Sales of Coface Latvia credit risk insurance in the first quarter of this year rose 17 percent to EUR 438,000. The company's premium subscription rose 6 percent to EUR 354,000, the company said in a statement to the press.
At the end of September 2015, a huge amount was totaled by the Latvian insurance market: 396 million of euros. It means that, in comparison with the same period in 2014, this business has grown 4,6 percent. The Financial and Capital Market Commission (FKTK) stated that, in claims, the Latvian insurance companies paid more than 225 million euros and, in statistics, it is equivalent to affirm that such increase represents 9.5 percent more year over year. But that's not all. The local insurers have written, of the total gross premiums, more than 72 percent. In euros, it corresponds to 287 million; and, by the way, 5.8 percent more year over year.
Latvian insurance company Balta closed 2015 was a profit of EUR 1.19
million, informs LETA, according to the company's annual statements. After
posting loss for several successive years, Balta succeed to break into
the black in 2015. For example, previously it showed a loss of more than
EUR 1 million in 2014, and a loss of EUR 2.2 million in 2013.
Latvian insurers ended 2015 with an overall GWP volume reaching EUR 531.12 million, 2.65% up y-o-y. Paid claims also increased to EUR 310.61 million, 9.85% more y-o-y recording a higher than average growth rate, the life insurance segment increased its share in the market portfolio by 1 pp, to 21.6%.
The Bank of Latvia President Ilmars Rimsevics and Finance Minister Janis Reirs (Unity) have nominated the Financial and Capital Market Commission's (FKTK) deputy chairman Peters Putnins as the commission's head, reported LETA Monday.
Kristaps Zakulis, the chairman of the Latvian financial regulator the
Financial and Capital Market Commission (FKTK), has tendered his
resignation, BNS was told at the FKTK. FKTK spokeswoman Elina Avotina said that Zakulis' decision has been well-considered.
Competition will remain tough in all segments on the Baltic insurance markets in 2016, preventing significant rises in the insurance premiums level. As a result, the Latvian market is expected to maintain the 7% growth pace experienced in 2015, informs LETA quoting Ingrida KIRSE, ERGO Board member in the Baltic states.
The Latvian insurance market totaled EUR 396 million at the end of September 2015, increasing by 4.6% compared with the same period last year, according to figures published by the Financial and Capital Market Commission - FKTK. At the same time, as FKTK's figures showed, the insurance companies paid EUR 225.2 million in claims (9.5% more y-o-y).