Financial Services, Insurance, Latvia

International Internet Magazine. Baltic States news & analytics Tuesday, 25.09.2018, 20:31

Latvian insurers raise premiums 14.3% in 9 months

BC, Riga, 01.11.2017.Print version
Insurance companies in Latvia wrote gross premiums worth EUR 325.987 million in the first nine months of this year, which is a 14.3% increase against the same period last year, while indemnities paid by the Latvian insurers grew 6.8% year-on-year to EUR 194.354 million, writes LETA, according to the Latvian Insurers Association.

The highest amount of premiums was written in life insurance - EUR 68.849 million, up 15.4% from the nine-month period in 2016 and accounting for 21.1% of the market.

Health insurance was the second most popular type of insurance with EUR 65.778 million written in premiums in January-September this year at a 10% growth year-on-year, representing 20.2% of the market. Motor own damage (MOD) insurance followed with EUR 57.417 million, up 10.4% (17.6% of the market), mandatory motor third party liability (MTPL) insurance with EUR 56.172 million, up 29.5% (17.2% of the market), and property insurance with EUR 42.702 million, up 8.4% (13.1% of the market).

The largest amount of indemnities was paid in life insurance at EUR 44.003 million, which was by 18.6% more compared to the first nine months of 2016 and accounted for 22.6% of the market. EUR 43.503 million worth of indemnities were paid out in health insurance, up 5.4% (22.4% of the market), EUR 41.666 million were paid in MOD insurance, up 8.1% (21.4% of the market), EUR 36.264 million were paid in mandatory MTPL insurance, up 6.2% (18.7% of the market), and EUR 16.999 million were paid in indemnities in property insurance, down 15.9% (8.7% of the market).

The above statistics include data from four non-life insurance companies and six branches of foreign insurance companies in Latvia, as well as two life insurance companies and four branches of foreign life insurers operating in Latvia.

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