Latvian insurers' January-June 2022 aggregate GWP (local and EU branches, summed-up) expanded by more than 20% to almost EUR 490 million, while the amount paid claims and indemnities increased by 29% y-o-y to EUR 321.5 million, according to the half-year figures published by The Financial and Capital Market Commission of Latvia (FKTK).

In July, Riga Airport served twice as many passengers as a year ago. Insurance companies in Latvia have received three times more claims under travel insurance. Although the intensity of tourism has not yet returned to the pre-Covid level, this summer is very active for both travelers and insurers, said Janis ABASINS, president of the Latvian Insurers' Association.

By the end of July, Latvian insurance companies have received about 300 claims from farmers for crops damaged by heavy rains and wind. Janis ABASINS, president of the Latvian Insurers' Association (LAA), admitted that this number will definitely increase, lsm.lv wrote.

The summer season in Latvia is the most intensive time for road repairs. According to BALTA (PZU Group), during the summer months the number of claims for damaged car windshields increases almost twice. This year, the insurance company has already paid out over EUR 1.7 million to car owners for windshield damage, the Latvian Insurers' Association (LAA) reports.

The Latvian branch of Mandatum Life Insurance Company Ltd. left LAA on July 1, 2022, because commercial activity of the Latvian branch of Mandatum Life was transferred to the Lithuanian insurance company INVL Life UADB, and its insurance contracts will be continued by the Latvian branch of INVL Life, according to the Latvian Insurers' Association (LAA).

At the end of March 2022, Latvian insurers' aggregate GWP (local and EU branches, summed-up) totaled EUR 252.67 million, up by 17.37% y-o-y, while the amount paid in claims and indemnities increased by 36.29% y-o-y to EUR 174.57 million, according to the quarterly figures published by The Financial and Capital Market Commission of Latvia (FKTK).

Latvian insurers' aggregate end March 2022 net profits totaled EUR 2.82 million vs. EUR 10.40 million in Q1 2021, according to data presented by the Finance and Capital Market Commission (FKTK).

The war in Ukraine has made many Latvians think about their own and their family's financial safety and take measures to improve it - a quarter or 24% of Latvians have started to create savings, insure their lives or take legal action to settle their liabilities, according to the Latvian Insurers' Association (LAA) and the sociological research agency Norstat.

Farmers in Latvia are increasingly using insurance as a risk management tool, and in 2021 GWP in the segment reached EUR 19.4 million, which is 17% more y-o-y, according to the Latvian Insurers' Association (LAA). Last year, crop insurance reached EUR 11.6 million, livestock insurance - EUR 7.5 million, and insurers paid EUR 9.2 million to farmers.

At the end of 2021, Latvian insurers' aggregate GWP (local and EU branches, summed-up) totaled EUR 849.4 million, up by 6.5% y-o-y, while the amount paid in claims and indemnities increased by 8% y-o-y to EUR 541.4 million, according to the year-end figures published by The Financial and Capital Market Commission of Latvia (FKTK).

In 2021, the Ombudsman of the Latvian Insurers' Association (LAA) received 32 customer complaints about insurance services, and the largest number was received for property insurance (18), LAA wrote.

Customer service in insurance was acknowledged as good by 62% of respondents, compared to the previous survey in 2019, total customer service rating of insurers has increased from 60% to 62%. The survey "Reputation of Insurance Companies" was conducted in December 2021 by the research center SKDS, according to the Latvian Insurers Association.

The Latvian insurance market will continue to grow this year, with GWP growing by about 3-5%, according to Janis ABASINS, President of the Latvian Insurers Association and Chairman of the Board of the Latvian Motor Insurers' Bureau.

The Latvian insurance market totaled EUR 618.8 million at the end of September 2021, about 3.7% more y-o-y, according to data published by the Financial and Capital Market Commission (FKTK).

According to the Q3 2021 market data published by the Financial and Capital Market Commission (FKTK), Latvian insurers' aggregate net profits expanded by EUR 2.1 million (or by 9% y-o-y) to EUR 25.2 million (vs. EUR 23.1 million).

The insurance industry returned to growth in the third quarter of 2021 after a five-quarter break, during which the entire Latvian economy was struggling with the consequences of the Covid-19 pandemic, said the Latvian Insurers Association (LAA) in its statement.

On November 4, 2021, a meeting of members of the Latvian Insurers' Association (LAA) was held, at which two members of the association's management were re-elected for a two-year term, as well as the association's work plan and budget for 2022 were approved, as LAA announced on its website.

Latvian insurance industry has returned to growth in the third quarter of 2021 after five quarters of decreasing GWP, informed the Latvian Insurers' Association (LAA). LAA representatives mentioned that despite the local economy is still struggling with the consequences of the Covid-19 pandemic - the total amount of Q3 2021 GWP has increased by 2.9% compared to the previous year.

The study conducted by the Ministry of Economics on the changes in labor and construction material costs in 2021-2025 indicates that construction costs will increase by a record 6.6% in 2021 compared to 2020, reaching the highest increase in 9 years.

In the two quarters of this year, the largest type of insurance in Latvia in terms of sales volume was health insurance, which makes up 23% of the total GWP. The number of life insurance contracts has decreased, while property insurance has increased, the local press said.