On insurance classes, health insurance segment has shown steady growth throughout the pandemic, while MTPL insurance reported a moderate increase. The decrease in MTPL can be explained by the fall in tariffs, while the double digit increase in property can be explained by the great potential offered by the local market, local experts estimating that ah the moment o only a quarter of all properties are insured.
"Latvia's economy is recovering from the crisis caused by the first waves of the pandemic faster than initially forecasted, and future forecasts are also positive. Insurance is a sector in which economic fluctuations are reflected with a time lag, therefore the return to growth in the third quarter of this year is a very gratifying indicator", said LAA President Janis ABASINS.
ABANSINS mentioned that the COVID 19 pandemic has changed not only the insurance market dimensions, but also its content: the demand and supply of insurance products: "For example, health insurance has strengthened its position in the market and in people's minds".
LAA figures indicates that at the end of September 2021 the local insurance industry totaled EUR 420.3 million, of which, the largest GWP shares were accounted by:
- Life insurance - 96.2 million euros (22.9% of the market, + 1.8%)
- Health insurance - 89.3 million euros (21.2% of the market, + 8.4%)
- MoD - 67.7 million EUR (16.1% of the market, + 5.1%)
- Property insurance - 62.8 million euros (14.9% of the market, + 12.2%)
- MTPL - 59.6 million euros (14.2 % of the market, -13.6%)
- Health insurance - 58 million euros (22.8% of the market, + 15.4%)
- Life insurance - 55 million euros (21.6% of the market, -13.9%)
- CASCO - 47.6 million euros (18, 7% of the market, + 7.1%)
- Property insurance - 43.5 million euros (17.1% of the market, + 21.2%)
- Land transport CTA - 38.8 million euros (15.2% of the market, -7.2%)