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LATVIA: LAA: The war in Ukraine has forced 24% of Latvians to think about savings for the future
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.
17 May 2022LATVIA: LAA: Agroinsurance grew by 17% last year
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.
12 April 2022STATISTICS: Latvia: Insurers' 2021 business increased to EYR 850 m, while profits compressed by more than 32%
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).
16 March 2022LATVIA: Last year the LAA Ombudsman received 32 complaints about insurance
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.
15 March 2022LATVIA: Customer service is the strongest driver of the Latvian insurance industry's reputation
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.
14 February 2022LATVIA: Janis ABASINS: The Latvian insurance market has adapted to the pandemic conditions
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.
26 January 2022STATISTICS: Latvian market expanded during Q3 by 3.7% y-o-y due to positive rates posted by EU branches
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).
13 January 2022Latvian insurers' end-September profits expanded by 9% y-o-y
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).
10 January 2022LATVIA: LAA: insurance industry returned to growth in the third quarter of 2021 after a five-quarter break
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.
21 December 2021LATVIA: The management of the Latvian Insurers' Association Council re-elected
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.
8 November 2021Latvia, LAA: In Q3 insurance market returned to growth after five consecutive quarters of decline
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.
3 November 2021LATVIA: insurance indemnities often do not cover renewal of the existing property
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.
26 October 2021LATVIA: Due to the pandemic, the demand for health and property insurance is growing
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.
4 October 2021LATVIA: Baltic Insurance and Reinsurance Conference - current issues of cyber insurance, sustainability, and transport insurance discussed
Cyber insurance, sustainability, and current initiatives in the field of transport insurance were the main topics of the 18th International Conference "Insurance and Reinsurance in the Baltics 2021", which was organized by the Latvian Insurers' Association (LAA) on September 23.
27 September 2021STATISTICS: Latvia: Insurers' HY 2021 profits increased by 33% to EUR 18 million
Latvian insurers' six months 2021 aggregate GWP remained at the H1 2020 level (local and EU branches, summed-up) totaling ~EUR 406.7 million, while the amount paid in claims and indemnities increased by 1.8% y-o-y to EUR 249.5 million, according to the half-year figures published by The Financial and Capital Market Commission of Latvia (FKTK).
14 September 2021LATVIA: problems with water supply, sewerage, and heating pipes caused about 45% of all insurance events last year
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.
8 September 2021LATVIA: LAA: The insurance industry recovering from the downturn, but no growth
In the first half of 2021 the insurance market remained stable - although economic situation is very volatile, total GWP amount and paid claims remained at last year's level, as the Latvian Insurers' Association (LAA) reported last week.
3 August 2021STATISTICS: Latvia: Insurers' first quarter business decreased to EUR 215 million
Q1 201 Latvian insurers' aggregate GWP (local and EU branches, summed-up) totaled EUR 215.29 million, almost EUR 10 million less than in Q1 2020, according to the quarterly figures published by The Financial and Capital Market Commission of Latvia (FKTK).
17 June 2021Latvia insurance market returned on profit in Q1 2021
Latvian insurers' aggregate net profits totaled EUR 10.40 million vs. a net loss of EUR -3.52 million in Q1 2020, according to data presented by the Finance and Capital Market Commission (FKTK).
14 June 2021More than a quarter of Latvians pay more attention to financial security due to Covid-19
According to a joint study conducted by the Latvian Insurers' Association (LAA) and the sociological research agency Norstat, over the past year, as a result of Covid-19 pandemic, more than a quarter (27%) of Latvian society has changed their perception of the importance of family financial stability.
25 May 2021
