LATVIA: LAA: insurance industry returned to growth in the third quarter of 2021 after a five-quarter break

21 December 2021 — Marina MAGNAVAL
The insurance industry returned to growth in the third quarter of 2021 after a five-quarter break, during which the entire Latvian economy was struggling with the consequences of the Covid-19 pandemic, said the Latvian Insurers Association (LAA) in its statement.

Latvia's economy is recovering from the crisis caused by the first wave of the pandemic faster than initially forecasted, and prospects are also cautiously positive, unless the epidemiological situation deteriorates significantly again. Insurance is a sector in which economic fluctuations are reflected with a time lag, so the return to growth in the third quarter of this year is a very encouraging indicator, the Association believes.

After the break caused by the pandemic, the 18th International Conference "Insurance and Reinsurance in the Baltics 2021", which took place in Riga on September 23, returned to Latvia this year. Conclusions from the conference - insurance in the Baltic States is developing quite similarly and has successfully coped with the consequences of the Covid-19 crisis so far compared to other European countries. Insurers have been able to adapt their products, services, and customer service channels to the new Covid-19 situation, but the industry must not stop and prepare for the challenges ahead.



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