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International Internet Magazine. Baltic States news & analytics Friday, 29.03.2024, 01:22

Latvia: Insurance premiums grow 2%, claims up 34% in H1

BC, Riga, 26.09.2019.Print version
In the first half of this year, Latvian insurers and the Latvian branches of foreign insurance companies raised gross premiums 2% against the respective period in 2018, while gross insurance claims rose 34% y-o-y, according to the data released by the Finance and Capital Market Commission (FCMC) informed LETA.

In the first half of 2019, the Latvian insurers and the Latvian branches of foreign insurance companies together grossed EUR 393.32 mln in premiums. Meanwhile, EUR 267.382 mln were paid out in gross claims in the said period.


Gross premiums of Latvian insurance companies declined by 1.3% y-o-y to EUR 251.395 mln, and the Latvian branches of foreign insurers grossed EUR 141.926 mln in premiums, up 8.2% against 2017.


Gross claims paid out by the Latvian insurers grew 40.4% y-o-y to EUR 188.131 mln and gross claims paid by the Latvian branches of foreign insurers rose 20.8% y-o-y to EUR 79.251 mln.

Latvian life insurers grossed EUR 23.778 mln in premiums in the first six months of this year, up 10.8% y-o-y, and paid EUR 21.159 mln in claims, up 9.8%.


Latvian non-life insurers grossed EUR 227.616 mln in premiums, down 2.4% against the first half of 2018, and paid EUR 166.972 mln in claims, up 45.5%.


The Latvian branches of foreign life insurance companies grossed EUR 46.742 mln in premiums, up 5.6% y-o-y, and paid EUR 29.622 mln in claims, up 26.2%.


The Latvian branches of foreign non-life insurance companies raised gross premiums 9.5% y-o-y to EUR 95.184 mln and paid EUR 49.628 mln in gross claims, which was an increase of 17.9% against the respective period in 2018.


At the end of June 2019, there were four non-life insurance companies and two life insurance companies operating in Latvia, as well as eight branches of foreign non-life insurance companies and four branches of foreign life insurance companies.






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