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The insurance markets of Latvia and Romania increased by 21.4% and 3.5% respectively in 2017

According to market data published by Financial and Capital Market Commission the insurance market of Latvia collected 646 million euros of premiums as of 2017, reports forinsurer.com with reference to XPRIMM magazine. Meanwhile, Romanian insurers collected 9.7 billion Romanian lei (2.1 billion euros) as of 2017, which is 3.5% more than the previous period.
The insurance markets of Latvia and Romania increased by 21.4% and 3.5% respectively in 2017

In Latvia, gross life insurance premiums increased by 17.3% to EUR 145.1 million, health insurance - by 14.8% to EUR 51.4 million; with the share of life insurance payments was 25% of the total volume, health insurance - 9.5%. More than half of all premiums were signed by local insurers (419.5 million euros or 15.2% more than the previous period); the rest - by the branches of the EU insurers (226.5 million euros, more by 34.7%). Latvian life insurers received a total of 1 million euros profit vs 1.8 million euros in 2016.

Among all 6 life insurers for gross premiums SEB Dzivibas apdrosinasana has become the market leader (premiums amounted to 40.9 million euros, 28.2% market share), further followed by the branches of insurers from the EU ERGO Life (28% market share) and SWEDBANK Life (18.9%).

In Romania, the life insurance industry has also become significantly stronger. Though in 2012-2014 the segment activity of life decreased in terms of gross signed premiums volume, starting from 2015 it began to grow again, and in 2017 the insurance evolution of the country was specifically correlated with life insurance, the Financial Supervision Agency report says. Cost of premiums in life insurance increased by 21% in 2017 compared to the previous period, reaching about 2 billion lei (442 million euros). The classes C1 - life insurance, annuity and insurance difference and C3 - life insurance and annuity related to investment are the largest share of total volume of gross life insurance premiums. Together they account for 96% of the total volume of gross life insurance premiums.

Source: https://forinsurer.com/news/18/04/12/35911, https://forinsurer.com/news/18/04/10/35905

 

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