News article, 23 November 2009
In October If indemnified damages for 43 million EEK
In October If compensated 2101 loss events by paying to its clients indemnities in the sum of 43 million EEK. With the ten months of this year If has indemnified 21 254 claims in total for 467 million EEK. Within a year the paid indemnities as well as the number of losses of the first ten months have decreased by 13%.
The major payments of October were related to vehicles. If indemnified kasko damages for 15 million EEK and motor third party liability damages for 14 million EEK. The highest or 24% increase was shown by the payments of the indemnities for the property damages. In October If indemnified property damages for 14 million EEK.
In October If was notified of in total 2041 loss events that is 18% less than compared to the previous year. Among all the registered losses 74% are vehicle losses and their total number has decreased by 20% within one year. The number of property damages notified to If has increased 2% as compared to the previous year.
“The trend of losses is greatly determined by seasonality. As the weather conditions have a significant impact on vehicle losses, the number of water damages increases drastically in the apartment houses at the beginning of the heating period. This is also the case this year,” said head of the property damages department of If Argo Karo.
In October If Insurance received in total 290 notices of property damages, among which nearly half were water damages. As compared to October of the previous year the number of water damages increased by 23%.
In October a significant or 70% increase was seen in the number of theft and vandalism losses as compared to the previous months of the same year. While from January to September If has received notices of in an average 40 theft and vandalism damages per month, then in October the registered number was 68.
“Increase in the number of theft and vandalism damages can be related to the arrival of the darter period of the year. Windows are broken, apartments and auxiliary buildings of houses are broken into. I recommend using lighting fixtures with movement sensors for darker areas and corridors, taking care of making your home more thief-proof and ensuring your home as well as property at home,” added Argo Karo.
October was special also due to the significant increase in the use of the Internet services. As compared to October of last year the number of losses notified to If by Internet increased by 90%. This means that 25% of all If’s loss adjustment clients preferred the modern and convenient web solution at www.if.ee for communicating with the insurance company.
“More and more people feel that Internet is the most natural and easiest way for communication, including with insurance companies. Speed is the biggest advantage of this option because a notice of loss sent by web is taken into processing immediately,” said Taavi Kiibus, head of the vehicle damages department of If.
By notifying a loss through Internet, the client avoids several time-consuming activities: visiting the loss adjustment office, waiting in line, manual completion of the application.
In October If Insurance collected 84 million EEK of insurance premiums, which is 19 % less than during the same time of last year. The highest number of insurance premiums in October was collected for motor third party liability insurance and kasko insurance, 23 and 22 million EEK, respectively.
If is the leading Nordic non-life insurance company, which has more than 3.6 million clients in Scandinavia and the Baltic states. If is the leading non-life insurance company of the Baltic states operating under one trademark, offering diverse insurance solutions for private as well as corporate clients. If belongs to the leading Nordic non-life insurance group If P&C Insurance Holding Ltd, which is owned by Sampo Plc.