Latvia
Latvian 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 2019LATVIA: crop insurance more affordable for farmers
Regulation on state support for insurers to provide compensation in case of drought damage has been approved in Latvia. It will contribute to the development of agro insurance, according to the Latvian Association of Insurers.
4 July 2019LATVIA: Number of accidents involving uninsured vehicles decreased in 2018
The Latvian Motor Insurers Bureau (LTAB) reported that the number of road traffic accidents (RTA) in Latvia involving uninsured vehicles decreased in 2018, compared to the previous year. In 2017, about 1.24% of total RTA were caused by uninsured vehicles, while last year 1.11% of RTA were caused by vehicles without a valid MTPL policy (- 0.13 pp).
9 May 2019Swedbank's profit in Q1 up EUR 29 million in spite of scandals
29 April 2019STATISTICS: LATVIA, FY2018: Insurer profits decreased by one fifth
Last year, insurance companies in Latvia generated EUR 12.4 million in aggregate profit, down 22.6% from 2017, according to the data released by the Financial and Capital Market Commission, FKTK.
4 April 2019LATVIA: Parliament adopted MTPL law amendments
On March 14, Saeima, the parliament of Latvia, adopted a set of amendments to the current MTPL system (OCTA). The changes aim to refine the present law of MTPL and eliminate the shortcomings in everyday practice. The amendments will enter into force 1 May 2019.
27 March 2019LATVIA: Number of banks is too big for Latvia's market - Putnins
19 March 2019Balta non-life insurer posts EUR 7.778 million in 2018
3 March 2019Latvian residents worried the most about traffic accidents when travelling
27 February 2019LATVIA: 2018 MTPL results were positive for insurers
Data collected by the Latvian Motor Insurers' Bureau (LTAB) shows that the 9 MTPL insurers from Latvia earned EUR 3.61 million revenues from this business line. It is the first time in the past 10 years when Latvian MTPL insurers profited from this type of business line.
21 February 2019LATVIA: Tax reform slowed down life insurance in 2018
Insurance market premiums in 2018 increased by 11.3% overall compared to 2017. Life insurance as a whole remains the most important insurance group, but its recorded evolution shows near stagnation.
21 February 2019BTA: number of insurance claims up by more than a quarter
19 February 2019In winter, active recreation lovers get less hurt, while their injuries are more severe
19 February 2019STATISTICS: BALTICS, 2008-2017 timeline: evolution of the regional consolidated results is in line with the CEE average
The Baltic countries - Estonia, Latvia and Lithuania -, have recorded between 2008-2017 a trend similar to the other CEE markets. The same main pattern can be distinguished, splitting the evolution of the market in three periods: decline (2008-2010), recovery (2010-2013) and growth (2013-2017).
14 February 2019LTAB: Brexit could have a major effect on vehicle insurance sector
5 February 2019STATISTICS: LATVIA: Local insurers posted EUR 9.33 million in nine-month profit
Latvian insurance companies generated EUR 9.33 million in aggregate 3Q2018 profit, down by 28.5% y-o-y from EUR 13.05 million a year ago, the quarterly figures published by FKTK (Financial and Capital Market Commission) showed.
9 January 2019LATVIA: LTAB: it was a relatively peaceful year for vehicle insurance industry
2 January 2019Latvia leads Baltic GDP growth in third quarter
2 December 2018
