STATISTICS: LATVIAN insurance sector reported profit of EUR 5 million in H1

According to data published by the Financial and Capital Market Commission - FKTK, Latvian insurers (local and EU branches in Latvia) reported aggregated GWP of EUR 283.6 million in 1H2016, which is 3.7% more compared with the same period last year.

During the reporting period, local insurers GWP increased by 2.6% y-o-y to EUR 205 million (or 72.3% of the total market), while in case of EU branches, the same indicator reached EUR 78.7 million (6.7% more) or 27.7% of the total.

Overall, the life insurance segment was down in absolute values by EUR 2 million to EUR 49 million due the decreases in GWP reported by the unit-linked products (almost 23% y-o-y to EUR 19.4 million) and traditional life policies (by 11.7%).

The non-life insurance field went up by 5.5% y-o-y, to EUR 234.6 million and was composed mainly of the following sub-segments: property (17.5% of total GWP), motor hull (16.8%) and transport ownership liability (14.5%) followed by health insurance (~12%) and Motor TPL (10%).

At the end of June 2015, the Latvian insurance sector reported profit of EUR 5 million which is 15.6% more y-o-y. Non-life insurance companies' profit was EUR 5.37 million (vs. EUR 4.44 million in 1H2015), while life insurers posted EUR -359 thousands in losses compared to a loss of EUR -106 thousands a year before.

Read more about the Latvian insurance market evolution in 1H2016 in the forthcoming issue of XPRIMM Insurance Report 1H2016, to be released on October, 23rd, on the occasion of the Baden-Baden XPRIMM Reception (Kurhaus Casino, Runder Saal).

Access www.xprimm.com and download the 1H2016 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

Bulgaria: Boiko ATANASSOV appointed as FSC's head

The Parliament of the Republic of Bulgaria appointed Boiko ATANASSOV as Chairperson of the Financial Supervision Commission (FSC) on March 15, with 134 votes in favour, none opposed or abstained.

21.03.2019

TOP EVENT

Climate and cyber: two Cs with catastrophic potential and the insurance business - under debate in Vienna, on April 9

10 years after its inception, the Romanian mandatory dwelling insurance system has progressed and PAID, the pool underwriting and managing the mandatory policies is a strong and financially sound institution. "We are currently managing a reinsurance program worth EUR 920 million, with a pool of excellent reinsurers, more than half of them rated AA+, while the company's solvency rate is of 220%," recently stated Nicoleta RADU, CEO, PAID.

21.03.2019

Conclusions: TBILISI - the first Georgian International Insurance Conference

The first Georgian International Insurance Conference took place on 14 March 2019. The event 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 was 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

See all