Financial Services, Insurance, Latvia

International Internet Magazine. Baltic States news & analytics Friday, 29.03.2024, 14:10

Latvian insurers raise premiums 19.6% in Q1

BC, Riga, 21.06.2018.Print version
The gross premiums written by Latvian insurance companies and the Latvian branches of foreign insurance companies in the first three months of 2018 rose by 19.6% against the same period in 2017, while the claims paid by the insurers grew 8.2%, writes LETA, according to the data released by the financial regulator, the Financial and Capital Market Commission.

In January-March 2018, the Latvian insurance companies and the Latvian branches of foreign insurance companies wrote EUR 203.692 million worth of gross premiums as compared to EUR 170.28 million written in the first three months of 2017. Gross claims paid by the Latvian insurers grew to EUR 102.455 million in the first three months of this year from EUR 94.682 million a year ago.


The gross premiums written by the Latvian insurance companies in the first quarter of 2018 grew 17.8% year-on-year to EUR 133.804 million, and the branches of foreign insurance companies wrote EUR 69.888 million worth of gross premiums, up 23.3% year-on-year.


The gross claims paid by the Latvian insurance companies in the first three months of 2018 grew by 10.6% year-on-year to EUR 68.303 million, and the gross claims paid by the branches of foreign insurance companies increased 3.8% year-on-year to EUR 34.152 million.


Latvian life insurers raised gross premiums 13.3% year-on-year to EUR 11.315 million in the first quarter of this year and paid out EUR 10.994 million in claims, down 3.8%.


Latvia's non-life insurers, meanwhile, wrote EUR 122.489 million worth of premiums in the first three months of this year, which is a rise by 18.2% against the same period last year, and paid EUR 57.309 million in claims, up 13.8% from the first three months of last year.


The Latvian branches of foreign life insurance companies wrote EUR 23.445 million in gross premiums, up 9.5%, and paid EUR 12.48 million in claims, down 1.7% against the first quarter of 2017.


The Latvian branches of foreign non-life insurance companies wrote EUR 46.443 worth of gross premiums in January-March 2018, up 31.6% year-on-year, and paid EUR 21.671 million in gross claims, up 7.2%.


At the end of March 2018, there were four non-life insurance companies and two life insurance companies, as well as seven branches of foreign non-life insurance companies and four branches of foreign life insurance companies operating in Latvia.






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