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).
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.
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.
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).
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.
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.
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.
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.
Non-life insurer Baltikums Vienna Insurance Group has been renamed to InterRisk Vienna Insurance Group, information from Firmas.lv suggests LETA.
"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.
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
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.
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.
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.
The Latvian insurance market totaled EUR 419 million at the end of September 2016, 5.8% more y-o-y, according to data published by the Financial and Capital Market Commission - FKTK. At the same time, as FKTK's figures showed, the insurance companies paid EUR 258 million in claims (14.4% more y-o-y).
In spite of slow non-life insurance market growth in Latvia, which had reached a mere 6% in the first three quarters, BALTA insurance association concluded the first nine months of 2016 with profits of EUR 3.2 million.
A high-level insurance manager has won a tender to become Latvia's State
Revenue Service's director-general, State Chancellery Director Martins
Krievins, who chaired the panel assessing the candidates, told reporters
According to data published by the Financial and Capital Market Commission - FKTK, Latvian insurers (local and EU branches in Latvia) reported aggregated GWP of EUR 283.6 million in 1H2016, which is 3.7% more compared with the same period last year.
Today starts the XVI International Conference "Insurance & Reinsurance in the Baltics", organized by the Latvian Insurers Association, the main annual event dedicated to the Baltics insurance markets, gathering more than 200 participants.
"The sky is going to fall soon on the insurers, intermediaries and consumers in Europe", believes William VIDONJA, Head of Conduct of Business, Insurance Europe, referring to EU regulation.
In this regard, he stressed out the new features of the IDD (insurance
distribution directive), PRIIPs (related to investment-based insurance
products) and Solvency II Directive.