According to the Q3 2024 market data published by the Financial and Capital Market Commission (FKTK), the Latvian insurance market totaled GWP worth EUR 918.26 million, about 9.8% more y-o-y.
According to FKTK figures, almost 64% of total GWP were written by local insurers (EUR 584.7 million, up by 9% y-o-y), the remaining rest being generated by other branches of EU insurers (EUR 333.6 million, up by 11% y-o-y). Overall, the insurance companies paid EUR 548.34 million in claims vs. EUR 522 million at the end of Q3 2023.
Life GWP totaled EUR 180.4 million, up by 7.5% y-o-y, driven by the increase in premiums reported by the EU branches 13% to EUR 104 million, while and local insurers’ business remained rather stabile, at EUR 76.5 million.
On the non-life side, of EUR 737.8 million (+10.4% y-o-y), EU branches generated EUR 229.7 million (+10.2%), while local market players posted aggregate non-life GWP worth EUR 508.2 million, up by 10.4% y-o-y.
Access xprimm.com database and download the Latvian insurance market statistics.
STATISTICS: LATVIA 3Q2024: the branches of foreign EU insurers active in Latvia have driven the life insurance growth
15 January 2025 — Daniela GHETU

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