Financial Services, Insurance, Latvia

In the first six months of 2019, the Latvian insurers and the Latvian branches of foreign insurance companies together grossed EUR 406.327 million in premiums. Meanwhile, EUR 245.066 million were paid out in gross claims in the said period.

Gross premiums of Latvian insurance companies rose by 3.7% year-on-year to EUR 260.624 million, and the Latvian branches of foreign insurers grossed EUR 145.703 million in premiums, up 2.7% against the respective period last year.

Gross claims paid out by the Latvian insurers declined 17.6% year-on-year to EUR 154.942 million and gross claims paid by the Latvian branches of foreign insurers rose 13.7% year-on-year to EUR 90.123 million.

Latvian life insurers grossed EUR 62.084 million in premiums in the first six months of this year, 2.6 times more year-on-year, and paid EUR 40.268 million in claims, up 90.3%.

Latvian non-life insurers grossed EUR 198.54 million in premiums, down 12.8% against the first six months of 2019, and paid EUR 114.675 million in claims, down 31.3%.

The Latvian branches of foreign life insurance companies grossed EUR 51.366 million in premiums, up 9.9% year-on-year, and paid EUR 37.281 million in claims, up 25.9%.

The Latvian branches of foreign non-life insurance companies saw their gross premiums shrink 0.9% year-on-year to EUR 94.337  million and paid EUR 52.842 million in gross claims, which was an increase of 6.5% against the respective period in 2019.

At the end of June 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.