STATISTICS: LATVIA: Local insurers posted EUR 9.33 million in nine-month profit

9 January 2019 —
STATISTICS: LATVIA: Local insurers posted EUR 9.33 million in nine-month profit
Latvian insurance companies generated EUR 9.33 million in aggregate 3Q2018 profit, down by 28.5% y-o-y from EUR 13.05 million a year ago, the quarterly figures published by FKTK (Financial and Capital Market Commission) showed.

Non-life insurers closed the first nine months of 2018 with EUR 10.85 million in aggregate profit, vs. EUR 11.78 million from the first nine months of 2017, and life insurers posted a loss of EUR -1.52 million in contrast of a profit of EUR 1.22 million made a year ago.

The Latvian insurance market totaled EUR 567.75 million at the end of September 2018, with an 17.64% increase y-o-y. At the same time, insurance companies paid EUR 298.28 million in claims (13.79% more y-o-y). About 66% of the total GWP were written by local insurers (EUR 372.51 million), the rest were written by branches of EU insurers (EUR 195.24 million, or 34% of total GWP).

In terms of premiums, significant growth rates were observed in almost all major types of insurance - health (+15.03%), life (+9.85%), MTPL (+42.12%), and MoD (+21.12%), as the published statistics revealed.

At the end of September 2018, there were four non-life and two life insurance companies in Latvia, as well as seven branches of foreign non-life insurance companies and four branches of foreign life insurance companies.

Of all six life insurers, the market leader in terms of GWP was a branch of the foreign insurer, ERGO Life Insurance SE Latvijas filiale (GWP of EUR 28.7 million, 28.8% market share), while the market leader in non-life was the domestic insurer BTA Baltic Insurance Company - GWP of EUR 156.65 million / 34.48% market share.

Access and download the 3Q2018 Latvian insurance market statistics.