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.
- 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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