STATISTICS: LATVIA, 1Q2015: Local insurers maintained the market in "black" due to the 2% decrease in GWP reported by the EU-branches

According to FKTK - The Financial and Capital Market Commission, the Latvian insurance market totaled EUR 151.21 million at the end of March 2015, or 5.98% more y-o-y. At the same time, the value of paid claims and indemnities was up by 11.69%, reaching EUR 75.64 million. The GWP of branches of EU insurers decreased by 2.05% to EUR 38.84 million (or 25.68% from the total amount of premiums), while the Latvian-based local insurers accounted for the rest of 74.32% or EUR 112.38 million (up by 9.06% y-o-y).

Overall, the life insurance segment totaled EUR 25.95 million (6.33% more y-o-y), representing 17.16% of the total insurance market. Unit-linked products accelerated by almost 37% y-o-y, while the value of traditional life GWP was down by 1.71%.

In case of the non-life sub-classes, the largest share in total GWP was reported by the property line - which accounted of about 20.59% of the total market (EUR 31.13 million), motor policies (MTPL and motor hull, summed up) - EUR 35.53 million or 23.50% of total, health insurance - (EUR 20.55 million, or 13.59% of total GWP) and transport ownership liability insurance (EUR 20.62 million, 13.64%).

Access www.xprimm.com and download the 1Q2015 Latvian insurance market statistics.

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

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