Including the most premiums written in life insurance –
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In the first six months of 2020, 62.955 million euros were written in life insurance premiums,
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which is 14.8% more than in the first half of 2019 and accounted for 22.7% of the market.
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The second most popular type of insurance was health insurance, where premiums written amounted to 58.971 million euros, which is 4.8% more than a year earlier (21.3% of the market), followed by motor third party liability, including compulsory motor third party liability (OCTA). insurance, where premiums were written in the amount of 47.148 million euros, which is a decrease of 12.2% (17% of the market).
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At the same time, 43.139 million euros were written in gross premiums written in motor third party liability insurance (CASCO) in the first half of this year, which is 7.9% less than a year ago, accounting for 15.6% of the market, and 36.055 million euros in premiums written in property insurance. 4% less than a year earlier, accounting for 13% of the market.
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Insurers have also paid the most in life insurance claims – 46.873 million euros,
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19.8% more than a year ago (28.5% of the market), followed by health insurance, which paid out EUR 31.439 million in insurance claims, which is 8.5% less (19.1% of the market), and land vehicle insurance. owners’ civil liability, including MTPL insurance – 28.823 million euros, an increase of 2% (17.5% of the market).
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At the same time, in the first half of this year, 28.794 million euros were paid in CASCO insurance claims, which is an increase of 1.1%, and accounted for 17.5% of the market, while in property insurance claims 18.568 million euros were paid out, which is a decrease of 62.9%. , 3% of the market.
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The association pointed out that the amount of premiums written in the first half of the year reflects the impact of the crisis on the industry – with declining economic activity and employment, customer demand for new insurance services has slowed down accordingly. There was an increase in written premiums in only two major types of insurance: life insurance and health insurance.
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“The increase in life insurance was only due to the new life pension contracts.
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In turn, health insurance policies are traditionally renewed in the first three months of the year, therefore, at the beginning of the year, there are usually positive trends in the increase of health insurance premiums, “said the president of the association Jānis Abāšins.
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The association also mentioned that the largest proportional decrease in written premiums was in travel insurance – by 32.2% compared to the first half of last year, amounting to 4.492 million euros or 1.6% of the market. This type of insurance was the first to experience the effects of the pandemic, when tourism came to a complete halt in March, with a slight resumption only in the second half of June.
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Abashin also noted that in turn
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There is one very specific reason for the decrease in paid insurance indemnities – in June 2019, the historically largest property insurance indemnity in the Baltics in the amount of 37 million euros was paid.
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Excluding the impact of this one case, insurance claims paid to customers in property insurance have increased by 11%.
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The association also mentioned that the amount of claims in travel insurance increased by 27.7% in the first half of this year, reaching 2.399 million euros. Most of the travel insurance claims were received by individuals who experienced travel difficulties due to the restrictions caused by the virus.
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The Association of Insurers added that the amount of claims paid in health insurance increased in March, but decreased due to the physical unavailability of services. “Doctors offered and insurers also paid for remote consultations, but the lack of face-to-face services led to a drop in claims costs. We expect claims to rise again in the second half as healthcare facilities become available again and people rush to receive deferred services,” .
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Data are compiled on the activities of three risk insurance companies and six branches of foreign risk insurance companies, as well as on the activities of two life insurance companies and four branches of foreign life insurance companies in the territory of Latvia.
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