Latvia
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26 February 2018LATVIA: MTPL insurance brought EUR 12.4 mln loss to Latvian insurance companies in 2017
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).
7 February 2018LATVIA: The MTPL insurance line will most probably remain unprofitable also in 2018, despite increasing tariffs
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.
25 January 2018STATISTICS: Latvian insurers' profits decreased by 88% during 3Q2017
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).
18 January 2018LATVIA U-turns on «farmer-maddening» vehicle insurance amendments
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.
12 October 2017LATVIAN farmers oppose the need to buy insurance for vehicle, if it's not used on road
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.
5 October 2017STATISTICS: LATVIA, 1H2017: Life insurers' profit more than halved
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).
28 September 2017LATVIA has spent the record sum for an insurance of the leader of the national team before Evrobasket
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.
19 September 2017LATVIA: Tineo files a claim with the court as ERGO refuses to pay insurance indemnity in Latvia
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.
7 August 2017STATISTICS: Profit of LATVIAN life insurers more than doubled in Q1 2017
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).
29 June 2017Compensa premiums increase 63.2% in Baltic countries in 2016
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.
15 June 2017LATVIA: Maxima store collapse in Latvia not covered under insurance policy
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.
19 April 2017STATISTICS: LATVIAN, FY 2016: Insurers posted EUR 105 million in profit
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.
13 April 2017LATVIA: Number of insurance cases against critical disease increases significantly
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.
23 March 2017LATVIA: Baltikums VIG renamed to InterRisk VIG
Non-life insurer Baltikums Vienna Insurance Group has been renamed to InterRisk Vienna Insurance Group, information from Firmas.lv suggests LETA.
23 March 2017LATVIA: Balta - insurance market grows more rapidly than the economy
"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.
15 March 2017Seesam: global warming effects are noted in LATVIA more and more each year
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
decade.
9 March 2017LATVIA: Swedbank : expert expects growth in car, housing insurance
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.
9 January 2017Baltic insurance market to continue consolidation trend in 2017
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.
9 January 2017LATVIA: Insurers' Association expects consolidation to continue on Baltic insurance market
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.
20 December 2016
