Latvian farmers are opposed to the requirement backed by the Latvian government for owners to buy compulsory motor vehicle civil liability insurance (CMVCLI) also for vehicles that are not used in road traffic, says the board chairman of the Latvian Agricultural Organization Cooperation Council, Edgars Treibergs.
The Latvian basketball union has paid record 123 000 euros in the form
of an insurance premium for participation of the forward of New York
Knicks Kristaps Porzingis for Evrobaskete-2017. LETA with reference to
the words of the secretary general of LBS Edgar Shneps reports about it.
The City of Riga Vidzeme District Court has accepted for review the claim filed by SIA Tineo for the award of insurance indemnity from "Ergo Insurance SE", amounting to 1.3 million euro. The company decided to file the claim to the court after the mentioned insurance company refused to fulfil its obligations and compensate the losses that occurred as a result of the tragic event in Riga in November 2013 caused by design and construction mistakes by the third parties, which lead to destruction of real estate property of Tineo.
During the first quarter of 2017, Latvian insurers generated EUR 1.13 million in aggregate profit, which is 58% less y-o-y, according to the figures released by the Financial and Capital Market Commission (FKTK).
Compensa Vienna Insurance Group (Compensa) racked up EUR 45.15 million in premiums in the Baltic countries last year, which is 63.2 percent or EUR 17.49 million more than in 2015, the company's representatives told LETA.
Maxima Latvija, a subsidiary of the retail group Maxima Grupe, and Tineo, the owner of the Riga shopping center that housed the collapsed Maxima store, are suing Ergo Insurance over its refusal to pay a claim worth 5.34 mln euros, but the insurer says that the event was not covered under the insurance policy.
"The number of insurance association owners is reducing, which could mean a smaller number of insurance companies in the future. One positive development for the insurance market is that it grows more rapidly than the economy," Balta chairman of the board Bogdans Bencaks told BNN in an interview.
Natural occurrences caused by climate change create major losses for
businesses and private persons in Latvia, according to information
compiled by Seesam on insurance claim payments performed in the past