Motorists' mandatory civil liability insurance industry (OCTA) operated with a loss of EUR 11.7 million in 2015 in Latvia, informs LETA, according to the Motor Insurers' Bureau of Latvia.

The growth in the amount of premiums was not enough to cover the costs, as a result mandatory insurance of motorists' civil liability incurred losses of almost EUR 11.7 million, said Juris Stengrevics, CEO at the Motor Insurers' Bureau.

The amount of losses sustained by motorists' mandatory civil liability insurance industry in 2015 is the largest since 2007.

The industry's losses amounted to EUR 4.5 million in 2014 and EUR 3.7 million in 2013. Read the full story LATVIA: Motorists' mandatory civil liability insurers post EUR 11.7 mln in losses in 2015