Baltic insurance market is much more dynamic compared to other European countries - Ergo

RIGA - Compared to other European countries, the Baltic insurance market is much more dynamic, Ursula Clara Deschka, CEO of Ergo Baltics, told LETA. 

"The market here is much more dynamic than in other European countries despite the market's small size. Also, the market is not yet saturated. That's why I see a big potential here, and we are going to see a much stronger growth," Deschka said. 

She noted that the Baltic insurance market is very international, with insurers from Germany, Austria, Poland, Sweden and Norway operating there. 

"This means that they also come with ideas and products from their home countries, which makes the market more dynamic," the Ergo Baltics CEO added.

Deschka noted that every now and then a new player enters the Baltic insurance market, for example Allianz has acquired a company in Lithuania.

Asked about the most profitable types of insurance at the moment, Deschka said that the situation could change in a few months, given the very dynamic environment in the Baltics. Also, the market is so small that only a few large indemnity claims can change the situation.

"Therefore, it is very difficult to answer the question which is the most profitable type of insurance. The market is dynamic, prices are dynamic and the situation may be different tomorrow," she said.