The board of Financial and Capital Market Commission (FCMC) has decided
to withdraw all the operating licences of Latvian insurer Balva to
Latvia's insurance market ended the period January-March 2013 with a 1% annual growth. The insurance companies underwrote LVL 65.4 million (EUR 93 million) worth of premiums. The market growth was fuelled by life insurance that rose by 16.3% to LVL 5.5 million of premiums. The non-life insurance sector decreased by 0.5% to LVL 59.9 million.
Only 18% of mopeds registered in Latvia had OCTA policies in the
beginning of the season. Only 4 265 of currently 23 630 registered
mopeds are insured, according to CSDD statistical data.
According to statistical data, Mondays and Fridays are the most dangerous days of the week for Latvian drivers.
In total, the volume of paid compensations increased 35%. Car owners pay
an average of 21 LVL every month, according to Swedbank P&C
Insurance compiled data.
Insurance company If P&C Insurance (If) branches in Estonia, Latvia
and Lithuania earned EUR 1.4 million (LVL 0.98 million) in consolidated
profit in the first quarter of 2013, LETA/Nozare.lv was informed by the
The floods and flash floods, which broke out across Latvia this spring,
have been some of the most powerful in the past decade. The worst
destruction occurred in Ogre, Plyavinyas, and in the areas around the
city of Daugavpils.
A note published on the Latvian Financial and Capital Market Commission's website informs that FCMC decided to temporarily suspend, starting 16 April 2013, all operating licenses issued to the insurance joint stock company BALVA. The decision was made because of infringements of the law established in the activities of IJSC BALVA. According to the FCMC decision, the company will continue to fulfil the terms of contracts entered into with existing customers; however, it is not permitted to enter into new insurance contracts, to increase the insured sums or prolong the insurance contracts.
The amount of premiums signed by insurance companies in Latvia in 2012
was the smallest in the Baltic countries when compared to the countries'
gross domestic product, according to data collated by insurance company
Balta, writes LETA/Nozare.lv.
Latvian Insurers Association (Latvijas Apdrosinataju asociacija; LAA)
reports that, in 2012, the Latvian insurance market grew by 12%,
reaching LVL 214m. The insurance companies paid out LVL 118.9m in
rewards, reported news2biz LATVIA.
The Financial and Capital Market Commission of Latvia today imposed
several restrictions on the operations of the joint-stock insurance
company Balva - the company must continue to fulfill its obligations to
customers but it may not sign new insurance policies, as LETA/Nozare.lv
learned from the commission.
Latvian insurance market had a 10% growth rate in 2012, especially due to the good dynamic reported by the non-life insurance segment: GWP amounted to LVL 249 million (or EUR 354 million), 9.6% y-o-y up.
Insurance company Gjensidige Baltic, a subsidiary of Norway's Gjensidige
Forsikring, concluded 2012 with LVL 4.1 million in profit after tax,
Nozare.lv was informed by the company, writes LETA.
SEB banka experts predict economic growth in Latvia at 3.8% in 2013 and
5% in 2014. There is potential for faster growth, but it will largely
depend on whether, and how convincingly, global economy forecasts hold
up, including those for eurozone economic recovery during the second
half of the year, says the bank's latest macroeconomic review, cites it
The Latvian insurance market witnessed a 3.9% growth in premiums in January-September 2012, due to the continued appreciation of business related to the non-life segment, according to The Financial and Capital Market Commission (FKTK). The total GWP of the Latvian insurance market in 3Q2012 was about EUR 261 million compared with EUR 251 million a year earlier.
Shareholders of the insurance brokerage companies BALTO LINK and A DZIVIBA have agreed to merge their companies in Latvia to create the 3rd largest insurance brokerage company in the Baltic States, with over EUR 21 million in annual written insurance premiums and EUR 3 million in annual commission revenue in total, informs BALTO LINK.
The ERGO Insurance Group is expanding its international bancassurance
business. In future, it will be working closely with Nordea, one of the
leading financial services providers in Northern Europe, to sell life
insurance products in the Baltic States.
The Freedom monument is the only Latvian statue that is insured. During
this year's festivities, the monument's insurance will be renewed for
the tenth time in the last ten years, BTA Insurance Company notes.
During the first nine months of 2012, the volume of losses for OCTA
increased to 1.2 million LVL. Insurers are experiencing losses for nine
consecutive months. With that, Latvian car owners will most likely need
to expect a possible price increase on OCTA insurance, BALTA (RSA Grupa)
The first autumn storm has caused 5,000 lats (7,000 euros) worth of
damage in Latvia. Lithuania was not so lucky - 436 thousand lats worth
of damage. In Estonia, however, insurance companies have yet to receive
any requests regarding insurance claims after the storm.