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LATVIA: 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 2021STATISTICS: Latvia: Insurers' FY 2020 business decreased by EUR 60 million
During last year, Latvian insurers' aggregate GWP (local and EU branches, summed-up) totaled EUR 797.5 million, almost EUR 60 million less than in 2019, while the amount paid in claims and indemnities decreased by 8.8% y-o-y to EUR 501 million, according to the year-end figures published by The Financial and Capital Market Commission of Latvia (FKTK).
25 March 2021Latvian insurers' FY2020 profits expanded by 59% y-o-y
Latvian insurers' aggregate net profits expanded by 58.7% during last year (or by almost EUR 20 million in absolute value) to EUR 53.38 million, according to data presented by the Finance and Capital Market Commission (FKTK).
23 March 2021RENOMIA strengthens its position within CEE and enters Latvia
RENOMIA purchased a majority stake in R&D APDROSINASANAS BROKERS (R&D Insurance Brokers Ltd.), a local company based in Riga and strengthened its position within Central and Eastern Europe (CEE) as Latvia became the eighth European country in which RENOMIA has direct representation.
19 January 2021STATISTICS: LATVIA, 3Q2020: 9 months insurers' profits expanded by 29% y-o-y
The Latvian insurance market totaled EUR 597 million at the end of September 2020, about 1.4% more y-o-y, according to data published by the Financial and Capital Market Commission (FKTK).
17 December 2020LATVIA: Vienna Insurance Group acquires 100% of BTA market leader
Vienna Insurance Group AG (VIG), has become 100% owner of BTA Baltic Insurance Company AAS (BTA) shares, the insurance market leader of Latvia.
3 November 2020STATISTICS: LATVIA, 1H2020: Insurers' net profits decreased 12% due the loss in life
Latvian insurance companies generated EUR 13.53 million in aggregate H1 net profit, 12% less than a year ago (EUR 15.37 million), the end-June figures published by FKTK (Financial and Capital Market Commission) showed.
22 October 2020LATVIA: Real estate intermediaries required to purchase civil liability insurance
Real estate intermediaries in Latvia will be required to purchase professional indemnity insurance, according to the regulations of the Cabinet of Ministers (CM), which entered into force on 2 October. The professional liability of real estate agents must be insured to cover damage caused to a third party as a result of the agent's acts or omissions.
8 October 2020LATVIA: The number of vehicles which advanced in MTPL Bonus classes increased, while the number of vehicles in Malus classes lessened
According to the data of the Latvian Motor Insurers' Bureau (LTAB), the recalculation of the annual insurance risk assessment of Bonus-Malus system (B/M) classes, which takes place every year on September 15, this year the BM class has increased for 348,226 vehicles, decreased for 197,540 vehicles and remained the same for 550,662 vehicles.
1 October 2020LATVIA: Compensa VIG will pay more than EUR 1 million indemnities for Lido fire incident
On the evening of June 11, a high-risk fire broke out in the meat processing and production workshop of the company "Lido", located in Riga. The flames had affected a two-story production building - a hangar-type warehouse, an administrative room and a smoking workshop. During the fire, a total of 600 square meters of premises were damaged.
24 September 2020STATISTICS: LATVIA, 1Q2020: Life insurers ended Q1 on loss even tough the GWP volume expanded by more than 75%
Latvian insurers reported EUR -3.52 million net loss at the end of March vs. EUR 4.87 million net profit in Q12019, according to figures released by the Financial and Capital Market Commission (FKTK). Non-life insurers closed Q12020 with a net profit of EUR 7.85 million (vs. EUR 3.64 million a year ago), while the life insurers reported a negative result of EUR -11.37 million vs. a net profit of EUR 1.22 million at the end of March 2019.
9 July 2020LATVIA: EUR 9.6 million MTPL claims related to damages done to road structures and buildings were paid between 2015-2019
From 2015 to 2019, about EUR 9.6 million was paid in MTPL indemnities for the damage done to roads, road structures and buildings. In the first quarter of 2020 alone, EUR 663 thousand have already been paid for damage to infrastructure objects or their destruction.
18 June 2020
