LATVIAN insurance market up 5.3% in 2013

27 March 2014 — Vlad BOLDIJAR
Financial and Capital Market Commission - FKTK reports that, in 2013, the Latvian insurance market grew by 5.3%, reaching EUR 471 million. The gross written premiums by local insurers decreased 1% y-o-y to EUR 350 million, while the gross premiums written by the EU branches totaled EUR 121 million or 30% more y-o-y.

The non-life segment accelerated by 3.6% y-o-y, while the value of life GWP increased by 13.5%. At the same time, as the FKTK's figures showed, the insurance companies paid EUR 262 million in claims.

The largest market segment were life insurance and transport ownership liability (each generated ~19% of total market) followed by motor hull (~17%), property (~14%), MTPL (~11%) and health insurance (~8%).

Access and download the FY2013 Latvian insurance market statistics.

Market portfolio (in EUR and LVL):
  • Gross written premiums
  • Paid claims
  • Growth rates
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