The Latvian insurance market witnessed a 3.9% growth in premiums in January-September 2012, due to the continued appreciation of business related to the non-life segment, according to The Financial and Capital Market Commission (FKTK). The total GWP of the Latvian insurance market in 3Q2012 was about EUR 261 million compared with EUR 251 million a year earlier.

The market growth was generated by the non-life insurance segment (+6.4%), due to the development of motor (+5.3%), property (+5.4%) and health (+17%) lines.

Along the same lines, the three mentioned business segments were the most dominant products of the entire insurance market: In 3Q2012, the GWP related to motor insurance products accounted for 52.6% of the total market (of which 18% for motor hull policies). The second largest line of business is property insurance, which accounted for 15% of premiums, followed by health insurance (9.4%).

Regarding life insurance, this segment experienced an 18.5% decrease. At the end of September 2012, unit linked products declined by 55%, as a result of the ongoing crisis and lower income levels.

Access www.xprimm.com and download the 3Q2012 Latvian insurance market statistics.

Market portfolio (in EUR and LVL):

• Gross written premiums
• Paid claims
• Growth rates