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

Related articles

photodune-3834701-laughing-girl-xs

William VIDONJA: The sky is going to fall on insurers, intermediaries and consumers

"The sky is going to fall soon on the insurers, intermediaries and consumers in Europe", believes William VIDONJA, Head of Conduct of Business, Insurance Europe, referring to EU regulation.
In this regard, he stressed out the new features of the IDD (insurance distribution directive), PRIIPs (related to investment-based insurance products) and Solvency II Directive.

2016-09-29

STATISTICS: LATVIA, 1Q2016: Local insurers are losing market share to EU branches

According to FKTK - The Financial and Capital Market Commission, the Latvian insurance market totaled EUR 157.3 million at the end of March 2016, or 4% more y-o-y. The EU-branches' GWP increased by 11.2% to EUR 43.2 million (or 27.4% from the total amount of premiums), while the Latvian-based insurers accounted for the rest of 72.6% or EUR 114.1 million (up by 1.6% y-o-y).

2016-08-04

ON THE MOVE

TOP EVENT

BB Headlines: Rates are settled to increase following Q3 events

The main effect after the Q3 nat cat bill of over USD 100 billion: Global reinsures said - the "discounts and reductions in tariffs era" especially in European reinsurance market for the January 2018 renewals, will come to end. At the same time, some reinsurers might disappear and there are likely to be more mergers, acquisitions and run-offs processes.

23.10.2017

photodune-3834701-laughing-girl-xs

Baden-Baden Reinsurance Symposium: the industry-wide impact of disruption

"In our business we are more than used to disruptions [...] But the pace of disruption has been amplified by new sources of data and by the increase in the power to collate this data", James NASH, the President, International of GUY Carpenter stated during his opening address at the Reinsurance Symposium in Baden-Baden on 22 October.

23.10.2017

The 9th International Istanbul Insurance Conference started today in Istanbul

In emerging markets like Turkey, there can be a significant difference between the insured and total insurable losses. Parametric insurance is a smart way to close this protection gap. While the traditional products cover an insured loss, parametric products provide financial protection for various expenses from financial liabilities to contingent loss of profit which, in return, decreases the economic loss burden following a CAT event.

04.10.2017

See all