STATISTICS: LATVIA, FY2019, FKTK figures: Insurers' profits almost tripled while the GWP expanded to EUR 856 million

23 April 2020 — Andrei Victor
During 2019, insurance companies in Latvia grossed EUR 856.73 million in premiums, up by 13.36% against 2018, while the amount paid in indemnities grew 35.40 % y-o-y to EUR 549.42 million, according to the figures published by The Financial and Capital Market Commission of Latvia (FKTK).

"Life and health insurance traditionally show a dynamic growth, but the main feature of 2019 is the steep rise in property insurance both in premium subscription and indemnities. It proves that customers evaluqate the role of insurance and take care of their properties. The sector is also undergoing qualitative change - remote service channels and IT systems are developing," said the association's president Janis ABASINS , quoted by www.baltic-course.com.

Of total GWP, branches of EU insurers generated about one third (33.68%) - EUR 288.53 million, the remaining EUR 568.20 million being generated by the local insurers.

There were 4 non-life insurance companies and 2 life insurance companies operating in Latvia, as well as 12 branches of foreign insurers.

During last year, Latvian insurers generated EUR 33.64 million in aggregate profit, which is almost three times more than at the end of 2018 (EUR 12.38 million). Non-life insurers closed the year 2019 with EUR 25.77 million (vs. EUR 16.11 million a year before), while life insurers' profit was to EUR 7.87 million vs. a loss of EUR -3.72 million in 2018.


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