Latvia
Deputy chairman may take over LATVIA's finance watchdog
The Bank of Latvia President Ilmars Rimsevics and Finance Minister Janis Reirs (Unity) have nominated the Financial and Capital Market Commission's (FKTK) deputy chairman Peters Putnins as the commission's head, reported LETA Monday.
2 February 2016LATVIAN financial watchdog chairman quits
Kristaps Zakulis, the chairman of the Latvian financial regulator the
Financial and Capital Market Commission (FKTK), has tendered his
resignation, BNS was told at the FKTK. FKTK spokeswoman Elina Avotina said that Zakulis' decision has been well-considered.
28 January 20167% growth in GWP expected for the Latvian market in 2016
Competition will remain tough in all segments on the Baltic insurance markets in 2016, preventing significant rises in the insurance premiums level. As a result, the Latvian market is expected to maintain the 7% growth pace experienced in 2015, informs LETA quoting Ingrida KIRSE, ERGO Board member in the Baltic states.
21 January 2016STATISTICS: LATVIA: Insurers' premiums totaled almost EUR 400 million at the end of September
The Latvian insurance market totaled EUR 396 million at the end of September 2015, increasing by 4.6% compared with the same period last year, according to figures published by the Financial and Capital Market Commission - FKTK. At the same time, as FKTK's figures showed, the insurance companies paid EUR 225.2 million in claims (9.5% more y-o-y).
8 December 2015VIG completes acquisition of Latvian non-life insurer Baltikums
In July this year Austrian VIENNA Insurance Group signed an agreement to acquire 100 percent of shares in Riga-based BALTIKUMS AAS. The transaction has now been concluded after the relevant authorities gave their approval. As a result of the acquisition, Vienna Insurance Group is now one of the top five insurers on the Latvian market.
28 October 2015LATVIA: VIG has the FKTK permission to aquire the non-life insurer BALTIKUMS AAS
The Latvian Financial and Capital Market Commission (FKTK) aprooved the transaction between Austrian VIENNA Insurance Group and the local non-life insurer AAS Baltikums. In late July, VIG announced it signed an agreement to purchase 100% of Riga-based insurer. At the moment, VIG is present in Latvia through local insurer COMPENSA Life while non-life products are offered by a EU branch of COMPENSA Poland. The acquisition of BALTIKUMS AAS makes VIG one of the top 5 insurance companies in Latvia.
8 October 2015BALTA reports a significant hike in profitability 1 year after being acquired by PZU
One year after its acquisition by PZU, Latvian insurer BALTA reported a EUR 542,000 profit for the first half of 2015 thanks to an improvement of the technical result by EUR 674,000.
10 September 2015LATVIAN insurer Balta posts EUR 542,000 in profit in H1
The insurance company Balta posted EUR 542,000 in profit in the first six months of 2015, LETA learned from the company.
2 September 2015STATISTICS: LATVIA: Insurers profit down by almost 50% in 1H2015
According to the figures published by the Financial and Capital Market Commission - FKTK, Latvian insurers (local and EU branches in Latvia) posted aggregated gross written premiums of EUR 273.6 million in the first half of the year, which is 6.3% more compared with the same period last year. At the same time, the value of paid claims and indemnities increased by 9.7% y-o-y to EUR 148.4 million.
26 August 2015Samsung offers free smartphone insurance in LATVIA
Samsung Baltics, in cooperation with insurance company Balta, has introduced free insurance services for smartphones affected by water, reportd Db.lv. Samsung Galaxy S6 and Galaxy S6 edge smartphones can be covered with the service, which is activated using the Screen Care+ application. The insurance will be valid for one year.
13 July 2015LATVIA: BTA Insurance Company allowed to transfer part of portfolio to subsidiary
The Latvian financial regulator, the Financial and Capital Market Commission, has allowed Latvian non-life insurer BTA Insurance Company to transfer part of its insurance portfolio to its subsidiary.
6 July 2015STATISTICS: LATVIA, 1Q2015: Local insurers maintained the market in "black" due to the 2% decrease in GWP reported by the EU-branches
According to FKTK - The Financial and Capital Market Commission, the Latvian insurance market totaled EUR 151.21 million at the end of March 2015, or 5.98% more y-o-y. At the same time, the value of paid claims and indemnities was up by 11.69%, reaching EUR 75.64 million. The GWP of branches of EU insurers decreased by 2.05% to EUR 38.84 million (or 25.68% from the total amount of premiums), while the Latvian-based local insurers accounted for the rest of 74.32% or EUR 112.38 million (up by 9.06% y-o-y).
6 July 2015LATVIA: BTA insurer expects 5 pct growth in health insurance premiums this year
The amount of health insurance premiums subscribed in Latvia might grow 5 pct this year, Janis Lucaus, the board chairman of BTA Insurance Company, said in an interview with BNS.
15 June 2015LATVIAN watchdog issues license to BTA Baltic Insurance Company
The Latvian financial watchdog, the Financial and Capital Market
Commission (FKTK), has granted the license for insurance operations to
BTA Baltic Insurance Company, a subsidiary of the non-life insurer BTA
Insurance Company, the FKTK announced.
15 June 2015LATVIA: SEB life insurance co posts EUR 1.7m profit for Q1
SEB Dzivibas Apdrosinasana, the Latvian life insurance company of SEB Group, has reported a profit of 1.701 million euros for the first three months of this year.
2 June 2015BALTA earns EUR 96,000 in Q1 in LATVIA
The insurance company Balta earned EUR 96,000 in the first quarter this
year, reports LETA, according to the company's announcement. For
comparison - in the first quarter last year, Balta earned EUR 6,000.
27 May 2015Swedbank in Baltics operated with profits in Q1
In the first quarter of the year 2015, Swedbank in Latvia earned a net profit of EUR 23 million, compared to EUR 32 million for Q1 2014. Swedbank Lithuania earned a net profit of EUR 21 million in Q1 2015 and Swedbank Estonia earned a net profit of EUR 37.1 million, informs LETA.
28 April 2015STATISTICS: LATVIAN market up 10% in 2014 due the double-digit growth-rate reported by the EU branches
According to the figures published by the Financial and Capital Market Commission - FKTK, in 2014 the Latvian insurance sector totaled EUR 517.4 million, or 9.9% more y-o-y. During the reporting period, gross premiums written by local insurers went up by 6% to EUR 371 million (71.7% of total market), while the EU branches' business saw a double-digit growth rate (+21%) to EUR 146.3 million (28.3% of total GWP).
5 March 2015BTA in LATVIA racks up EUR 178.5 milion in gross premiums in 2014
In 2014, BTA Insurance Company (BTA) collected EUR 178.5 million in
gross premiums, which is EUR 18.5 million or 11.6% more than in 2013,
according to BTA's unaudited financial statement, cites LETA.
2 March 2015LATVIA: Insurers suffer EUR 4.5 mln loss from MTPL insurance in 2014
Latvian insurance companies sustained a 4.5m euros aggregate loss from mandatory motor third party liability (MTPL) insurance in 2014, BNS was told at the Latvian Motor Insurers Bureau (LTAB).
12 February 2015
