STATISTICS: LATVIA, 1Q2020: Life insurers ended Q1 on loss even tough the GWP volume expanded by more than 75%

9 July 2020 — Andrei Victor
Latvian insurers reported EUR -3.52 million net loss at the end of March vs. EUR 4.87 million net profit in Q12019, according to figures released by the Financial and Capital Market Commission (FKTK). Non-life insurers closed Q12020 with a net profit of EUR 7.85 million (vs. EUR 3.64 million a year ago), while the life insurers reported a negative result of EUR -11.37 million vs. a net profit of EUR 1.22 million at the end of March 2019.

In terms of GWP, the Latvian insurance market totaled EUR 224.87 million at the end of March 2020, 8.10% more y-o-y. At the same time, the insurance companies paid EUR 140.35 million in claims (16.26% more y-o-y).

Per LoBs, life insurance segment expanded by 75.80% y-o-y to EUR 65 million, a growth rate influenced by the merger of the three Baltic SEB life insurance companies into SEB Life Latvia, while the general insurance segment reduced by 6.56% y-o-y due the decreases reported by property and motor subclasses.

Overall, 64% of total GWP were written by local insurers (~EUR 144 million), the rest being generated by branches of EU insurers (EUR 81 million).

It is worth mentioning that there were 4 non-life insurance companies and 2 life insurance companies operating in Latvia, as well as 12 branches of foreign insurers.

Access and download the latest Latvian insurance market statistics.

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