Non-life insurer Baltikums Vienna Insurance Group has been renamed to InterRisk Vienna Insurance Group, information from Firmas.lv suggests LETA.
"The number of insurance association owners is reducing, which could mean a smaller number of insurance companies in the future. One positive development for the insurance market is that it grows more rapidly than the economy," Balta chairman of the board Bogdans Bencaks told BNN in an interview.
Natural occurrences caused by climate change create major losses for
businesses and private persons in Latvia, according to information
compiled by Seesam on insurance claim payments performed in the past
There is a reason to expect growth in the numbers of insured cars and
homes in the Latvian market, said Dzintars Kalnins, Head of Non-life
Insurance Support Division at Swedbank.
The year 2016 saw a strong consolidation trend in the insurance sector
in the EMEA region and Latvia was no exception. Vienna Insurance Group
AG acquired Baltikums and BTA Baltic Insurance Company in a deal which
is said to have contributed to the stability and sustainability of the
insurance industry in the country.
Consolidation is likely to continue on the Baltic insurance market in the coming years, and in five years there could be five to six large market players in the Baltics, down from the current seven to eight major insurance companies, Latvian Insurers' Association told LETA.
The Latvian insurance market totaled EUR 419 million at the end of September 2016, 5.8% more y-o-y, according to data published by the Financial and Capital Market Commission - FKTK. At the same time, as FKTK's figures showed, the insurance companies paid EUR 258 million in claims (14.4% more y-o-y).
In spite of slow non-life insurance market growth in Latvia, which had reached a mere 6% in the first three quarters, BALTA insurance association concluded the first nine months of 2016 with profits of EUR 3.2 million.
A high-level insurance manager has won a tender to become Latvia's State
Revenue Service's director-general, State Chancellery Director Martins
Krievins, who chaired the panel assessing the candidates, told reporters
According to data published by the Financial and Capital Market Commission - FKTK, Latvian insurers (local and EU branches in Latvia) reported aggregated GWP of EUR 283.6 million in 1H2016, which is 3.7% more compared with the same period last year.
Today starts the XVI International Conference "Insurance & Reinsurance in the Baltics", organized by the Latvian Insurers Association, the main annual event dedicated to the Baltics insurance markets, gathering more than 200 participants.
"The sky is going to fall soon on the insurers, intermediaries and consumers in Europe", believes William VIDONJA, Head of Conduct of Business, Insurance Europe, referring to EU regulation.
In this regard, he stressed out the new features of the IDD (insurance
distribution directive), PRIIPs (related to investment-based insurance
products) and Solvency II Directive.
In all countries, there is a strong tendency towards new products compliant with Solvency II requirements, stated Esko KIVISAARI, Deputy Managing Director, Federation of Finnish Financial Services, in his presentation at the 16th International Conference "Insurance & Reinsurance in the Baltics".
There are 4,8 million connected cars in Italy (telematics-related box) attached to MTPL policies, that represents 16% from the overall motor insurance market in Italy, pointed Matteo CARBONE, Principal, BAIN&Company at the 16th International Conference "Insurance & Reinsurance in the Baltics".
The fast changing global insurance landscape requests insurers not only to adapt, but also to anticipate in order to cope with the strong competitive environment. XVI International Conference "Insurance and Reinsurance in the Baltics 2016" Riga, September 29th, 2016, will address the challenges of the next decade for the European insurance community.
According to FKTK - The Financial and Capital Market Commission, the Latvian insurance market totaled EUR 157.3 million at the end of March 2016, or 4% more y-o-y. The EU-branches' GWP increased by 11.2% to EUR 43.2 million (or 27.4% from the total amount of premiums), while the Latvian-based insurers accounted for the rest of 72.6% or EUR 114.1 million (up by 1.6% y-o-y).
The Latvian Competition Council has allowed Austrian VIENNA Insurance Group (VIG) to take over Latvia's BTA Baltic Insurance Company (BTA Baltic), LETA news agency informed. The competition watchdog approved the deal as in its opinion there is no indication that the takeover might affect competition in the non-life insurance market.
The Motor Insurers' Bureau of Latvia (LTAB) has filed for insolvency of
the to-be liquidated Balva non-like insurer, informs LETA.
Latvia's Balta non-life insurer in the first quarter of the year 2016 posted EUR 1.2 million in profit, the company said in a statement to the press, cites LETA.
Sales of Coface Latvia credit risk insurance in the first quarter of this year rose 17 percent to EUR 438,000. The company's premium subscription rose 6 percent to EUR 354,000, the company said in a statement to the press.