The Latvian insurance market totaled EUR 396 million at the end of September 2015, increasing by 4.6% compared with the same period last year, according to figures published by the Financial and Capital Market Commission - FKTK. At the same time, as FKTK's figures showed, the insurance companies paid EUR 225.2 million in claims (9.5% more y-o-y).

About 72.5% of the total gross premiums were written by the local insurers (EUR 287 million, or 5.8% more y-o-y), the rest being written by the branches of EU insurers (EUR 109 million, up by 1.6% y-o-y).

Overall, the non-life sector accelerated by 4.0% y-o-y to EUR 320.2 million, while the value of life GWP increased by 7.5% to EUR 75.7 million (or 19.1% of total GWP). In terms of GWP, the largest non-life sub classes were Motor Hull (16.9% of total GWP) and property policies (16.6%) followed by transport ownership liability (approximately 14.7%), MTPL (10.5%) and health insurance (10.3%).

Access www.xprimm.com and download the 3Q2015 Latvian insurance market statistics.