STATISTICS: LATVIA 3Q2024: the branches of foreign EU insurers active in Latvia have driven the life insurance growth

15 January 2025 — Daniela GHETU
STATISTICS:  LATVIA 3Q2024: the branches of foreign EU insurers active in Latvia have driven the life insurance growth

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.
 

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