STATISTICS: LATVIA, 1H2017: Life insurers' profit more than halved

The Latvian insurance market totaled EUR 327.4 million at the end of June 2017, 15.4% more y-o-y. At the same time, the insurance companies paid EUR 178.7 million in claims (3.9% more y-o-y).

According to the half-year market data publised by FKTK (the Financial and Capital Market Commission ) about 67.8% of the total GWP were written by the local insurers (EUR 222 million, or 8.3% more y-o-y), the rest being written by the branches of EU insurers (EUR 105.4 million, up by 32%).

During 1H2017, Latvian insurers generated EUR 9.23 million in aggregate profit, which is 45.4% more y-o-y, according to FKTK data. Non-life insurers closed H1 with EUR 8.74 million in net profit (vs. EUR 5.37 million a year ago), while life insurers' profit more than halved to EUR 489 thousand vs. EUR 981 thousand in H1 2016.

At the end of June, on the Latvian insurance market were active 5 non-life and 2 life insurers, as well as 11 branches of foreign insurers (of which 4 active in life insurance market). Of all 6 life insurers, in terms of GWP, the market leader was ERGO Life Insurance SE Latvijas filiale (GWP of EUR 18.3 million, 31.1% market share). By the same criterion, the market leader in non-life was BTA Baltic Insurance Company - GWP of EUR 82.2 million / 30.6% market share.

Access www.xprimm.com and download the 1H2017 Latvian insurance market statistics.

Market portfolio according to FKTK:
  • Gross written premiums
  • Paid claims
  • Growth rates
Market rankings (GWP/ Claims/Market shares):
  • Life insurance ranking
  • Non-life insurance ranking

Follow XPRIMM Publications on LinkedIn, for more data on the insurance and financial industry.

Share |

Related articles

LATVIA: 2018 MTPL results were positive for insurers

Data collected by the Latvian Motor Insurers' Bureau (LTAB) shows that the 9 MTPL insurers from Latvia earned EUR 3.61 million revenues from this business line. It is the first time in the past 10 years when Latvian MTPL insurers profited from this type of business line.

2019-02-21

SEB to merge its three Baltic life units

SEB - one of the largest life insurers in Baltic region announced is planning to merge its units in the Baltic States, "into one legal entity to further improve our operational efficiency and deliver improved customer services. The merger will not affect our services to the customers".

2018-11-08

ON THE MOVE

GENERALI Group results for year 2018

In 2018, GENERALI Group operating result reached EUR 4,857 million (+3.0%), with a net profit of EUR 2,309 mil. (+9.4%). The total gross written premiums (GWP) of the Group amounted EUR 66,691 mil. (+4.9%).

14.03.2019

MetLife announced leadership changes as part of CEO transition

MetLife announced a series of changes to its senior leadership ranks in connection with its CEO transition, all of which are effective May 1, 2019. In January 2019, the BoD announced that Michel KHALAF, President, U.S. Business and EMEA, will become MetLife's President, CEO and Member of the Board effective May 1, replacing Steven KANDARIAN, who is retiring.

14.03.2019

HANNOVER RE launches an insurtech innovation platform

Germany-based Hannover Re launched a platform designed to bring the insurance companies and insurtech innovators closer. Through the "hr | equarium" platform, Hannover Re wants to facilitate the connection between supply and the demand for insurtech solutions, taking advantage of its worldwide spread.

14.03.2019

TOP EVENT

Conclusions: TBILISI - the first Georgian International Insurance Conference

Today takes place in Tbilisi the first Georgian International Insurance Conference, an event that will put under scrutiny the current status and the future development perspectives of the local market, in an attempt of identifying the main growth opportunities. The forthcoming launch of the mandatory MTPL system is the most important topic on the agenda, as this new line of business has the potential to provide for a significant growth, but also to become a market disruptor.

14.03.2019

Motor insurance - becoming more financially efficient and consumer friendly

Under the strong pressure put by the technological evolution, the motor insurance business is rapidly changing, both in operational terms and, most visible, in the way insurers are interacting with their customers. Step by step, the insurers' relationship with customers evolves from simply indemnifying insureds for the losses suffered because of road incidents, to helping them prevent incidents and rapidly recover after the accidents that couldn't be avoided.

27.02.2019

See all