Financial Services, Good for Business, Insurance, Latvia

In the first quarter of 2020, the Latvian insurers and the Latvian branches of foreign insurance companies together grossed EUR 224.866 mln in premiums. Meanwhile, EUR 140.35 mln were paid out in gross claims in said period.

Non-life insurers saw gross premiums drop 6.6 % y-o-y to EUR 159.786 mln in the first quarter of this year, and the gross claims paid out by the non-life insurers remained virtually unchanged at EUR 94.517 mln.

Life insurers raised gross premiums by 758% to EUR 65.08 mln and paid out EUR 45.833 mln in gross claims, up 75.2%.

Gross premiums of Latvian insurance companies grew 8.6% y-o-y to EUR 143.918 mln, and the Latvian branches of foreign insurers grossed EUR 80.948 mln in premiums, up 7.3% against a year ago.

Gross claims paid out by the Latvian insurers grew 10.3% y-o-y to EUR 89.061 mln and gross claims paid by the Latvian branches of foreign insurers rose 28.3% y-o-y to EUR 51.289 mln.

Latvian life insurers grossed EUR 35.014 mln in premiums in the first three months of this year, which is 2.9 times more than a year ago, and paid EUR 24.076 mln in claims, which is 2.1 times more than a year ago.

Latvian non-life insurers grossed EUR 108.904 mln in premiums, down 9.7% from the first quarter of 2019, and paid EUR 64.985 mln in claims, down 6.1%.

The Latvian branches of foreign life insurance companies grossed EUR 30.066 mln in premiums, up 20.1%  y-o-y, and paid EUR 21.757 mln in claims, up 48.4%.

The Latvian branches of foreign non-life insurance companies raised gross premiums 0.9%  y-o-y to EUR 50.882 mln and paid EUR 29.532 mln in gross claims, which is an increase of 16.6% against the respective period in 2019.

At the end of March 2020, 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.