Life insurers received 64.3 million euros in insurance premiums in the first quarter of 2020, which was 5% less than in the last quarter of 2019. The premiums were 1.5% more than in the first quarter of last year. Claims of 38 million euros were submitted in the first quarter of 2020, which was 20% more than in the fourth quarter of 2019. The combined assets of life insurance companies declined by 0.8% in the first quarter from 1.06 billion euros to 959 million.
|Q4 2019||Change||Q1 2020|
|Value of insurance premiums||68 mln €||↓||64 mln €|
|Value of claims submitted||30 mln €||↑||38 mln €|
|Value of assets of insurance companies||1,06 bln €||↓||0,96 bln €|
|Value of insurance liabilities||749 mln €||↓||701 mln €|
|Expenses as a ratio to net insurance premiums (cumulative)||13,7%||↓||11,8%|
|Solvency capital requirement coverage ratio||158%||↓||148%|
The coverage of the solvency capital requirement by the life insurance sector fell from 158% to 148% in the first quarter, mainly because of changes in the risk-free interest curve used to discount liabilities. Both the life insurance companies met the requirement.