Financial Services, Insurance, Latvia

The total amount of insurance premiums in Latvia last year was EUR 347.6 million, whereas the amount of insurance claims reached EUR 194.7 million.

Of the major insurance companies, life insurers posted the fastest growth, 22%. They posted a total of EUR 82.5 million in premiums and paid EUR 40 million in insurance claims. Life insurance is the most popular type of insurance in Latvia, accounting for 23.7% of the total number of insurance premiums.

Vehicle insurance premiums increased 5% to EUR 62.5 million (18% share of the market). In terms of insurance claims, however, vehicle insurance is in the lead with the total amount of insurance claims at EUR 42.8 million (22% of the market).

Health insurance premiums rose 14% to EUR 61.1 million (18% market share) last year. Health insurance claims increased 15% to EUR 42.6 million (22% market share).

Vehicle owner civil liability insurance premiums increased 5% to EUR 53.6 million (15% market share), whereas insurance claims grew 10% to EUR 39.1 million (20% market share).

Property insurance premiums rose 10% to EUR 49.6 million (14% market share), while the amount of compensation claims remained practically unchanged at EUR 19.2 million (10% market share).

General civil liability insurance premiums increased 16% to EUR 10.7 million in 2014 (3% market share). Insurance claims decreased slightly, by 8%.

Full and precise information about the insurance market in 2014 will be released at the beginning of March.