At the end of June 2024, Latvian insurers' aggregate GWP (local and EU branches, summed-up) totaled EUR 618.7 million, up by almost 10% y-o-y, while the amount paid in claims and indemnities increased by 3.77% y-o-y to EUR 355.8 million, according to data provided by the Latvian Central Bank.

Of this total, branches of EU insurers generated 36.04% - EUR 222.95 million, or 11.27% more y-o-y, the remaining EUR 395.73 million (+9.23% y-o-y) being generated by the local insurers.

Life GWP totaled EUR 116.73 million, up by 4.24% y-o-y: the decrease in premiums reported local insurers (-0.7%) was offset by the 8.26% grow in the business performed by the foreign branches.

On the non-life side, of EUR 501.94 million (+11.38% y-o-y), EU branches generated EUR 156.25 million (+12.60%), while local market players posted aggregate non-life GWP worth EUR 345.7 million, up by 10.84% y-o-y.

Motor insurance accounts for almost 30% of the market portfolio, totaling GWP worth EUR 180.2 million, by 10.13% more y-o-y. Paid claims for this line of business reached EUR 107 million, 11.5% up y-o-y.

Property insurance GWP reached EUR 85.3 million, almost 17% up y-o-y. In the first half of 2024, Latvian insurers paid claims worth EUR 44 million, which is almost 9% up y-o-y. However, given the extended floods damages caused by the storms in July, the year-end figures will undoubtedly show a significant increase. According to the Association of Latvian Insurers (LAA), in compensation for the damages caused by the late July storm in Latvia, insurers have already paid out EUR 17 million (not including the activity of foreign insurers in Latvia), which is the largest amount of insurance compensation in Latvia for damage caused by a single natural disaster. By September 11, insurers had received 9,578 claims for a total of EUR 23.7 million. By paying out EUR 17 million in compensation, 7.8 thousand insurance cases or 81% of all applications have already been settled.

At the end of June 2024 there were 4 non-life insurance companies and 2 life insurance companies operating in Latvia, as well as 11 branches of foreign insurers (7 non-life and 4 life specialized insurers).

Access xprimm.com database and download the 1H2024 Latvian insurance market statistics.