STATISTICS: LATVIA, 1Q2016: Local insurers are losing market share to EU branches

According to FKTK - The Financial and Capital Market Commission, the Latvian insurance market totaled EUR 157.3 million at the end of March 2016, or 4% more y-o-y. The EU-branches' GWP increased by 11.2% to EUR 43.2 million (or 27.4% from the total amount of premiums), while the Latvian-based insurers accounted for the rest of 72.6% or EUR 114.1 million (up by 1.6% y-o-y).

Overall, the life insurance segment totaled EUR 26.1 million (0.7% more y-o-y), representing 16.6% of the total insurance market, wile in case of the non-life sub-classes, the largest share in total GWP was reported by the property line - which accounted of about 20.4% of the total market, motor policies (MTPL and motor hull, summed up) - 23.8% of total, health insurance - (14.9%) and transport ownership liability insurance (12.5%).

At the same time, the aggregate value of paid claims and indemnities was up by 12.8%, reaching EUR 85. 4 million.

Access www.xprimm.com and download the 1Q2016 Latvian insurance market statistics.

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

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