The insurance market in Latvia can expect growth of 6-8% this year, which would be a bit less than last year, the president of the Latvian Association of Insurers, Janis Abasins, told reporters on Thursday.
In 2024, gross insurance premiums totalled approximately EUR 800 million, or 10.9% more than in 2023. Some EUR 500 million were paid out in claims, which was an increase of 8.5%, Abasins says.
As has been traditional, the amount of premiums increased in the areas of health and property insurance last year, while the status of life insurance recovered after a short break, the agency representative added.
Insurers collected more than EUR 180 million in health insurance premiums last year, which was an increase of 16.6%, as well as more than EUR 136 million in property insurance (up 12.5%), more than EUR 134 million in voluntary vehicle insurance (+7.9%), more than EUR 122 million in life insurance (+4.9%), and more than EUR 113 million in motor third-party liability insurance (MTPL) (a decline of 3%).
During the same period, insurers paid out more than EUR 118 million in health insurance claims (an increase of 8.9% against 2003), more than EUR 96 million in life insurance claims (+0.7%), more than EUR 86 million in voluntary vehicle insurance claims (+3.4%), and more than EUR 67 million in MTPL claims (+3.8%).
Insurance profits in 2024 should be fully clear in two or three months, but judging from the data for the first nine months of the year, preliminary estimates suggest that Latvian insurance companies were in the black last year, regardless of costs caused by major storms last summer, Abasins says.
Source: BNS
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