Only 7% of people consider themselves adequately insured against various risks. According to a recent survey by Seesam Insurance, most people consider low insurance coverage to be a problem but do not plan to take action in the hope that accidents will only happen to others.

“Married or cohabiting people, as well as men, feel sufficiently insured, while unmarried and divorced people and women feel less insured,” says Tiia Prööm, Marketing Manager at Seesam. “Property insurance is the most popular insurance type, with 71% of respondents having it. One third of respondents had life insurance and only a quarter had accident insurance”.

According to the insurer, the home is the most valuable asset a person owns, which is why people are more aware of the consequences of home-related accidents and the extent of the financial loss. Furthermore, home insurance is often a requirement for taking out a bank loan.

“Fires and major storm damage are definitely the most expensive home-related accidents, while leaking pipes and washing machine connections as well as broken appliances are the most common,” says the insurer.

According to Seesam’s representative, people are less likely to insure themselves and their family members against various types of accidents because they often think that if they don’t engage in extreme sports and dangerous work, they are safe. In reality, accidents are more likely to happen in the course of everyday activities.

In spring and summer, dislocations, lacerations, fractures and concussions from casual sports and gardening can lead to long-term absence from work. In winter, the same injuries are caused by slipping on ice. Accidents happen to children all year round, both while engaging in leisure activities and simply running and having fun. However, a child recovering at home generally means that a parent also has to take time off work, which in turn affects the family’s income.

“Experience shows that people usually remember to take out insurance only when something bad happens to themselves or someone close to them,” adds Prööm.

The survey also shows that 47% of respondents would insure themselves when taking on financial liabilities, such as a loan or lease, 30% would insure themselves after a personal negative experience relating to property or health, and 23% would insure themselves after the bad experience of a loved one. Women are almost twice as likely as men to think about insurance after their own or a loved one’s negative experience.

If few people think about insurance, how do people in Estonia protect themselves against accidents and the unexpected costs associated with them?

“58% of those surveyed simply try to be careful on a daily basis and hope that no serious accidents happen to them. Women, young people aged 18-29 and middle-aged people aged 50-65 are the most likely to rely on good luck. 47% of respondents expect to be protected from accidents by personal protective equipment such as helmets, reflectors and protective clothing. Nearly a tenth hope for the best by trying to avoid dangerous daily activities,” says Prööm.