STATISTICS:

STATISTICS: LATVIA: Local insurers posted EUR 9.33 million in nine-month profit

Latvian insurance companies generated EUR 9.33 million in aggregate 3Q2018 profit, down by 28.5% y-o-y from EUR 13.05 million a year ago, the quarterly figures published by FKTK (Financial and Capital Market Commission) showed.

Non-life insurers closed the first nine months of 2018 with EUR 10.85 million in aggregate profit, vs. EUR 11.78 million from the first nine months of 2017, and life insurers posted a loss of EUR -1.52 million in contrast of a profit of EUR 1.22 million made a year ago.

The Latvian insurance market totaled EUR 567.75 million at the end of September 2018, with an 17.64% increase y-o-y. At the same time, insurance companies paid EUR 298.28 million in claims (13.79% more y-o-y). About 66% of the total GWP were written by local insurers (EUR 372.51 million), the rest were written by branches of EU insurers (EUR 195.24 million, or 34% of total GWP).

In terms of premiums, significant growth rates were observed in almost all major types of insurance - health (+15.03%), life (+9.85%), MTPL (+42.12%), and MoD (+21.12%), as the published statistics revealed.

At the end of September 2018, there were four non-life and two life insurance companies in Latvia, as well as seven branches of foreign non-life insurance companies and four branches of foreign life insurance companies.

Of all six life insurers, the market leader in terms of GWP was a branch of the foreign insurer, ERGO Life Insurance SE Latvijas filiale (GWP of EUR 28.7 million, 28.8% market share), while the market leader in non-life was the domestic insurer BTA Baltic Insurance Company - GWP of EUR 156.65 million / 34.48% market share.

Access www.xprimm.com and download the 3Q2018 Latvian insurance market statistics.





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

Share |

Related articles

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

STATISTICS: Latvian insurers' profits decreased by 88% during 3Q2017

The Latvian insurance market totaled EUR 482.63 million at the end of September 2017, or 15.21% more y-o-y, according to data released by the Financial and Capital Market Commission (FKTK). At the same time, the insurance companies paid EUR 262.12 million in claims (1.77% more y-o-y).

2018-01-18

ON THE MOVE

Lloyd's of London announced new members to the Council

Lloyd's of London announced that Albert BENCHIMOL and Victoria CARTER have been appointed respectively External member and Working member of the Lloyd's Council with effect from 1 February 2019. Michael WATSON, currently on the council, has been re-elected as External member.

15.01.2019

TOP EVENT

Reducing the risks in agriculture by using insurance means, discussed in Skopje

On November 1st, an Agricultural insurance conference took place in Skopje, Macedonia, organized by the Insurance Supervision Agency in cooperation with the Ministry of Agriculture, Forestry and Water Economy. Drawing attention to the necessity of reducing the risks in agriculture by using insurance was the event's main purpose.

06.11.2018

IIF 2018 - Insurance in a DIGITAL WORLD

Emmanuel DJENGUE, Innovation Director, Europe - RGAX, Spain is the Keynote Speaker at IIF 2018 - Insurance in a DIGITAL WORLD Conference in Bucharest, on November 27.

05.11.2018

See all