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Monday 16.07.2018 | Name days: Hermīne, Estere

Estonian and Lithuanian insurance companies prosper

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In the first half of 2010, the volume of written premiums in Latvian non-life insurance market decreased by 29%, while in Lithuania and Estonia the drop reached 11%.

According to the President of the Latvian Insurers Association (LIA), Juris Dumpis, the differences can be explained with the various economic tendencies of the particular country. It turns out that in Latvia they are more negative than in the neighbouring Baltic States.

Overall, in the first six months of 2010, the Baltics insurance companies have written 274.8 million lats in gross premiums, which is about 18% less than in the corresponding period of 2009. What is more, Lithuania has the largest insurance market, where the amount of written premiums was by 105 million lats more, while the Latvian and Estonian insurance market ranked in the second place (accordingly with 91 million lats and 78 million lats).

In general, the insurers from the Baltic States have paid 187.3 million lats in insurance indemnities in the H1 of 2010, which is 12% less than a year before. Moreover, the decline was the fastest in Latvia – 22%, while in Lithuania it was 11% and in Estonia – only 0.18%. Latvian capital insurance company BTA has managed to perk up and hold (market share increased to 13.3%) the third largest insurance company position in the Baltics this year. The Baltics second largest insurance company is If (14.3% market share), while the first position is taken by the Danish insurance company Codan (19.7%). In addition, the Latvian insurance company Balta, who has recently fallen from the first and the second place, and is currently in the third place for the amount of written gross premiums.


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