Q1 201 Latvian insurers' aggregate GWP (local and EU branches, summed-up) totaled EUR 215.29 million, almost EUR 10 million less than in Q1 2020, according to the quarterly figures published by The Financial and Capital Market Commission of Latvia (FKTK).

On the other hand, the amount paid in claims and indemnities decreased by 8.74% y-o-y to EUR 128 million.

Of total GWP, branches of EU insurers generated more than one third (37.57%) - EUR 80.88 million, or 0.1% less y-o-y, the remaining EUR 134.41 million (-6.61% y-o-y) being generated by the local insurers.

Per LoBs, life GWP totaled EUR 58.10 million (-10.73% y-o-y), while non-life GWP decreased by 1.63% to EUR 157.19 million) due to decreases recorded on MTPL (-22%) and other transport liability insurance (-11%).

At the end of March 2021, there were 4 non-life insurance companies and 2 life insurance companies operating in Latvia, as well as 11 branches of foreign insurers (vs. 12 a year before).

The largest life insurer in the country is SEB Life and Pension Baltic SE (38.39% market share), while BTA Baltic Insurance Company led the non-life ranking with 37.26% market share.

Access xprimm.com database and download the Q12021 Latvian insurance market statistics.