STATISTICS: LATVIA, FY2017: The share of EU branches GWP increased to almost 35%

According to the year-end market figures published by FKTK (the Financial and Capital Market Commission), the Latvian insurance market totaled EUR 646 million at the end of December 2017, up by 21.4% y-o-y.

Life insurance GWP increased by 17.3% to EUR 145.1 million, health - by 14.8% to EUR 51.4 million, MTPL - by 35% to EUR 71.8 million, MoD - by 19.9% to EUR 104.6 million, property - by 11.4% to EUR 84.2 million.

At the same time, the insurance companies paid EUR 361.6 million in claims (15.3% more y-o-y). The share of life insurance payments was 25% of total, health - 9.5%, MoD - 18.8%, MTPL - 11.4%, property - 13.4%.

The FKTK figures show about 64.9% of the total GWP were written by the local insurers (EUR 419.5 million, or 15.2% more y-o-y), the rest being written by the branches of EU insurers (EUR 226.5 million, up by 34.7%).

During the year, on the local market were active 4 non-life and 2 life insurers, as well as 11 branches of EU insurers (of which 4 active in life insurance market).

According to FKTK statistics, last year, Latvian insurers generated EUR 16 million in aggregate profit vs. EUR 105 million a year before. Per segments, profit of non-life insurers was EUR 15 million (vs. EUR 103.2 million in 2016), while life insurers made profits totaling EUR 1 million vs. EUR 1.8 million in 2016.

Of all 6 life insurers, in terms of GWP, the market leader was SEB Dzivibas apdrosinasana (GWP of EUR 40.9 million, 28.2% market share), followed by the EU branches of ERGO Life (28% market share) and SWEDBANK Life (18.9%). By the same criterion, the non-life segment was led by BTA Baltic Insurance Company - GWP of EUR 162 million / 32.5% market share, followed by BALCIA (19.5% market share) and BALTA (17.6%).

Access www.xprimm.com and download the FY2017 Latvian insurance market statistics.

  • Market portfolio: GWP, claims, growth rates, shares.
  • Life & non-life rankings: GWP, claims, market shares.

Follow XPRIMM Publications on LinkedIn, for more data on the insurance and financial industry.

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