in eastern Europe, bordering the Baltic Sea, between Estonia and LithuaniaClimate:
maritime climate with wet, moderate wintersNatural hazards:
Currency: Lats (LVL)
1 EUR = 0.702804 Lats - LVL (fixed)Sources:The Financial and Capital Market Commission of Latvia (FKTK)Latvian Insurers Association (LAA)National Bank of Latvia
|1H2017||Insurance companies rankings ||xlsx|
|1Q2017||Insurance companies rankings ||xlsx|
|FY2016||Market Portfolio FKTK||xlsx|
|FY2016||Insurance companies rankings LAA||xlsx|
|1H2016||Market Rankings (Latvia Insurance Association)||xlsx|
|1H2014||Insurance market overview ||pdf|
|FY2013||Insurance market overview ||pdf|
|1H2013||Insurance market overview ||pdf|
|FY2012||Insurance market overview ||pdf|
|1H2012||Insurance market overview ||pdf|
|FY2011||Insurance market overview ||pdf|
|1H2011||Insurance market overview||pdf|
|2010|| Insurance market overview||pdf|
|2010||Market portfolio and rankings||xlsx|
|1H2009||Latvian insurance market overview||pdf|
|1H2009 ||Market portfolio ||xls|
|1H2009 ||Life insurance rankings||xls|
|1H2009||Non-Life insurance rankings ||xls|
|2009||Latvian insurance market overview ||pdf|
|2009||Life insurance rankings||xls|
|2009||Non-Life insurance rankings||xls|
|1H2010||Latvian insurance market overview||pdf|
|1H2010||Life insurance rankings||xls|
|1H2010||Non-Life insurance rankings||xls|
During the first quarter of 2017, Latvian insurers generated EUR 1.13 million in aggregate profit, which is 58% less y-o-y, according to the figures released by the Financial and Capital Market Commission (FKTK).
Compensa Vienna Insurance Group (Compensa) racked up EUR 45.15 million in premiums in the Baltic countries last year, which is 63.2 percent or EUR 17.49 million more than in 2015, the company's representatives told LETA.
Maxima Latvija, a subsidiary of the retail group Maxima Grupe, and Tineo, the owner of the Riga shopping center that housed the collapsed Maxima store, are suing Ergo Insurance over its refusal to pay a claim worth 5.34 mln euros, but the insurer says that the event was not covered under the insurance policy.
The Latvian insurance market totaled EUR 532.4 million at the end of 2016, 0.2% more y-o-y, according to data published by the Financial and Capital Market Commission - FKTK.
Insurance claims for cases of critical diseases like cancer, heart attack and stroke have grown by nearly 70% over the course of the past year, according to data from ERGO.
Non-life insurer Baltikums Vienna Insurance Group has been renamed to InterRisk Vienna Insurance Group, information from Firmas.lv suggests LETA.
"The number of insurance association owners is reducing, which could mean a smaller number of insurance companies in the future. One positive development for the insurance market is that it grows more rapidly than the economy," Balta chairman of the board Bogdans Bencaks told BNN in an interview.
Natural occurrences caused by climate change create major losses for
businesses and private persons in Latvia, according to information
compiled by Seesam on insurance claim payments performed in the past
There is a reason to expect growth in the numbers of insured cars and
homes in the Latvian market, said Dzintars Kalnins, Head of Non-life
Insurance Support Division at Swedbank.
The year 2016 saw a strong consolidation trend in the insurance sector
in the EMEA region and Latvia was no exception. Vienna Insurance Group
AG acquired Baltikums and BTA Baltic Insurance Company in a deal which
is said to have contributed to the stability and sustainability of the
insurance industry in the country.
Consolidation is likely to continue on the Baltic insurance market in the coming years, and in five years there could be five to six large market players in the Baltics, down from the current seven to eight major insurance companies, Latvian Insurers' Association told LETA.
The Latvian insurance market totaled EUR 419 million at the end of September 2016, 5.8% more y-o-y, according to data published by the Financial and Capital Market Commission - FKTK. At the same time, as FKTK's figures showed, the insurance companies paid EUR 258 million in claims (14.4% more y-o-y).
In spite of slow non-life insurance market growth in Latvia, which had reached a mere 6% in the first three quarters, BALTA insurance association concluded the first nine months of 2016 with profits of EUR 3.2 million.