Latvian Insurers Association (Latvijas Apdrosinataju asociacija; LAA) reports that, in 2012, the Latvian insurance market grew by 12%, reaching LVL 214m. The insurance companies paid out LVL 118.9m in rewards, reported news2biz LATVIA.

The single largest market segment is life insurance, reaching LVL 42.9m or 20.1% of the market, a 3% growth y-o-y.

The second-largest segment with LVL 41.4m in premiums signed and a 19% market share is voluntary motor vehicle insurance CASCO, followed by health insurance with 34.3m or 16% of the market and compulsory motor vehicle insurance OCTA with 33.9m (16% of the market). Property insurance is the fifth largest segment with LVL 30.6m and 14% of the market. None of the remaining segments, such as accident, ship and cargo insurance, reaches a share above 3%.

Read the full story on balticbusinessnews.com.
LATVIA, LAA: insurance market up 12% in 2012