STATISTICS: LATVIA, 3Q2019: Insurers' profits doubled to ~EUR 18 million

16 January 2020 — Andrei Victor
The Latvian insurance market totaled EUR 588.70 million at the end of September 2019, or 3.69% more y-o-y, according to data published by the Financial and Capital Market Commission (FKTK). At the same time, the insurance companies paid EUR 384.20 million in claims (28.81% more y-o-y).

There were 4 non-life insurance companies and 2 life insurance companies operating in Latvia, as well as 12 branches of foreign insurers. Thus, about 64% of the total GWP were written by the local insurers (~EUR 377 million), the rest of 36% being written by the branches of EU insurers (~EUR 211 million).

During the analysed period, Latvian insurers generated EUR 17.96 million in aggregate profit, which is 92.54% more compared with September 2018, when the same indicator totaled EUR 9.33 million. Non-life insurers closed the period with EUR 16.64 million (vs. EUR 10.85 million a year before), while life insurers' profit was to EUR 1.31 million vs. a loss of EUR -1.49 million in 3Q2018.

Access and download the 3Q2019 Latvian insurance market statistics.
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