STATISTICS: LATVIA 1H2014: EU branches accounted for more than a quarter of the insurance market

18 September 2014 — Vlad BOLDIJAR
According to the figures published by the Financial and Capital Market Commission - FKTK, the Latvian insurance market totaled, at the end of June, EUR 257.5 million, 7.7% more y-o-y. At the same time, the value of paid claims and indemnities increased by 1.3% y-o-y to EUR 135.3 million.

During the reporting period, gross premiums written by local insurers increased almost 4.5% y-o-y to EUR 185.7 million (or 72.1% of total market), while the gross premiums written by the EU branches reached EUR 71.8 million (16.9% more) or 27.9% of the total premiums written.

The life insurance segment totaled EUR 46 million (17% more y-o-y), representing 17.9% of insurance market. Out of the total, local insurers accounted for EUR 18 million, while EU insurers dominated the segment with GWP of EUR 28 million. All in all, unit-linked products accelerated by almost 28% y-o-y, while the value of traditional life GWP increased by 14.6%.

The non-life insurance sector totaled EUR 211.5 million (5.9% more y-o-y), of which EUR 167.5 million was generated by insurers registered in Latvia. On classes, the non-life segment was dominated by the property line which accounted of about 17.5% of total market (EUR 45.2 million) and by motor policies (MTPL and motor hull, summed) - EUR 68.1 million or 26.5% of total.

Access and download the 1H2014 Latvian insurance market statistics.