Estonia's LHV Group plans to establish non-life insurance undertaking

Tallinn-based financial services company LHV Group has revealed its plans to establish a non-life insurance undertaking, called AS LHV Kindlustus, focusing on the Estonian market.

The group is seeking regulatory approval from the Financial Supervision Authority to commence operations of the insurance undertaking.

Its product offering will include motor own damage insurance, motor third party liability insurance, home insurance, and property insurance for small and medium-sized enterprises, and other types of insurance to a lesser extent. The main insurance products for the clients of Euronics will be additional warranty and purchase protection insurance.

The company will offer products aimed at retail customers, which make up the majority of the Estonian insurance market. Upon commencing insurance activities, LHV Kindlustus plans to begin offering several types of insurance coverage to LHV Pank and Euronics.

"The majority of the Estonian insurance market belongs to foreign insurance undertakings. As a local insurance undertaking, LHV Kindlustus plans to stand out for clients with its simplicity and speed, both in concluding insurance contracts and in processing claims, primarily through e-channels," the company said in a statement. "The aim of the insurance undertaking is to achieve the role of innovation and quality leader on the market, similarly to LHV’s other business fields."