STATISTICS: LATVIA, FY2015: Life insurance growth outpaced the market GWP increase rate

Latvian insurers ended 2015 with an overall GWP volume reaching EUR 531.12 million, 2.65% up y-o-y. Paid claims also increased to EUR 310.61 million, 9.85% more y-o-y recording a higher than average growth rate, the life insurance segment increased its share in the market portfolio by 1 pp, to 21.6%.

On the life insurance side, the Unit-Linked insurance products saw the best dynamic, with GWP increasing by 28%, to EUR 43.2 million. However, also indemnities on the segment went up by a significant percentage, of almost 34%, showing a certain portfolio volatility.

On the non-life segment, both motor insurance lines recorded a positive evolution, GWP increasing, in average, by 6.34%, to EUR 146.6 million, while the property insurance lines recorded mixed results, with "fire insurance" GWP going up by 11% and premiums for the class of "damages to property" insurance decreasing by about 25%.

One should also notice that GWP by branches of EU insurers in Latvia recorded an above average growth rate, especially on the life insurance segment. Currently, underwriting of the EU insurers' branches account for almost 29% of the total GWP.

In profitability terms, the Latvian non-life insurance companies earned EUR 104,000 in aggregate profit in 2015 while life insurers saw an aggregate loss of EUR 915,000 which was largely "due to fluctuations of stock prices," according to the Latvian Financial and Capital Market Commission.

Access www.xprimm.com and download the FY2015 Latvian insurance market statistics.

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

Share |

Related articles

LATVIA: 2018 MTPL results were positive for insurers

Data collected by the Latvian Motor Insurers' Bureau (LTAB) shows that the 9 MTPL insurers from Latvia earned EUR 3.61 million revenues from this business line. It is the first time in the past 10 years when Latvian MTPL insurers profited from this type of business line.

2019-02-21

SEB to merge its three Baltic life units

SEB - one of the largest life insurers in Baltic region announced is planning to merge its units in the Baltic States, "into one legal entity to further improve our operational efficiency and deliver improved customer services. The merger will not affect our services to the customers".

2018-11-08

ON THE MOVE

GENERALI Group results for year 2018

In 2018, GENERALI Group operating result reached EUR 4,857 million (+3.0%), with a net profit of EUR 2,309 mil. (+9.4%). The total gross written premiums (GWP) of the Group amounted EUR 66,691 mil. (+4.9%).

14.03.2019

MetLife announced leadership changes as part of CEO transition

MetLife announced a series of changes to its senior leadership ranks in connection with its CEO transition, all of which are effective May 1, 2019. In January 2019, the BoD announced that Michel KHALAF, President, U.S. Business and EMEA, will become MetLife's President, CEO and Member of the Board effective May 1, replacing Steven KANDARIAN, who is retiring.

14.03.2019

HANNOVER RE launches an insurtech innovation platform

Germany-based Hannover Re launched a platform designed to bring the insurance companies and insurtech innovators closer. Through the "hr | equarium" platform, Hannover Re wants to facilitate the connection between supply and the demand for insurtech solutions, taking advantage of its worldwide spread.

14.03.2019

TOP EVENT

Conclusions: TBILISI - the first Georgian International Insurance Conference

Today takes place in Tbilisi the first Georgian International Insurance Conference, an event that will put under scrutiny the current status and the future development perspectives of the local market, in an attempt of identifying the main growth opportunities. The forthcoming launch of the mandatory MTPL system is the most important topic on the agenda, as this new line of business has the potential to provide for a significant growth, but also to become a market disruptor.

14.03.2019

Motor insurance - becoming more financially efficient and consumer friendly

Under the strong pressure put by the technological evolution, the motor insurance business is rapidly changing, both in operational terms and, most visible, in the way insurers are interacting with their customers. Step by step, the insurers' relationship with customers evolves from simply indemnifying insureds for the losses suffered because of road incidents, to helping them prevent incidents and rapidly recover after the accidents that couldn't be avoided.

27.02.2019

See all