History | About Seesam| Seesam

Seesam International Insurance Company Ltd. is a non-life insurance company founded in 1991, which renders insurance services to private and business clients.

2006

After the merger of Pohjola Group Ltd., the founding member and long-term owner of Seesam, with OKO Bank on 31 December 2006, the Seesam International Insurance Company Ltd. is a subsidiary of OKO Bank. In 2006 Seesam achieved the goal of growing faster than the market. While the Estonian non-life insurance market grew 16% in 2006, Seesam grew 29% year on year. Seesam also expanded its sales organisation: a new regional branch was opened in Rakvere in the second half of the year.

2005

The financial year 2005 was a successful one for Seesam. The main goal – to grow at a pace that exceeds the growth of the non-life insurance market – was achieved. In 2005 Seesam collected EEK 118 million more in insurance premiums in comparison with the previous year, EEK 453 million in total. At the end of 2005 Pohjola, the owner of Seesam, became a subsidiary of OKO Bank, one of the largest financial enterprises in Finland, and thus a part of the OP Bank financial group.

2004

In April 2004 the Pohjola Group acquired the shareholding of the American International Group (AIG) in Seesam, thus becoming the sole owner of Seesam International Insurance Company Ltd. In 2004 Seesam entered a new growth phase – the insurance premiums collected exceeded the figures of the previous year by 19.1%, totalling EEK 335.3 million.

2003

The non-life insurance market rose 20% over the year. Seesam also worked effectively, collecting EEK 281.5 million in insurance premiums over the year. The insurance volume of private clients tripled in Seesam's portfolio. In 13 years of operation a strong organisation culture and a stable team have developed.

2002

Stable development of the insurance market continued. 2002 was a year of solid development for Seesam. Insurance premiums were collected in the amount of EEK 280.9 million, thus ensuring the company's position among the leaders of the non-life insurance market. At the end of the year the company's market share stood at 16.7%.

2001

In 2001 Seesam continued the rapid growth which had begun in the previous year. Internally the company paid special attention to developing the sales organisation. As of the end of the year the clients were serviced by 29 trained sales employees. A step forward was taken in using information technology applications. Seesam's website also got a new look.

2000

The year 2000 was a year of breakthrough, because Seesam took a place among the market leaders. Seesam's overall market share was 12% at the end of the year, increasing over 5 percentage points in a year. The market segment increased almost in all insurance classes. Operations were launched in the motor third party liability insurance market.

1999

There was a certain re-organisation of the insurance market: three non-life insurance companies went bankrupt. Seesam's economic performance was extremely good and the goals set for the year were achieved successfully. Development of a new insurance programme was launched, allowing for high quality client service and more detailed data processing.

1998

The objective was smooth operation of the company's renewed structure and improvement of the service quality, efficiency and stability of the organisation. Seesam had become a universal insurance company, which offered all insurance products besides motor third party liability insurance. In September a branch was opened in Jõhvi.

1997

The company transferred from a product-centred structure to a client-centred structure in the course of which 16 new jobs were created. Sales, technical and administrative management functions were separated.

1996

The only national insurance company in Estonia was privatised and a highly competitive insurance market based on private ownership emerged. As of the end of the year 16 non-life insurance companies operated in the Estonian insurance market. Seesam introduced a new product – family's accident insurance.

1995

Insurance of legal persons remained the company's key area of activity. Seesam was one of the leaders of the respective market segment. Seesam's accident and travel insurance products were renewed. The year 1995 was a year of expansion of the company: the team almost doubled and by the end of the year the company had 22 employees.

1994

This was the fourth year of operation and the first year of profit for the company. Seesam opened branches in Tartu and Pärnu. The company employed 14 people.

1993

The foundation meeting of life insurance company Seesam Elu took place on October 27. The entire stake of the company belonged to Seesam International Insurance Company Ltd.

1992

The number of insurance companies in Estonia doubled – 14 insurance companies, which provided life and non-life insurance services operated in the market. Seesam was the first to introduce travel insurance.

1991

The memorandum of association of Seesam International Insurance Company Ltd. was entered into in May 1991. 45% of the shares belonged to Estonian companies and banks, 35% to Pohjola Yhtiö, the largest Finnish insurance group, and 20% to US financial enterprise American International Group.