Latvia’s insurance sector grows 14% y/y in Q1.

By bne IntelliNews May 29, 2014

In Q1, life and non-life insurance companies in Latvia have underwritten EUR 142.7mn worth of gross insurance premiums, which made 14% y/y growth, according to Latvia’s Insurers Association. The growth rate accelerated as compared to 5% y/y to EUR 471mn worth of premiums in 2013. Out of EUR 142.7mn premiums in Q1, EUR 91.9mn were underwritten in Latvia and EUR 50.7mn abroad. Total amount of compensations paid was EUR 67.7mn, out of which EUR 46mn paid domestically and EUR 21.7mn abroad.

According to the Financial and Capital Market Commission (FKTK), in 2013 non-life and life insurance companies in Latvia posted net profit of EUR 8.5mn, down by 43.2% y/y. Non-life insurers closed 2013 with EUR 8.8mn profit, while life insurers made net loss of LVL 0.55mn. There were five non-life companies and two life insurance companies operating in Latvia as of end of 2013, as well eight branches of foreign non-life and five branches of foreign life insurance companies.

Related Articles

Agreements with Armenia highlight of uneventful EU Eastern Partnership summit

The EU and Armenia signed a comprehensive and advanced partnership agreement and a common aviation area agreement at the Eastern Partnership summit on November 24, according to an ... more

EU calls for tax haven blacklist in Paradise Papers fallout

The finance ministers of the European Union member states have called for the creation of a blacklist of tax havens to crack down on tax dodging, the ministers said at a meeting in Brussels on ... more

Labour productivity exceeds growth of labour costs in Estonia in H1

Labour productivity increased faster than the growth of labour costs in the Estonian business sector in the first half of the year, Eesti Pank (The Bank of Estonia) announced on October 25. ... more

Dismiss