Latvian insurers generated EUR 2.69 million in first quarter net profit, which is more than double compared with the Q1 2017 net profit of EUR 1.13 million, according to the figures released by the Financial and Capital Market Commission (FKTK).

Non-life insurers closed Q1 2018 with a net profit of EUR 4.19 million (vs. EUR 370 thousand a year ago), while the life insurers reported a net loss of EUR 1.49 million vs. a net profit of EUR 762 thousand at the end of March 2017.

In terms of GWP, the Latvian insurance market totaled EUR 204 million at the end of March 2018, 19.62% more y-o-y. At the same time, the insurance companies paid EUR 102.5 million in claims (8.21% more y-o-y).

About 65.7% of the total GWP were written by the local insurers (EUR 133.80 million, or 17.8% more y-o-y), the rest being written by the branches of EU insurers (EUR 69.89 million, up by 34.15% y-o-y).

It is worth mentioning that there were 4 non-life insurance companies and 2 life insurance companies operating in Latvia, as well as 11 branches of foreign insurers (of which 4 active in life insurance market).

Access www.xprimm.com and download the 1Q2018 Latvian insurance market statistics.