Insurance A.S. Latvijas Filiale, Riga, Latvia, won a federal contract valued at up to USD 2,317,298.31 from the U.S. Department of State's European Posts, Riga, Latvia, for health insurance services.
Financial and Capital Market Commission - FKTK reports that, in 2013, the Latvian insurance market grew by 5.3%, reaching EUR 471 million. The gross written premiums by local insurers decreased 1% y-o-y to EUR 350 million, while the gross premiums written by the EU branches totaled EUR 121 million or 30% more y-o-y.
The Latvian insurer BTA ended 2013 with a 12.2% increase in GWP, to EUR 160 million, while paid claims amounted to EUR 77.8 million, 13% up y-o-y. According to the company's unaudited results, the profit amounted to EUR 7.1 million.
According to the figures published by the Financial and Capital Market Commission - FKTK, the Latvian insurance market totaled at the end of September almost EUR 352 million, or 7.3% more y-o-y. The non-life segment accelerated by 5.7% y-o-y, while the value of life GWP increased by 17%.
Ahead of Latvian Independence Day festivities next week, joint-stock
insurance company BTA Insurance Company (BTA) has decided to renew its
insurance policy on the Freedom Monument in Riga, informs LETA.
Due to the persisting economic and consumption growth, the insurance market is accelerating by 7%, as shows the data provided by the Statistical Office and FKTK. The value of GWP by insurance companies increased in respect of all major types of insurance, especially the life segment (+23%). During the reporting period, gross premiums written by insurers (local companies and branches of EU insurers) totaled LVL 168 million or EUR 239 million, of which gross premiums written by the EU companies reached EUR 61 million or 26% of the total premiums written.
One of the most often types of household accidents in Latvia is liquid
or vapour leaks (30% of all insurance claims for private property),
according to BALTA insurance company (RSA group).
BTA Insurance Company SE (BTA) written insurance premiums totaled LVL
59.3 million in the first half of 2013, 10% or LVL 5.3 million more than
in the respective period in 2012, informs LETA.
BTA Insurance Company SE has performed a payment of a compensation worth
a total of LVL 145,665 to Valsts nekustamie ipasumi for the fire at
Health is the main cause of insecurity among Latvian residents, as
opposed to life, finances and property, according to a survey carried
out for the insurance company PZU, reported LETA. 57 percent of Latvian
residents point out that they do not feel safe about their health, the
highest figure in the Baltic States.
Insurance company If P&C Insurance branches in Estonia, Latvia and
Lithuania achieved EUR 5.6 million (LVL 3.94 million) in consolidated
profit in the first half of 2013, reported LETA/Nozare.lv.
Insurance specialists have examined the fire-hit Riga Castle in Latvia
and are now analyzing the information, reported regional news portal
The board of Financial and Capital Market Commission (FCMC) has decided
to withdraw all the operating licences of Latvian insurer Balva to
Latvia's insurance market ended the period January-March 2013 with a 1% annual growth. The insurance companies underwrote LVL 65.4 million (EUR 93 million) worth of premiums. The market growth was fuelled by life insurance that rose by 16.3% to LVL 5.5 million of premiums. The non-life insurance sector decreased by 0.5% to LVL 59.9 million.
Only 18% of mopeds registered in Latvia had OCTA policies in the
beginning of the season. Only 4 265 of currently 23 630 registered
mopeds are insured, according to CSDD statistical data.
According to statistical data, Mondays and Fridays are the most dangerous days of the week for Latvian drivers.
In total, the volume of paid compensations increased 35%. Car owners pay
an average of 21 LVL every month, according to Swedbank P&C
Insurance compiled data.
Insurance company If P&C Insurance (If) branches in Estonia, Latvia
and Lithuania earned EUR 1.4 million (LVL 0.98 million) in consolidated
profit in the first quarter of 2013, LETA/Nozare.lv was informed by the
The floods and flash floods, which broke out across Latvia this spring,
have been some of the most powerful in the past decade. The worst
destruction occurred in Ogre, Plyavinyas, and in the areas around the
city of Daugavpils.
A note published on the Latvian Financial and Capital Market Commission's website informs that FCMC decided to temporarily suspend, starting 16 April 2013, all operating licenses issued to the insurance joint stock company BALVA. The decision was made because of infringements of the law established in the activities of IJSC BALVA. According to the FCMC decision, the company will continue to fulfil the terms of contracts entered into with existing customers; however, it is not permitted to enter into new insurance contracts, to increase the insured sums or prolong the insurance contracts.