STATISTICS: LATVIA: Insurers profit down by almost 50% in 1H2015

According to the figures published by the Financial and Capital Market Commission - FKTK, Latvian insurers (local and EU branches in Latvia) posted aggregated gross written premiums of EUR 273.6 million in the first half of the year, which is 6.3% more compared with the same period last year. At the same time, the value of paid claims and indemnities increased by 9.7% y-o-y to EUR 148.4 million.

During the reporting period, gross premiums written by local insurers increased by 7.6% y-o-y to EUR 199.8 million (or 73% of the total market), while the gross premiums written by the EU branches reached EUR 73.7 million (2.7% more) or 26.9% of the total premiums written.

At the end of June 2015, the Latvian insurance sector reported profit of EUR 4.33 million which is 49.5% less than in January-June 2014 when insurers' profit amounted to EUR 8.58 million. Non-life insurance companies' profit was EUR 4.44 million (vs. EUR 6.20 million in 1H2014), while life insurers posted EUR -106 thousands in losses compared to a profit of EUR 2.37 million at the end of June 2014.

Access www.xprimm.com and download the 1H2015 Latvian insurance market statistics.

More about the Latvian insurance market evolution in 1H2015 will be available in the forthcoming issue of XPRIMM Insurance Report 1H2015, to be released on October, 18th, on the occasion of the Baden-Baden XPRIMM Reception (Kurhaus Casino, Runder Saal, 18:30 - 20:30 hours).

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

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