Skandinaviska Enskilda Banken AB (SEB) will merge its Baltic life insurance operations into one company, headquartered in Riga, reports The Baltic Course. Simplification of the operation model and improve services and solutions are the main reasons of the merger.
Latvian insurers generated EUR 2.69 million in first quarter net profit, which is more than double compared with the Q1 2017 net profit of EUR 1.13 million, according to the figures released by the Financial and Capital Market Commission (FKTK).
Latvian insurance companies' aggregate loss from mandatory motor third party liability (MTPL) insurance was EUR 120,000 in the first quarter of 2018, down from EUR 4.054 million in the same period last year, writes LETA, according to information released by the Motor Insurers' Bureau of Latvia (LTAB).
Latvian insurers' aggregate loss from mandatory MTPL insurance was EUR 120,000 in 1Q2018, down from EUR 4.05 million in the same period last year, reports LETA, according to information released by the Motor Insurers' Bureau of Latvia (LTAB).
According to the year-end market figures published by FKTK (the Financial and Capital Market Commission), the Latvian insurance market totaled EUR 646 million at the end of December 2017, up by 21.4% y-o-y.
Insurance company Balta posted EUR 5.926 mln in unaudited profit last year, which is 47.2 % more than in 2016, according to the company's financial report released cites LETA.
Latvian insurance companies incurred a loss of EUR 12.4 million from mandatory motor third party liability (MTPL) insurance in 2017, which is roughly 5% more than in 2016, writes LETA, according to the Motor Insurers' Bureau of Latvia (LTAB).
The mandatory MTPL insurance line will probably remain unprofitable in Latvia also in 2018 despite the tariffs going up by a significant amount, Latvian Insurers Association's President Janis ABASINS believes, quoted by LETA.
The Latvian insurance market totaled EUR 482.63 million at
the end of September 2017, or 15.21% more y-o-y, according to data
released by the Financial and Capital Market Commission (FKTK). At the
same time, the insurance companies paid EUR 262.12 million in claims
(1.77% more y-o-y).
The ruling coalition of the Latvian Saeima will reject government-backed amendments which would oblige owners to buy compulsory motor vehicle civil liability insurance for vehicles used off public roads.
Latvian farmers are opposed to the requirement backed by the Latvian government for owners to buy compulsory motor vehicle civil liability insurance (CMVCLI) also for vehicles that are not used in road traffic, says the board chairman of the Latvian Agricultural Organization Cooperation Council, Edgars Treibergs.
The Latvian insurance market totaled EUR 327.4 million at the end of June 2017, 15.4% more y-o-y. At the same time, the insurance companies paid EUR 178.7 million in claims (3.9% more y-o-y).
The Latvian basketball union has paid record 123 000 euros in the form
of an insurance premium for participation of the forward of New York
Knicks Kristaps Porzingis for Evrobaskete-2017. LETA with reference to
the words of the secretary general of LBS Edgar Shneps reports about it.
The City of Riga Vidzeme District Court has accepted for review the claim filed by SIA Tineo for the award of insurance indemnity from "Ergo Insurance SE", amounting to 1.3 million euro. The company decided to file the claim to the court after the mentioned insurance company refused to fulfil its obligations and compensate the losses that occurred as a result of the tragic event in Riga in November 2013 caused by design and construction mistakes by the third parties, which lead to destruction of real estate property of Tineo.
During the first quarter of 2017, Latvian insurers generated EUR 1.13 million in aggregate profit, which is 58% less y-o-y, according to the figures released by the Financial and Capital Market Commission (FKTK).
Compensa Vienna Insurance Group (Compensa) racked up EUR 45.15 million in premiums in the Baltic countries last year, which is 63.2 percent or EUR 17.49 million more than in 2015, the company's representatives told LETA.
Maxima Latvija, a subsidiary of the retail group Maxima Grupe, and Tineo, the owner of the Riga shopping center that housed the collapsed Maxima store, are suing Ergo Insurance over its refusal to pay a claim worth 5.34 mln euros, but the insurer says that the event was not covered under the insurance policy.
The Latvian insurance market totaled EUR 532.4 million at the end of 2016, 0.2% more y-o-y, according to data published by the Financial and Capital Market Commission - FKTK.
Insurance claims for cases of critical diseases like cancer, heart attack and stroke have grown by nearly 70% over the course of the past year, according to data from ERGO.