Latvian insurers generate EUR 5.966 million profit from mandatory MTPL insurance in H1

RIGA - Last year, Latvian insurance companies generated EUR 5.966 million in aggregate profit from mandatory motor third party liability (MTPL) insurance, up 71.1 percent from the respective period last year, LETA was told at the Motor Insurers' Bureau of Latvia (LTAB).

In the first six months of this year premium subscription in MTPL insurance amounted to EUR 35.952 million, up 9 percent from the respective period last year, while net indemnities accounted for EUR 22.709 million, growing 0.7 percent year-on-year.

As reported, in 2018, Latvian insurance companies generated EUR 3.61 million in aggregate profit from mandatory motor third party liability (MTPL) insurance, recovering from losses incurred from MTPL insurance in 2017.

There are nine non-life insurers offering mandatory MTPL insurance in Latvia.