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.
- Gross written premiums
- Paid claims
- Growth rates
Market rankings (GWP/ Claims/Market shares):
- Life insurance ranking
- Non-life insurance ranking