STATISTICS: Latvian insurers posted double-digit increase in nine months business

18 December 2023 — Andrei VICTOR
STATISTICS: Latvian insurers posted double-digit increase in nine months business

According to the Q3 2023 market data published by the Financial and Capital Market Commission (FKTK), in terms of premiums, the Latvian insurance market totaled EUR 836.4 million at the end of September 2023, about 13.4% more y-o-y. 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).

According to FKTK figures, about 64% of total GWP were written by local insurers (EUR 536 million, up by 16.4% y-o-y), the remaining rest being generated by other branches of EU insurers (EUR 300 million, up by 8.5% y-o-y). Overall, the insurance companies paid EUR 522 million in claims vs. EUR 468 million at the end of Q3 2022.

Of all six active life insurers (local and EU branches) the largest as GWP is SEB Life and Pension Baltic SE (EUR 68.8 million, market share of 41%). At the same time, BTA Baltic Insurance Company accounted for 32.9% of non-life market, followed by BALTA (19.3%) and BALCIA (14%).

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