STATISTICS: LATVIAN insurance sector reported profit of EUR 5 million in H1

According to data published by the Financial and Capital Market Commission - FKTK, Latvian insurers (local and EU branches in Latvia) reported aggregated GWP of EUR 283.6 million in 1H2016, which is 3.7% more compared with the same period last year.

During the reporting period, local insurers GWP increased by 2.6% y-o-y to EUR 205 million (or 72.3% of the total market), while in case of EU branches, the same indicator reached EUR 78.7 million (6.7% more) or 27.7% of the total.

Overall, the life insurance segment was down in absolute values by EUR 2 million to EUR 49 million due the decreases in GWP reported by the unit-linked products (almost 23% y-o-y to EUR 19.4 million) and traditional life policies (by 11.7%).

The non-life insurance field went up by 5.5% y-o-y, to EUR 234.6 million and was composed mainly of the following sub-segments: property (17.5% of total GWP), motor hull (16.8%) and transport ownership liability (14.5%) followed by health insurance (~12%) and Motor TPL (10%).

At the end of June 2015, the Latvian insurance sector reported profit of EUR 5 million which is 15.6% more y-o-y. Non-life insurance companies' profit was EUR 5.37 million (vs. EUR 4.44 million in 1H2015), while life insurers posted EUR -359 thousands in losses compared to a loss of EUR -106 thousands a year before.

Read more about the Latvian insurance market evolution in 1H2016 in the forthcoming issue of XPRIMM Insurance Report 1H2016, to be released on October, 23rd, on the occasion of the Baden-Baden XPRIMM Reception (Kurhaus Casino, Runder Saal).

Access www.xprimm.com and download the 1H2016 Latvian insurance market statistics.

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

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