EU – Baltic States, Financial Services, Insurance, Latvia

In the first nine months of 2019, the Latvian insurers and the Latvian branches of foreign insurance companies together grossed EUR 596.652 million in premiums. Meanwhile, EUR 363.893 million were paid out in gross claims in the said period.

Gross premiums subscribed by non-life insurance companies dropped 11.4% to EUR 426.472 million, while claims paid by non-life insurers declined 18.7% to EUR 253.803 million.

Life insurers subscribed EUR 170.18 million in premiums, up 58.6%, while claims rose 52.8% to EUR 110.09 million.

Gross premiums of Latvian insurance companies increased by 3.7% year-on-year to EUR 391.229 million, and the Latvian branches of foreign insurers grossed EUR 205.422 million in premiums, down 2.9% against the respective period last year.

Gross claims paid out by the Latvian insurers declined 12.1% year-on-year to EUR 234.943 million and gross claims paid by the Latvian branches of foreign insurers rose 10.3% year-on-year to EUR 128.95 million.

Latvian life insurers grossed EUR 91.571 million in premiums in the first nine months of this year, 2.4 times more year-on-year, and paid EUR 57.411 million in claims, up 90.5%.

Latvian non-life insurers grossed EUR 299.658 million in premiums, down 11.7% against the first nine months of 2019, and paid EUR 177.533 million in claims, down 25.2%.

The Latvian branches of foreign life insurance companies grossed EUR 78.608 million in premiums, up 13.2% year-on-year, and paid EUR 52.68 million in claims, up 25.6%.

The Latvian branches of foreign non-life insurance companies saw their gross premiums shrink 10.8% year-on-year to EUR 126.814 million and paid EUR 76.27 million in gross claims, which was an increase of 1.8% 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 seven branches of foreign non-life insurance companies and four branches of foreign life insurance companies.