STATISTICS: Latvian insurers' profits decreased by 88% during 3Q2017

The Latvian insurance market totaled EUR 482.63 million at the end of September 2017, or 15.21% more y-o-y, according to data released by the Financial and Capital Market Commission (FKTK). At the same time, the insurance companies paid EUR 262.12 million in claims (1.77% more y-o-y).

During 3Q2017, Latvian insurers generated EUR 13.05 million in aggregate profit, which is 88.3% less compared with January-September 2016, when the same indicator totaled EUR 111.22 million. Non-life insurers closed the period with EUR 11.78 million (vs. EUR 108.76 million a year before), while life insurers' profit halved to EUR 1.27 million vs. EUR 2.46 million in 3Q2016.

During the analysed period, there were 5 non-life insurance companies and 2 life insurance companies operating in Latvia, as well as 11 branches of foreign insurers (of which 4 active in life insurance market). Thus, about 67.11% of the total GWP were written by the local insurers (EUR 323.91 million, or 7.07% more y-o-y), the rest being written by the branches of EU insurers (EUR 158.72 million, up by 36.38% y-o-y).

Of all 6 life insurers (both local and EU branches), in terms of GWP, the market leader was ERGO Life Insurance SE Latvijas filiale (GWP of EUR 27.84 million, 30.64% market share). By the same criterion, the market leader in non-life was BTA Baltic Insurance Company - GWP of EUR 119.73 million / 30.56% market share.

Access www.xprimm.com and download the 3Q2017 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

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

Share |

Related articles

SEB to merge its three Baltic life units

SEB - one of the largest life insurers in Baltic region announced is planning to merge its units in the Baltic States, "into one legal entity to further improve our operational efficiency and deliver improved customer services. The merger will not affect our services to the customers".

2018-11-08

ON THE MOVE

IGI appoints its first Chief Technology Officer

International General Insurance Holdings Limited (IGI), the international specialist commercial insurer and reinsurer, has announced the appointment of Nasser ZAGHA to the newly-created role of Chief Technology Officer.

15.11.2018

Thierry DEREZ resigned from SCOR's Board of Directors

Thierry DEREZ, chief executive of COVEA, has resigned from the Board of SCOR, thus putting an end to a conflictual situation that lasted several months following the rejected EUR 8.2 million takeover bid placed by COVEA in September.

14.11.2018

TOP EVENT

Reducing the risks in agriculture by using insurance means, discussed in Skopje

On November 1st, an Agricultural insurance conference took place in Skopje, Macedonia, organized by the Insurance Supervision Agency in cooperation with the Ministry of Agriculture, Forestry and Water Economy. Drawing attention to the necessity of reducing the risks in agriculture by using insurance was the event's main purpose.

06.11.2018

IIF 2018 - Insurance in a DIGITAL WORLD

Emmanuel DJENGUE, Innovation Director, Europe - RGAX, Spain is the Keynote Speaker at IIF 2018 - Insurance in a DIGITAL WORLD Conference in Bucharest, on November 27.

05.11.2018

See all