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.
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