STATISTICS: LATVIA, 1H2019: Half-year insurers' profit more than doubled to EUR 15.37 million

3 October 2019 — Andrei Victor
Latvian insurance companies generated EUR 15.37 million in aggregate H1 net profit, more than double than a year ago (EUR 7.22 million), the end-June figures published by FKTK (Financial and Capital Market Commission) showed.

Non-life insurers closed the first six months with EUR 13.45 million in aggregate profit, vs. EUR 8.57 million, while life insurers market the return in the positive area posting a net profit of EUR 1.92 million in contrast of a loss of EUR 1.34 million made a year ago.

Analyzing the GWP/claims indicators, the Latvian insurance market posted 2% in its insurance premiums to EUR 393.32 million, while claims expanded by 34% in H1 to EUR 267.38 million. About 64% of the total GWP were written by local insurers (EUR 251.39 million), the rest were written by branches of EU insurers (EUR 141.93 million, or 36% of total GWP).

In case of non-life segment, except Motor TPL and Transport ownership liability ins., in terms of premiums, significant growth rates were observed in almost all major types of insurance - assistance (+17.78%), Suretyship (+9%), MoD (+8.63%), Health (+8.37) and property (+4%), as the published statistics revealed. Regarding the life insurance segment, this LoB was maintained in positive area by the growth rate generated by the UL products (+8.35%), traditional policies decreasing by almost 13% y-o-y to EUR 11.56 million.

Of all six life insurers, the market leader in terms of GWP was a branch of the foreign insurer, ERGO Life Insurance SE Latvijas filiale (GWP of EUR 19.12 million, 27.11% market share), while the market leader in non-life remained the domestic insurer BTA Baltic Insurance Company - GWP of EUR 112.29 million / 34.79% market share.

At the end of June 2019, there were four non-life insurance companies and two life insurance companies operating in Latvia, as well as eight branches of foreign non-life insurance companies and four branches of foreign life insurance companies. Of total 12 branches, six are registered in Estonia, three in Lithuania, two in Sweden and one in Finland.

Access and download the 1H2019 Latvian insurance market statistics.

  • Latvia 1H2019 Market portfolio:
    • Gross written premiums
    • Paid claims
    • Growth rates
  • Latvia 1H2019 Life and non-life rankings:
    • Gross written premiums
    • Paid claims
    • Market shares

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