STATISTICS: Latvia insurers' FY2023 business expanded to over EUR 1 billion

19 March 2024 — Andrei VICTOR
STATISTICS: Latvia insurers' FY2023 business expanded to over EUR 1 billion

At the end of December 2023, Latvian insurers' aggregate GWP (local and EU branches, summed-up) totaled EUR 1.11 billion, up by 12.02% y-o-y, while the amount paid in claims and indemnities increased by 10.64% y-o-y to EUR 710.93 million, according to the quarterly figures published by the Central Bank (Latvijas Banka).

Of this total, branches of EU insurers generated 36.11% - EUR 403.98 million, or 7.81% more y-o-y, the remaining EUR 714.75 million (+14.55% y-o-y) being generated by the local insurers.

Life GWP totaled EUR 236.11 million, down by 7.84% y-o-y, due to the decreases in premiums reported by both types of insurers: EU branches -7.59% to EUR 130.02 million and local insurers: -8.15% to EUR 106.10 million.

On the non-life side, of EUR 882.62 million (+18.88% y-o-y), EU branches generated EUR 273.96 million (+17.06%), while local market players posted aggregate non-life GWP worth EUR 608.66 million, up by 19.71% y-o-y.

At the end of 2023, 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 and 4 life specialized insurers).

The largest life insurer in the country is SEB Life and Pension Baltic SE (40.42% market share) followed by the EU Branches of COMPENSA Life VIG (22.60%) and ERGO Life Insurance (18.89%), while BTA Baltic Insurance Company led the non-life ranking with 33.49% market share followed by BALTA (19.22%) and BALCIA (13.59%).

Access database and download the FY2023 Latvian insurance market statistics.