"This leads us to conclude that accidents caused by fire are less frequent, but more devastating and more expensive - fire causes much more damage to property than water", commented LAA President Janis Abasins. Fire and water damage to real estate are the two most common types of risks included in property insurance.
In general, property insurance is one of the five major types of insurance in Latvia - in 2020, GWP in this segment reached EUR 80.7 million. GWP volume received from individuals (EUR 35.1 million) is slightly lower than GWP from legal entities (EUR 45.6 million), while paid claims are significantly higher for legal entities - EUR 15.5 million paid to individuals vs EUR 29.8 million paid to legal entities. Last year, a total of EUR 45.3 million were paid to customers for property accidents.