STATISTICS: LATVIA, FKTK: EU branches reported higher growth rates in GWP than local insurers

8 December 2016 — Vlad BOLDIJAR
The Latvian insurance market totaled EUR 419 million at the end of September 2016, 5.8% more y-o-y, according to data published by the Financial and Capital Market Commission - FKTK. At the same time, as FKTK's figures showed, the insurance companies paid EUR 258 million in claims (14.4% more y-o-y).

Overall, the non-life sector accelerated by 6.2% y-o-y to EUR 340 million, while the value of life GWP increased by 4.2% to EUR 79 million (or 19% of total GWP).

About 72.2% of the total gross premiums were written by the local insurers (EUR 302.5 million, or 5.4% more y-o-y), the rest being written by the branches of EU insurers (EUR 116.4 million, up by 6.8% y-o-y).

Access and download the 3Q2016 Latvian insurance market statistics.