Latvia
STATISTICS: LATVIA, FY2019, FKTK figures: Insurers' profits almost tripled while the GWP expanded to EUR 856 million
During 2019, insurance companies in Latvia grossed EUR 856.73 million in premiums, up by 13.36% against 2018, while the amount paid in indemnities grew 35.40 % y-o-y to EUR 549.42 million, according to the figures published by The Financial and Capital Market Commission of Latvia (FKTK).
23 April 2020LATVIA, COVID-19: FKTK announced it will ensure an individual and flexible approach in supervising the financial market participants
The Latvian Financial and Capital Market Commission (FKTK) announced in the light of the position expressed by the European Central Bank (ECB), the European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA), ensuring the supervision of financial sector participants will implement an individual and flexible approach, based on the assessment of actual situation and the effects of COVID-19 and making use of options provided by the regulatory framework.
30 March 2020Latvian parliament approves the nomination of Girts RUDA as Member of the FKTK Board
The Financial and Capital Market Commission (FKTK) announced Saeima - the parliament of the Republic of Latvia approved the nomination of Girts RUDA as Member of the FKTK Board.
30 March 2020LATVIA: Smoke detectors and fire extinguishers mandatory for every home
As of January 1st, 2020, Latvian legislation imposed mandatory smoke detectors for all residential buildings. Similarly, fire extinguishers became mandatory for every Latvian dwelling.
22 January 2020LATVIA: the market is growing yet risk insurance still accounts for only 1.3% of GDP
The insurance market has been growing over the past couple of years, recently showing a double-digit increase, despite a smaller growth rate at the end of 2019, according to Uldis DZINTARS, member of the board of BALTA (leader of Latvian non-life sector, which belongs to the PZU group), LETA news agency writes.
17 January 2020STATISTICS: LATVIA, 3Q2019: Insurers' profits doubled to ~EUR 18 million
The Latvian insurance market totaled EUR 588.70 million at the end of September 2019, or 3.69% more y-o-y, according to data published by the Financial and Capital Market Commission (FKTK). At the same time, the insurance companies paid EUR 384.20 million in claims (28.81% more y-o-y).
16 January 2020LATVIA: the Board of the LAA re-elected
On November 1, 2019, the Latvian Association of Insurers (LAA) held a meeting during which two members of the Association management board were re-elected for a term of two years, as well as future priorities of LAA activities agreed, as LAA announced on its website.
7 November 2019STATISTICS: LATVIA, 1H2019: Half-year insurers' profit more than doubled to EUR 15.37 million
Latvian insurance companies generated EUR 15.37 million in aggregate H1 net profit, more than double than a year ago (EUR 7.22 million), the end-June figures published by FKTK (Financial and Capital Market Commission) showed.
3 October 2019LATVIA: The average MTPL indemnity rose by 29% in three years
According to The Motor Insurers' Bureau of Latvia (LTAB), for the first half of 2019, the average MTPL indemnity was EUR 1,068, about 29% higher than the average MTPL claim from the first half of year 2016 (1H2016: EUR 826).
5 September 2019Latvian GDP growth slows down to 2% y/y in Q2
3 September 2019LATVIA: new liability limits for drone insurance
On August 13th, the Government of Latvia approved the draft over "unmanned aircrafts and other aircrafts" regulation, according to which all drones that weight over 250 grams (~0.55 lbs) are required to carry a civil liability insurance.
29 August 2019STATISTICS: Almost EUR 5 million in profit for Latvian insurers at the end-March
Latvian insurers generated EUR 4.8 million in first quarter net profit, EUR 2.2 more compared with Q12018, according to figures released by the Financial and Capital Market Commission (FKTK). About 64% of total GWP were written by local insurers (EUR 132.5 million, or 1% less y-o-y), the rest by EU insurers (EUR 75 million, up by 7.9% y-o-y).
11 July 2019LATVIA: crop insurance more affordable for farmers
Regulation on state support for insurers to provide compensation in case of drought damage has been approved in Latvia. It will contribute to the development of agro insurance, according to the Latvian Association of Insurers.
4 July 2019LATVIA: Number of accidents involving uninsured vehicles decreased in 2018
The Latvian Motor Insurers Bureau (LTAB) reported that the number of road traffic accidents (RTA) in Latvia involving uninsured vehicles decreased in 2018, compared to the previous year. In 2017, about 1.24% of total RTA were caused by uninsured vehicles, while last year 1.11% of RTA were caused by vehicles without a valid MTPL policy (- 0.13 pp).
9 May 2019Swedbank's profit in Q1 up EUR 29 million in spite of scandals
29 April 2019STATISTICS: LATVIA, FY2018: Insurer profits decreased by one fifth
Last year, insurance companies in Latvia generated EUR 12.4 million in aggregate profit, down 22.6% from 2017, according to the data released by the Financial and Capital Market Commission, FKTK.
4 April 2019LATVIA: Parliament adopted MTPL law amendments
On March 14, Saeima, the parliament of Latvia, adopted a set of amendments to the current MTPL system (OCTA). The changes aim to refine the present law of MTPL and eliminate the shortcomings in everyday practice. The amendments will enter into force 1 May 2019.
27 March 2019LATVIA: Number of banks is too big for Latvia's market - Putnins
19 March 2019Balta non-life insurer posts EUR 7.778 million in 2018
3 March 2019Latvian residents worried the most about traffic accidents when travelling
27 February 2019
