STATISTICS: Latvian market expanded during Q3 by 3.7% y-o-y due to positive rates posted by EU branches

13 January 2022 — Andrei Victor
The Latvian insurance market totaled EUR 618.8 million at the end of September 2021, about 3.7% more y-o-y, according to data published by the Financial and Capital Market Commission (FKTK).

According to FKTK figures, about 62% (vs. 66% a year before) of total GWP were written by local insurers (EUR 384.4 million, down by 1.7% y-o-y), the rest by EU insurers (EUR 234.4 million, up by 14.1% y-o-y).

Overall, the insurance companies paid EUR 396 million in claims vs. EUR 364 million at the end of Q3 2020.

It is worth mentioning that there were 4 non-life insurance companies and 2 life insurance companies operating in Latvia, as well as 11 branches of foreign insurers (7 non-life & 4 life).

Of all six active life insurers (local and EU branches) the largest as GWP is SEB Life and Pension Baltic SE (EUR 68.4 million, market share of 39%). At the same time, BTA Baltic Insurance Company accounted for 36.7% of non-life market, followed by BALTA (19.6%) and BALCIA (9%).

Access XPRIMM Database and download the Q3 2021 Latvian insurance market statistics.

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