STATISTICS: LATVIA Q1 2022: insurers' business increased to over a quarter of billion euro

23 June 2022 — Andrei Victor
At the end of March 2022, Latvian insurers' aggregate GWP (local and EU branches, summed-up) totaled EUR 252.67 million, up by 17.37% y-o-y, while the amount paid in claims and indemnities increased by 36.29% y-o-y to EUR 174.57 million, according to the quarterly figures published by The Financial and Capital Market Commission of Latvia (FKTK).

Of this total, branches of EU insurers generated more than one third (38.57%) - EUR 97.39 million, or 20.42% more y-o-y, the remaining EUR 155.28 million (+15.53% y-o-y) being generated by the local insurers.

Pe business lines, life GWP totaled EUR 65.13 million (+12.11% y-o-y), while non-life GWP was up by 19.31% to EUR 187.54 million.

At the end of March 2022, there were 4 non-life insurance companies and 2 life insurance companies operating in Latvia, as well as 12 branches of foreign insurers.

The largest life insurer in the country is SEB Life and Pension Baltic SE (33.47% market share), while BTA Baltic Insurance Company led the non-life ranking with 33.53% market share.

Access xprimm.com database and download the Q12022 Latvian insurance market statistics.

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