LATVIA: problems with water supply, sewerage, and heating pipes caused about 45% of all insurance events last year

8 September 2021 — Marina MAGNAVAL
Consequences of water accidents caused almost half of all property accidents reported to insurers - last year about 45% of all insurance events were caused by problems with water supply, sewerage, and heating pipes, according to the Latvian Insurers Association (LAA). In turn, water accidents accounted for only about 25% of paid claim amount.

"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.

Share |