Financial Services, Good for Business, Insurance, Latvia
International Internet Magazine. Baltic States news & analytics
Friday, 29.03.2024, 01:22
Latvia: Insurance premiums grow 2%, claims up 34% in H1
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.