The Financial and Capital Markets Commission of Latvia gave consent to PZU to purchase the shares of AAS Balta - leader of the Latvian insurance market. This is another step in the international expansion of the biggest Polish insurer, informed BC Agnieszka Zebrowska from the corporate communication department at PZU Group.
Ergo: insurance market in Latvia could increase by 7-8% in 2014. BC, Riga, 26.05.2014. Print version. The average growth of the insurance market in Latvia could increase 7-8% in 2014, Ergo Baltic States' board member Ingrida Kirse predicts, reports LETA.
Compensa TU S.A. Vienna Insurance Group (Compensa) nonlife insurer wrote 18.8m euros worth of premiums in Latvia and Lithuania in 2013, which was a 50 percent rise from a year before, the company's representative Katrina Rubene told BNS.
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 Latvian insurer BTA ended 2013 with a 12.2% increase in GWP, to EUR 160 million, while paid claims amounted to EUR 77.8 million, 13% up y-o-y. According to the company's unaudited results, the profit amounted to EUR 7.1 million.
According to the figures published by the Financial and Capital Market Commission - FKTK, the Latvian insurance market totaled at the end of September almost EUR 352 million, or 7.3% more y-o-y. The non-life segment accelerated by 5.7% y-o-y, while the value of life GWP increased by 17%.
Ahead of Latvian Independence Day festivities next week, joint-stock
insurance company BTA Insurance Company (BTA) has decided to renew its
insurance policy on the Freedom Monument in Riga, informs LETA.
Due to the persisting economic and consumption growth, the insurance market is accelerating by 7%, as shows the data provided by the Statistical Office and FKTK. The value of GWP by insurance companies increased in respect of all major types of insurance, especially the life segment (+23%). During the reporting period, gross premiums written by insurers (local companies and branches of EU insurers) totaled LVL 168 million or EUR 239 million, of which gross premiums written by the EU companies reached EUR 61 million or 26% of the total premiums written.