Financial Services, Insurance, Latvia
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Friday, 26.04.2024, 13:42
Ergo: insurance market in Latvia could increase by 7-8% in 2014
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Insurance is closely related to the general macro-economic situation. When investments start to grow, construction jobs are initiated and large infrastructure projects contracted. Here, insurance becomes an integral part in the process and demand for it grows, Kirse said in an interview with the business portal Nozare.lv.
When asked about the geopolitical influence on the insurance field, Kirse said that currently, she does not detect any precaution on the part of her clients, as was the case during the economic crisis.
Kirse said that last year Ergo’s health and life insurance market growth was two times greater than the general market. Health insurance market grew 10%, but the amount of premiums written by Ergo was 18%. Life insurance market grew by a third.
Ergo does offer insurance for private persons, however, more than 90% of clients are corporate. Many Ergo’s clients are state and municipality companies. Small and medium-sized enterprises are also becoming more interested in health insurance for their employees.
According to Ergo statistical data, insured individuals annually spend about EUR 300 and utilize 22 medical services.
Ergo expects an increase of 8-10% in the health insurance market this year.
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