STATISTICS: LATVIAN market up 10% in 2014 due the double-digit growth-rate reported by the EU branches

According to the figures published by the Financial and Capital Market Commission - FKTK, in 2014 the Latvian insurance sector totaled EUR 517.4 million, or 9.9% more y-o-y. During the reporting period, gross premiums written by local insurers went up by 6% to EUR 371 million (71.7% of total market), while the EU branches' business saw a double-digit growth rate (+21%) to EUR 146.3 million (28.3% of total GWP).

Overall, the aggregate market portfolio was formed at a rate of 20.6% by life insurance, the remaining of 79.4% being accounted by non-life classes.

On the life segment, unit-linked products grew by 45% y-o-y to EUR 33.7 million, while the value of traditional life GWP increased by 8.9% to EUR 45.92 million.

The non-life insurance sector was dominated by the property line which accounted for about 17% of total market (EUR 86 million), transport ownership liability policies and motor hull insurance segment - each holding 16.3% of total GWP or EUR 84.2 million, and MTPL (10.4% or EUR 53.7 million). Health insurance, GTPL or assistance policies generated each, 8.2%, 4.0% and 2.3% of the total insurance market.

Access www.xprimm.com and download the FY2014 Latvian insurance market statistics.

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

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