LATVIA: BALTA's market share in the non-life segment in 2023 was 26.7%

7 May 2024 — Marina MAGNAVAL
Insurance company BALTA (PZU group) exceeded EUR 169.6 million in GWP in 2023, which means 17.3% growth. Its total paid claims also increased, slightly exceeding the threshold of EUR 87 million, while the company's profit last year reached EUR 20.4 million, the Latvian Insurers Association (LAA) said.

In 2023 BALTA managed to reach unprecedented heights, according to Iain Kennedy, Chairman of the Board of BALTA. Both GWP and paid claims reached unprecedented heights during the company's 31-years of existence, and the company is an undisputed leader in the non-life insurance market in Latvia, he added.

In the insurance market in Latvia, BALTA is a stable leader - according to the data of the Bank of Latvia, BALTA's market share in the non-life segment in 2023 was 26.7%.

"In 2023 at the end of the year, the number of clients served by BALTA increased by more than 6%, exceeding 381,000 clients. (…) Looking back, we can see that in 2008-2010 there was a decline in the insurance market, but today, after a period of rapid inflation, society does not refuse to purchase insurance, but uses it to gain a sense of security", says Iain Kennedy.

In 2023, total paid claims of BALTA increased by 19.6%, exceeding EUR 87 million, with the largest amounts paid in motor insurance, where MoD and MTPL compensation costs reached almost EUR 38.7 million. One of the biggest increases (+35%) was observed in property insurance against fire and natural disasters (~EUR 17.3 million). A 36% increase in paid claims was also observed in health insurance (over EUR 26.3 million), driven by inflation in the medical sector.

In 2023, BALTA received a platinum award for the fifth time in the "Sustainability Index" of Latvian companies. The company has 600 employees who work in BALTA's 42 branches throughout Latvia.