EPSI Rating – Nordic and Baltic Insurance trends
The Insurance sector has been measured in the majority of Nordic countries since year 1999 in annual studies. The coverage has successively been increased and in 2007 General Insurance with both final Consumers and Corporate Customers are covered in the majority of the Nordic markets. In 2008 the assessment has also been added with the Baltic countries (for final consumer general insurance). Below a few key trends and benchmark results are given for the recent year studies(Iceland to be added later on).
General Insurance Private Consumer segmentIn the diagram below, the private consumers in the respective country give the scores of their General Insurance company. The average for the entire region (calculated as the GDP-weighted average of the respective country result) has increased significantly during the period 2004 - 2009. The financial turmoil experienced in all the studied countries during the last year has not had any negative effects on satisfaction to insurance company. Satisfaction is in this sector to a large extent driven by trust and it is clear from the results that the citizens have equally high trust in their insurance company now as before the crisis.
Lithuania, Denmark and Finland are now on top and Norway lowest in customer satisfaction according to their customers. The improvements in Finland, Norway and Sweden are all statistically significant, as well as the one recorded for Latvia. The decrease in satisfaction for Estonia is also significant.
General Insurance corporate customer marketThe coverage of also corporate Markets for General Insurance has successively been increased. The results for the last five years are illustrated in the diagram and table below.
Satisfaction went down in most Nordic countries last year. Now, the trend in satisfaction has gone up again slightly for the region. The decrease in Denmark since last year is statistically significant, as well as are the improvements in Norway and Sweden. Among Nordic Insurance groups measured in three or more countries TrygVesta is scored highest by their customers also in 2009. If has had the best improvements on average and is now approaching the top contenders in a number of markets, according to their respective customers. In addition to measurements of satisfaction also loyalty and its drivers are analysed in the EPSI studies. For more details, see the national press releases. You are also welcome to contact the staff at EPSI rating and its respective entities. For contact links see the web-portal: www.epsi-rating.com.
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