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.

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

MARSH the formation of MARSH-JLT Specialty and its leadership

The global insurance broker MARSH announced the formation of MARSH-JLT Specialty - the new specialty business that combines the specialty teams of MARSH and JARDINE LLOYD THOMPSON Group (JLT) and will be headed by Dominic BURKE, currently CEO of JLT Group.

21.11.2018

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