LATVIA: LAA: This year insurers already paid out about EUR 9 million to farmers

4 June 2024 — Marina MAGNAVAL
This year insurers in Latvia already paid out about EUR 9 million to farmers for frozen winter crops and other crop damage, according to the data compiled by the Association of Latvian Insurers (LAA), which includes Latvian insurers and one German insurer working in the Latvian agroinsurance market.

"In general, we see a trend that farmers increasingly use the opportunities provided by insurance for their financial risk management. Of course, this is also stimulated by state support for premium payments, as well as experienced natural disasters and insurance support in such cases", says Jānis Abāšins, president of the Association.

For the 2023 season, Latvian insurers paid out EUR 18.5 million to farmers for various losses. In addition to the Latvian insurers, the German insurer, that operates on the market, reported EUR 19.3 million paid compensation during last year's agricultural season.