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LATVIA: 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 2020LATVIA: FCMC might be morphed into a Central Bank division
At the end of May 2020, the Ministry of Finance (MoF) from Latvia has submitted to the Cabinet of Ministers an assessment prepared in co-operation with the Central Bank of Latvia and the Financial and Capital Market Commission (FCMC) regarding a possible merge between the Central Bank and FCMC, planned to start in 2022 - 2023.
2 June 2020STATISTICS: LATVIA, FY2019, FKTK figures: Insurers' profits almost tripled while the GWP expanded to EUR 856 million
During 2019, insurance companies in Latvia grossed EUR 856.73 million in premiums, up by 13.36% against 2018, while the amount paid in indemnities grew 35.40 % y-o-y to EUR 549.42 million, according to the figures published by The Financial and Capital Market Commission of Latvia (FKTK).
23 April 2020LATVIA, COVID-19: FKTK announced it will ensure an individual and flexible approach in supervising the financial market participants
The Latvian Financial and Capital Market Commission (FKTK) announced in the light of the position expressed by the European Central Bank (ECB), the European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA), ensuring the supervision of financial sector participants will implement an individual and flexible approach, based on the assessment of actual situation and the effects of COVID-19 and making use of options provided by the regulatory framework.
30 March 2020Latvian parliament approves the nomination of Girts RUDA as Member of the FKTK Board
The Financial and Capital Market Commission (FKTK) announced Saeima - the parliament of the Republic of Latvia approved the nomination of Girts RUDA as Member of the FKTK Board.
30 March 2020LATVIA: Smoke detectors and fire extinguishers mandatory for every home
As of January 1st, 2020, Latvian legislation imposed mandatory smoke detectors for all residential buildings. Similarly, fire extinguishers became mandatory for every Latvian dwelling.
22 January 2020LATVIA: the market is growing yet risk insurance still accounts for only 1.3% of GDP
The insurance market has been growing over the past couple of years, recently showing a double-digit increase, despite a smaller growth rate at the end of 2019, according to Uldis DZINTARS, member of the board of BALTA (leader of Latvian non-life sector, which belongs to the PZU group), LETA news agency writes.
17 January 2020STATISTICS: LATVIA, 3Q2019: Insurers' profits doubled to ~EUR 18 million
The Latvian insurance market totaled EUR 588.70 million at the end of September 2019, or 3.69% more y-o-y, according to data published by the Financial and Capital Market Commission (FKTK). At the same time, the insurance companies paid EUR 384.20 million in claims (28.81% more y-o-y).
16 January 2020LATVIA: the Board of the LAA re-elected
On November 1, 2019, the Latvian Association of Insurers (LAA) held a meeting during which two members of the Association management board were re-elected for a term of two years, as well as future priorities of LAA activities agreed, as LAA announced on its website.
7 November 2019STATISTICS: LATVIA, 1H2019: Half-year insurers' profit more than doubled to EUR 15.37 million
Latvian insurance companies generated EUR 15.37 million in aggregate H1 net profit, more than double than a year ago (EUR 7.22 million), the end-June figures published by FKTK (Financial and Capital Market Commission) showed.
3 October 2019LATVIA: The average MTPL indemnity rose by 29% in three years
According to The Motor Insurers' Bureau of Latvia (LTAB), for the first half of 2019, the average MTPL indemnity was EUR 1,068, about 29% higher than the average MTPL claim from the first half of year 2016 (1H2016: EUR 826).
5 September 2019Latvian GDP growth slows down to 2% y/y in Q2
3 September 2019LATVIA: new liability limits for drone insurance
On August 13th, the Government of Latvia approved the draft over "unmanned aircrafts and other aircrafts" regulation, according to which all drones that weight over 250 grams (~0.55 lbs) are required to carry a civil liability insurance.
29 August 2019STATISTICS: Almost EUR 5 million in profit for Latvian insurers at the end-March
Latvian insurers generated EUR 4.8 million in first quarter net profit, EUR 2.2 more compared with Q12018, according to figures released by the Financial and Capital Market Commission (FKTK). About 64% of total GWP were written by local insurers (EUR 132.5 million, or 1% less y-o-y), the rest by EU insurers (EUR 75 million, up by 7.9% y-o-y).
11 July 2019XPRIMM Newsletter
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