Analytics, Baltic, Financial Services, Insurance, Latvia

Ergo board member in the Baltic states Ingrida Kirse told journalists that insurance policies are not going to climb very steeply this year. Yet if prices go up in other sectors, such as car maintenance or health care, it will affect the prices of related insurance services.

The Ergo representative said that competition on the insurance market will remain tough in all its segments.

Kirse described the ongoing consolidation in the insurance market as a positive development, saying that it will only leave the strongest and most stable players in the industry. In the long run, clients will choose the insurer best suiting their needs and meeting their requirements quickly and reliably, Ergo managers said.

Ergo board member in the Baltic states Deniss Sazonovs said that last year Ergo followed an aggressive strategy, which enabled the company to grow faster in Latvia and the Baltics than the market in general. During the first 11 months of 2015, the Latvian insurance market grew by 7.4% against the same period in 2014, while Ergo reported a 21.6% growth for this period in Latvia.

While the Baltic insurance market expanded by 6.8% in the first 11 months of 2015, Ergo grew 14% in the Baltics during this period.