Overview of the 2 quarters of 2023 in the insurance market in Latvia.
Life Insurance
Total premiums signed: EUR 111,984,264, which is 8% less than in 2022.
- Premiums in Latvia: 75,498,736 EUR (-12%).
- Premiums abroad: 36,485,528 EUR (+4%).
Remunerations paid: EUR 97,197,584, which is 9% less than in 2022.
- Rewards in Latvia: 63,764,368 EUR (-16%).
- Rewards abroad: 33,433,216 EUR (+6%).
Non-life insurance
Total premiums signed: EUR 450,653,779, which is 22% more than in 2022.
- Premiums in Latvia: 299,156,415 EUR (+24%).
- Premiums abroad: 151,497,364 EUR (+20%).
Rewards paid: 245,690,170 EUR, which is 15% more than in 2022.
- Rewards in Latvia: 161,100,878 EUR (+13%).
- Rewards abroad: 84,589,292 EUR (+19%).
Balcia Insurance SE
Signed premiums: EUR 64,216,488 (+60%).
Rewards paid: EUR 30,806,893 (+60%).
It stands out for its rapid increase in bonuses and rewards.
BALTA
Signed bonuses: EUR 87,293,777 (+24%).
Rewards paid: 41,627,464 EUR (+18%).
Stable growth in both bonuses and rewards.
Baltijas apdrošināšanas nams
Signed premiums: 12,221,338 EUR (+23%).
Rewards paid: EUR 6,673,813 (+37%).
Consistent growth in both categories.
BTA Baltic Insurance Company
Signed premiums: 148,158,677 EUR (+12%).
Rewards paid: 85,423,868 EUR (+7%).
One of the largest market participants with stable growth.
Compensa Vienna Insurance Group ADB Latvian branch
Signed premiums: EUR 38,132,512 (+20%).
Rewards paid: EUR 22,756,242 (+17%).
Significant increase in both bonuses and rewards.
ERGO Insurance SE Latvian branch
Signed premiums: EUR 20,915,070 (+18%).
Rewards paid: 12,437,945 EUR (-21%).
Increase in premiums, but decrease in rewards.
ADB "Gjensidige" Latvian branch
Signed premiums: EUR 24,912,372 (+16%).
Rewards paid: EUR 17,038,903 (-3%).
Slight increase in premiums, slightly reduced rewards.
If P&C Insurance AS Latvian branch
Signed premiums: EUR 32,009,797 (+19%).
Rewards paid: 16,149,515 EUR (+30%).
Stable growth in both positions.
Latvijas branch of Swedbank P&C Insurance AS
Signed premiums: 19,583,250 EUR (+32%).
Rewards paid: 11,929,200 EUR (+34%).
Significant increase in both bonuses and rewards.
Telia Forsakring AB branch in Latvia
Signed premiums: EUR 3,210,498 (+26%).
Rewards paid: 846,327 EUR (+30%).
Stable but moderate growth.
Main Conclusions
In the life insurance industry, the total premiums written and claims paid decreased, however a slight increase was observed in the foreign market. In the non-life insurance industry, both premium and compensation the volume increased significantly, especially in the Latvian market.
Insurance market trends both abroad and in Latvia influenced by various factors, including economic and geopolitical conditions, regulatory changes and consumer behavior.
Full report for the first half of 2023, as well as other years insurance market indicators in Latvia are available in the section of the Latvian Insurers association Market data.
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