STATISTICS: Latvia insurers' Q1 business increased to almost EUR 300 million

5 July 2023 — Andrei VICTOR
STATISTICS: Latvia insurers' Q1 business increased to almost EUR 300 million

At the end of March 2023, Latvian insurers' aggregate GWP (local and EU branches, summed-up) totaled EUR 295.43 million, up by 16.92% y-o-y, while the amount paid in claims and indemnities increased by 1.74% y-o-y to EUR 177.61 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 36.28% - EUR 107.20 million, or 10.06% more y-o-y, the remaining EUR 188.23 million (+21.22% y-o-y) being generated by the local insurers.

Life GWP totaled EUR 60.22 million, down by 7.55% y-o-y, due to the decreases in premiums reported by both types of market players: EU branches -9.49% to EUR 34.52 million and local insurers: -4.79% to EUR 25.70 million.

On the non-life side, of EUR 235.30 million (+25.42% y-o-y), EU branches generated EUR 72.67 million (+22.75%), while local market players posted aggregate non-life GWP worth EUR 162.53 million, up by 26.69% y-o-y.

At the end of March 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 (37.54% market share) followed by the EU Branches of ERGO Life Insurance (22.16%) and COMPENSA Life VIG (20.35%), while BTA Baltic Insurance Company led the non-life ranking with 30.92% market share followed by BALTA (19.77%) and BALCIA (15.65%).

Access database and download the Q12023 Latvian insurance market statistics.