Competition will remain tough in all segments on the Baltic insurance markets in 2016, preventing significant rises in the insurance premiums level. As a result, the Latvian market is expected to maintain the 7% growth pace experienced in 2015, informs LETA quoting Ingrida KIRSE, ERGO Board member in the Baltic states.
The Latvian insurance market totaled EUR 396 million at the end of September 2015, increasing by 4.6% compared with the same period last year, according to figures published by the Financial and Capital Market Commission - FKTK. At the same time, as FKTK's figures showed, the insurance companies paid EUR 225.2 million in claims (9.5% more y-o-y).
In July this year Austrian VIENNA Insurance Group signed an agreement to acquire 100 percent of shares in Riga-based BALTIKUMS AAS. The transaction has now been concluded after the relevant authorities gave their approval. As a result of the acquisition, Vienna Insurance Group is now one of the top five insurers on the Latvian market.
The Latvian Financial and Capital Market Commission (FKTK) aprooved the transaction between Austrian VIENNA Insurance Group and the local non-life insurer AAS Baltikums. In late July, VIG announced it signed an agreement to purchase 100% of Riga-based insurer. At the moment, VIG is present in Latvia through local insurer COMPENSA Life while non-life products are offered by a EU branch of COMPENSA Poland. The acquisition of BALTIKUMS AAS makes VIG one of the top 5 insurance companies in Latvia.
According to the figures published by the Financial and Capital Market Commission - FKTK, Latvian insurers (local and EU branches in Latvia) posted aggregated gross written premiums of EUR 273.6 million in the first half of the year, which is 6.3% more compared with the same period last year. At the same time, the value of paid claims and indemnities increased by 9.7% y-o-y to EUR 148.4 million.
Samsung Baltics, in cooperation with insurance company Balta, has introduced free insurance services for smartphones affected by water, reportd Db.lv. Samsung Galaxy S6 and Galaxy S6 edge smartphones can be covered with the service, which is activated using the Screen Care+ application. The insurance will be valid for one year.
According to FKTK - The Financial and Capital Market Commission, the Latvian insurance market totaled EUR 151.21 million at the end of March 2015, or 5.98% more y-o-y. At the same time, the value of paid claims and indemnities was up by 11.69%, reaching EUR 75.64 million. The GWP of branches of EU insurers decreased by 2.05% to EUR 38.84 million (or 25.68% from the total amount of premiums), while the Latvian-based local insurers accounted for the rest of 74.32% or EUR 112.38 million (up by 9.06% y-o-y).
The Latvian financial watchdog, the Financial and Capital Market
Commission (FKTK), has granted the license for insurance operations to
BTA Baltic Insurance Company, a subsidiary of the non-life insurer BTA
Insurance Company, the FKTK announced.