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International Internet Magazine. Baltic States news & analytics Thursday, 28.03.2024, 23:37

Latvian insurers raise premiums 17.9% in H1

BC, Riga, 02.10.2018.Print version
The gross premiums written by Latvian insurance companies and the Latvian branches of foreign insurance companies in the first six months of 2018 rose by 17.9% against the same period in 2017, while the claims paid by the insurers grew 11.7%, according to the data released by the financial regulator, the Financial and Capital Market Commission informed LETA.

In January-June 2018, the Latvian insurance companies and the Latvian branches of foreign insurance companies wrote EUR 385.789 mln worth of gross premiums as compared to EUR 327.353 mln written in the first six months of 2017. Gross claims paid by the Latvian insurers grew to EUR 199.593 mln in the first six months of this year from EUR 178.737 mln a year ago.


The gross premiums written by the Latvian insurance companies in the first six months of 2018 grew 17.8 % y-o-y to EUR 254.608 mln, and the branches of foreign insurance companies wrote EUR 131.181 mln worth of gross premiums, up 24.5% y-o-y.


The gross claims paid by the Latvian insurance companies in the first six months of 2018 grew by 15.8 % y-o-y to EUR 134.008 mln, and the gross claims paid by the branches of foreign insurance companies increased 4.1% y-o-y to EUR 65.586 mln.


Latvian life insurers raised gross premiums 7.8% y-o-y to EUR 21.461 mln in the first six months of this year and paid out EUR 19.279 mln in claims, down 1.7%.


Latvia's non-life insurers, meanwhile, wrote EUR 233.148 mln worth of premiums in the first six months of this year, which is a rise by 15.4% against the same period last year, and paid EUR 114.729 mln in claims, up 19.3% from the first six months of last year.


The Latvian branches of foreign life insurance companies wrote EUR 44.243 mln in gross premiums, up 14.1%, and paid EUR 23.48 mln in claims, down 0.6 % against the first six months of 2017.


The Latvian branches of foreign non-life insurance companies wrote EUR 86.937 worth of gross premiums in January-June 2018, up 30.5 % y-o-y, and paid EUR 42.106 mln in gross claims, up 7%.


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






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