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.