In terms of GWP, the Latvian insurance market totaled EUR 224.87 million at the end of March 2020, 8.10% more y-o-y. At the same time, the insurance companies paid EUR 140.35 million in claims (16.26% more y-o-y).
Per LoBs, life insurance segment expanded by 75.80% y-o-y to EUR 65 million, a growth rate influenced by the merger of the three Baltic SEB life insurance companies into SEB Life Latvia, while the general insurance segment reduced by 6.56% y-o-y due the decreases reported by property and motor subclasses.
Overall, 64% of total GWP were written by local insurers (~EUR 144 million), the rest being generated by branches of EU insurers (EUR 81 million).
It is worth mentioning that there were 4 non-life insurance companies and 2 life insurance companies operating in Latvia, as well as 12 branches of foreign insurers.
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