elukindlustus) dominate the market, and two companies are related to non-life insurers (Seesam Elukindlustus, ERGO Elukindlustus). All these companies are ultimately foreign-owned by Swedish, Finnish or German interests. Mutual companies are not allowed (although branches of foreign mutual companies are).