Latvian insurers ended Q1 2024 with gross written premiums (GWP) worth EUR 329,15 million, 11.42% up y-o-y. Life insurance accounted for almost 19% of this total, while motor insurance is the business segment eith the largest participation to the market portfolio (32%).

Local insurers wrote 63% of the total GWP, the remaining 37% being provided by the branches of EU insurers operating on the Latvian market.

Paid claims reached EUR 183,22 million, up by 3.16% y-o-y. Paid claims for motor insurance, however, increased by 13,34% for Motor Hull and 19.56% for MTPL insurance.

BTA Baltic Insurance Company, part of the Vienna Insurance Group, is the leader of the non-life sector, with an almost 30% market share. On the life insurance side, SEB Life and Pension Baltic SE ranks first, controlling a share of about 37% of the total life insurance premiums.

Access xprimm.com database and download the 1Q2024 Latvian insurance market statistics.