Latvian insurance companies’ turnover has increased significantly

In 2023, Latvian insurance companies and branches of foreign insurance companies wrote a total of EUR 1.119 billion in gross premiums, compared to EUR 998.682 million in 2022. In turn, in the form of gross compensation, insurers paid a total of 710.931 million euros compared to 642.558 million euros a year earlier.

The amount of gross premiums written by risk insurers last year increased by 18.9% and amounted to 882.62 million euros, and the amount of gross insurance claims paid by risk insurers increased by 16.4% and reached 511.785 million euros.

At the same time, the amount of gross premiums written by life insurers last year decreased by 7.8%, amounting to 236.115 million euros, while the amount of indemnities paid decreased by 1.8% and amounted to 199.146 million euros.

Including the amount of gross premiums signed by Latvian insurance companies in 2023 compared to 2022 increased by 14.6% and reached 714.754 million euros, and branches of foreign insurance companies signed 403.981 million euros in the form of gross premiums, which is 7.8% more than a year earlier.

The amount of gross compensation paid by Latvian insurance companies last year increased by 9% and amounted to EUR 446.784 million, and branches of foreign insurance companies paid EUR 264.148 million in gross compensation, which is 13.6% more than in 2023 .

In addition, data from the Bank of Latvia shows that Latvian life insurance companies wrote gross premiums last year in the total volume of 106.096 million euros, which is 8.2% less than in 2022, and paid out 6.0% in compensation. 3% less – 110.369 million euros.

In turn, Latvian risk insurance companies last year signed gross premiums in the amount of 608.658 million euros, which is 19.7% more than in 2022, and the amount of gross indemnities paid by Latvian risk insurers increased by 15.1 % and amounted to 336.415 million euros.

At the same time, branches of foreign life insurance companies in 2023 signed gross premiums in the amount of 130.019 million euros, which is 7.6% less, and paid 88.777 million euros in the form of gross compensation, which is 4.3% more than a year earlier .

Branches of foreign risk insurance companies last year wrote gross premiums of EUR 273.962 million, up 17.1%, and paid out EUR 175.37 million in gross indemnities, up 18.9%.

At the end of 2023, there were four risk insurance companies in Latvia: “Balta”, “Baltijas Apdrošināšanas nams”, “Balcia Insurance SE” and “BTA Baltic Insurance Company”, as well as two life insurance companies – “SEB Life and pension Baltic SE” and “CBL Life”. In addition, seven branches of foreign risk insurance companies and four branches of foreign life insurance companies operated in Latvia.