STATISTICS: Latvia: Insurers' FY 2020 business decreased by EUR 60 million

25 March 2021 —
STATISTICS: Latvia: Insurers' FY 2020 business decreased by EUR 60 million
During last year, Latvian insurers' aggregate GWP (local and EU branches, summed-up) totaled EUR 797.5 million, almost EUR 60 million less than in 2019, while the amount paid in claims and indemnities decreased by 8.8% y-o-y to EUR 501 million, according to the year-end figures published by The Financial and Capital Market Commission of Latvia (FKTK).

Of total GWP, branches of EU insurers generated more than one third (35.3%) - EUR 281.3 million, or 2.5% less y-o-y, the remaining EUR 516.2 million (-9.2% y-o-y) being generated by the local insurers.

Analyzing the aggregate GWP portfolio, the negative rate reported by the local market was strongly influenced by decreases recorded on the following business lines: MoD (-EUR 8.8 million), MTPL (-EUR 20 million), other transport liability insurance (-EUR 22 million) and Assistance policies (-EUR 9.5 million).

At the end of 2020, there were 4 non-life insurance companies and 2 life insurance companies operating in Latvia, as well as 10 branches of foreign insurers (vs. 12 a year before).

The largest life insurer in the country is SEB Life and Pension Baltic SE (GWP of EUR 102.8 million, 42.7% market share), while BTA Baltic Insurance Company led the non-life ranking with GWP worth EUR 208.5 million or 37.5% market share.

Access database and download the FY2020 Latvian insurance market statistics: GWP/claims portfolio and life/non-life rankings.