STATISTICS: Almost EUR 5 million in profit for Latvian insurers at the end-March

11 July 2019 — Andrei Victor
Latvian insurers generated EUR 4.8 million in first quarter net profit, EUR 2.2 more compared with Q12018, according to figures released by the Financial and Capital Market Commission (FKTK). About 64% of total GWP were written by local insurers (EUR 132.5 million, or 1% less y-o-y), the rest by EU insurers (EUR 75 million, up by 7.9% y-o-y).

Non-life insurers closed Q12019 with a net profit of EUR 3.6 million (vs. EUR 4.2 million a year ago), while the life insurers reported a positive result of of EUR 1.2 million vs. a net loss of EUR 1.5 million at the end of March 2018.

In terms of GWP, the Latvian insurance market totaled EUR 208 million at the end of March 2019, 2.2% more y-o-y. At the same time, the insurance companies paid EUR 121 million in claims (17.8% more y-o-y).

It is worth mentioning that there were 4 non-life insurance companies and 2 life insurance companies operating in Latvia, as well as 12 branches of foreign insurers.

Access and download the 1Q2019 Latvian insurance market statistics.

Latvia 1Q2019 Market portfolio:
  • Gross written premiums
  • Paid claims
  • Growth rates

Latvia 1Q2019 Life and non-life rankings:

  • Gross written premiums
  • Paid claims
  • Market shares
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