At the end of the harvest season, the Latvian Insurers' Association (LAA) collected data on agricultural insurance - Latvian insurers paid out EUR 18.5 million to farmers in 8 months this year, which is 30% more y-o-y. On the other hand, in the last two years, the amount has even doubled, the Latvian Insurers Association (LAA) reports.

Accumulative life insurance in Latvia is gradually regaining weight and importance this year, overcoming last year's challenges in the international financial markets, geopolitics (war) and changes in Latvian legislation, the Latvian Insurers Association (LAA) reports.

Latvian insurers' January-June 2023 aggregate GWP (local and EU branches, summed-up) expanded by 15% to almost EUR 562.3 million, while the amount paid claims and indemnities increased by 6.6% y-o-y to EUR 343 million, according to the half-year figures published by The Financial and Capital Market Commission of Latvia (FKTK).

Of total GWP, branches of EU insurers generated 35.6% - EUR 200 million, or 9.2% more y-o-y, the remaining EUR 362 million +~18% y-o-y being generated by the local insurers. According to FKTK half-year report, at the end of June 2022, there were 4 non-life insurance companies and 2 life insurance companies operating in Latvia, as well as 11 branches of foreign insurers (7 non-life and 4 life units).

In terms of GWP, the largest life insurer in the country is SEB Life and Pension Baltic SE (GWP of EUR 45.8 million, 3.4% market share), while BTA Baltic Insurance Company led the non-life ranking with GWP worth EUR 148 million or 32.9% market share.

Access xprimm.com database and download the H12023 Latvian insurance market statistics: GWP/claims portfolio and life/non-life rankings.

The recent devastating storm of August 7 caused multiple losses, the amount of compensation in Latvia reached approximately EUR 13-14 million, according to the president of the Latvian Insurers Association, Janis Abasins, the Latvian news source wrote.

At the end of March 2023, Latvian insurers' aggregate GWP (local and EU branches, summed-up) totaled EUR 295.43 million, up by 16.92% y-o-y, while the amount paid in claims and indemnities increased by 1.74% y-o-y to EUR 177.61 million, according to the quarterly figures published by The Financial and Capital Market Commission of Latvia (FKTK).

Farmers will have access to support to cover the costs of purchasing insurance policies for crops and livestock, including the risk of fire. This is provided for by the procedure approved by the government on May 23, the Latvian news source wrote.

At the end of 2022, Latvian insurers' aggregate GWP (local and EU branches, summed-up) totaled EUR 994.7 million, up by 17.1% y-o-y, while the amount paid in claims and indemnities increased by EUR 100 million to EUR 641.5 million, according to the year-end figures published by the local Central bank - Latvijas Banka.

Last year, the number of complaints received by the Consumer Rights Protection Center (PTAC) about the financial sector decreased, yet the most complained about insurance. PTAC received 220 complaints, or 30% less y-o-y, and the only area where the number of complaints slightly increased was insurance, the Latvian news source wrote.

At the meeting of Latvian Insurers' Association (LAA) on February 14, two new members joined LAA - Balcia Insurance SE and the branch of Telia Forsakring AB in Latvia, Latvian Insurers' Association (LAA) reports.

In 2022, the ombudsman of the Latvian Insurers' Association (LAA) received 35 customer complaints about insurance services and the largest number of them were about Motor Hull, while in 2021 most complaints were submitted about property insurance. Total number of complaints in 2022 compared to 2021 has increased very slightly (35 vs 32), Latvian Insurers' Association (LAA) reports.

As of January 1, Urzula Deska has become the new chairman of the board of ERGO, one of the leading insurance groups in the Baltic region, in the Baltic States, and will also hold the position of head of ERGO's Latvian branches in the future, as Latvian Insurers' Association (LAA) reports.

According to the Q3 2022 market data published by the Financial and Capital Market Commission (FKTK), Latvian insurers' aggregate net profits decreased by EUR 7 million (or by 28.2% y-o-y) to EUR 17.87 million (vs. EUR 24.90 million at the end of September 2021).

In the Latvian Insurers' Association (LAA) members' meeting in November, two management members of the association's council were re-elected for a two-year term, as well as the association's 2023 work plan and budget were approved.

According to the Association of Latvian Insurers (LAA), a gradual increase in interest in private individual health insurance was observed during Covid-19. The head of the association Janis ABASINS noted that the war and insecure situation in the region could further increase interest in the near future, lsm.lv reports.

Although the summer of 2022 was the third warmest on record since 1924, the largest crop insurance claims from farmers were for rain and storm damage, mostly veld, rather than drought damage.

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).