Financial Services, Insurance, Latvia

LVL 41.1 million was paid out in gross compensation in the first three months of 2012, a 2.1% increase on the same period in 2011, writes LETA.

Latvia's economy continues to develop and local insurance companies and foreign insurance branches achieved considerable growth in the first quarter of the year.

The largest gross premium increases were recorded in fire and natural disaster insurance – LVL 2.2 million, health insurance – 1.4 million, land transport insurance – LVL 1.2 million.

The largest reductions were registered in ship insurance – LVL 1.8 million, and general civil liability insurance – LVL 0.6 million.

In the first quarter of 2012, the companies operated with LVL 277,000 in profit, including life insurance companies, which earned nearly a total of LVL 1 million. Almost all life insurance companies operated with profit. Non-life insurance companies posted LVL 722,000 in losses, although five non-life insurance companies operated with profit.