Non-life insurers closed Q1 with EUR 370 thousand (vs. EUR 2.37 million a year ago), while life insurers' profit more than doubled to EUR 762 thousand vs. EUR 350 thousand in Q1 2016.
In terms of GWP, the Latvian insurance market totaled EUR 170.28 million at the end of March 2017, 8.23% more y-o-y. At the same time, the insurance companies paid EUR 94.68 million in claims (10.92% more y-o-y).
It is worth mentioning that there were 5 non-life insurance companies and 2 life insurance companies operating in Latvia, as well as 12 branches of foreign insurers (of which 4 active in life insurance market).
Thus, about 66.7% of the total GWP were written by the local insurers (EUR 113.58 million, or 0.5% less y-o-y), the rest being written by the branches of EU insurers (EUR 56.70 million, up by 31.32% y-o-y).
Of all 6 life insurers, in terms of GWP, the market leader was ERGO Life Insurance SE Latvijas filiale (GWP of EUR 12.2 million, 38.85% market share). By the same criterion, the market leader in non-life was BTA Baltic Insurance Company - GWP of EUR 38.05 million / 27.39% market share.
Access www.xprimm.com and download the 1Q2017 Latvian insurance market statistics.
Market portfolio according to FKTK:
- Gross written premiums
- Paid claims
- Growth rates
- Life insurance ranking
- Non-life insurance ranking