STATISTICS: LATVIA, 1H2017: Life insurers' profit more than halved

The Latvian insurance market totaled EUR 327.4 million at the end of June 2017, 15.4% more y-o-y. At the same time, the insurance companies paid EUR 178.7 million in claims (3.9% more y-o-y).

According to the half-year market data publised by FKTK (the Financial and Capital Market Commission ) about 67.8% of the total GWP were written by the local insurers (EUR 222 million, or 8.3% more y-o-y), the rest being written by the branches of EU insurers (EUR 105.4 million, up by 32%).

During 1H2017, Latvian insurers generated EUR 9.23 million in aggregate profit, which is 45.4% more y-o-y, according to FKTK data. Non-life insurers closed H1 with EUR 8.74 million in net profit (vs. EUR 5.37 million a year ago), while life insurers' profit more than halved to EUR 489 thousand vs. EUR 981 thousand in H1 2016.

At the end of June, on the Latvian insurance market were active 5 non-life and 2 life insurers, as well as 11 branches of foreign insurers (of which 4 active in life insurance market). Of all 6 life insurers, in terms of GWP, the market leader was ERGO Life Insurance SE Latvijas filiale (GWP of EUR 18.3 million, 31.1% market share). By the same criterion, the market leader in non-life was BTA Baltic Insurance Company - GWP of EUR 82.2 million / 30.6% market share.

Access www.xprimm.com and download the 1H2017 Latvian insurance market statistics.

Market portfolio according to FKTK:
  • Gross written premiums
  • Paid claims
  • Growth rates
Market rankings (GWP/ Claims/Market shares):
  • Life insurance ranking
  • Non-life insurance ranking

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