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 and download the FY2015 Latvian insurance market statistics.

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