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International Internet Magazine. Baltic States news & analytics Friday, 29.03.2024, 06:12

Latvian insurers raise gross premiums by 17.6% in nine months

BC, Riga, 27.12.2018.Print version
In the first nine months of 2018, Latvian insurance companies and the Latvian branches of foreign insurance companies raised their aggregate gross premiums by 17.6% against the same period last year, while gross indemnities grew 13.8% y-o-y, according to the data released by the Financial and Capital Market Commission (FCMC) writes LETA.

In the nine months of 2018, the Latvian insurers and the Latvian branches of foreign insurance companies together grossed EUR 567.753 mln in premiums as compared to EUR 482.626 mln in the first nine months of 2017. Meanwhile, compensations paid in the first nine months of this year grew to EUR 298.277 mln from EUR 262.124 mln a year ago.


The Latvian insurers raised gross premiums by 15% y-o-y to EUR 372.514 mln in January-September 2018, and the Latvian branches of foreign insurance companies grossed EUR 195.239 mln, up 23% y-o-y.1


The Latvian insurers saw compensation claims grow 17.3% to EUR 200.2 mln in the nine months of 2018, and the Latvian branches of foreign insurance companies paid out EUR 98.257 mln in compensations, up 7.2%.


Latvian life insurance companies raised gross premiums by 5.9% y-o-y to EUR 33.61 mln in the first nine months of 2018, and paid EUR 29.158 mln in compensations, up 6.8%.


Latvian non-life insurers, meanwhile, raised gross premiums by 16 % to EUR 338.904 mln and paid out EUR 170.862 mln in compensations, up 19.4%.


The Latvian branches of foreign life insurance companies grossed EUR 66.197 mln in premiums at a 12% rise year-on-year and paid EUR 34.432 mln in compensations, up 1.6%.


The Latvian branches of foreign non-life insurers raised gross premiums by 29.5% to EUR 129.042 mln and paid EUR 63.825 mln in compensations, up 10.5%.


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






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