An expert discussion organized by the Latvian Insurers Association (LAA) "Lessons for Latvia from the summer storm" took place on October 31. The president of LAA stated that the storm that took place in July of this year has set a new record in terms of insurance claims.

During the discussion it was noted that if after a storm of similar strength experienced in August 2023, insurers received 2,234 claims for the amount of EUR 16.6 million (paid and reserved), then after this summer storm they received 9,774 claim applications for compensations in the amount of EUR 25 million.

According to the LAA, as of October 23, insurers have paid out EUR 19.4 million and settled 9,000 insurance cases, or 92% of all claim applications.

"For insurers, the storm experienced this summer has been a good lesson. We are improving both our procedures and communication with the public and all stakeholders. I sincerely hope that all of us, working together, will succeed in better preparing for future natural disasters", said Jānis Abāšins, president of LAA.