"The sky is going to fall soon on the insurers, intermediaries and consumers in Europe", believes William VIDONJA, Head of Conduct of Business, Insurance Europe, referring to EU regulation.
In this regard, he stressed out the new features of the IDD (insurance
distribution directive), PRIIPs (related to investment-based insurance
products) and Solvency II Directive.
In all countries, there is a strong tendency towards new products compliant with Solvency II requirements, stated Esko KIVISAARI, Deputy Managing Director, Federation of Finnish Financial Services, in his presentation at the 16th International Conference "Insurance & Reinsurance in the Baltics".
There are 4,8 million connected cars in Italy (telematics-related box) attached to MTPL policies, that represents 16% from the overall motor insurance market in Italy, pointed Matteo CARBONE, Principal, BAIN&Company at the 16th International Conference "Insurance & Reinsurance in the Baltics".
The fast changing global insurance landscape requests insurers not only to adapt, but also to anticipate in order to cope with the strong competitive environment. XVI International Conference "Insurance and Reinsurance in the Baltics 2016" Riga, September 29th, 2016, will address the challenges of the next decade for the European insurance community.
According to FKTK - The Financial and Capital Market Commission, the Latvian insurance market totaled EUR 157.3 million at the end of March 2016, or 4% more y-o-y. The EU-branches' GWP increased by 11.2% to EUR 43.2 million (or 27.4% from the total amount of premiums), while the Latvian-based insurers accounted for the rest of 72.6% or EUR 114.1 million (up by 1.6% y-o-y).
The Latvian Competition Council has allowed Austrian VIENNA Insurance Group (VIG) to take over Latvia's BTA Baltic Insurance Company (BTA Baltic), LETA news agency informed. The competition watchdog approved the deal as in its opinion there is no indication that the takeover might affect competition in the non-life insurance market.
The Motor Insurers' Bureau of Latvia (LTAB) has filed for insolvency of
the to-be liquidated Balva non-like insurer, informs LETA.
Latvia's Balta non-life insurer in the first quarter of the year 2016 posted EUR 1.2 million in profit, the company said in a statement to the press, cites LETA.
Sales of Coface Latvia credit risk insurance in the first quarter of this year rose 17 percent to EUR 438,000. The company's premium subscription rose 6 percent to EUR 354,000, the company said in a statement to the press.
The audited net profit of Balta insurance company in Latvia in 2015 was EUR 1.2 million, and premiums subscribed grew 22% from 2014, the company said LETA.
At the end of September 2015, a huge amount was totaled by the Latvian insurance market: 396 million of euros. It means that, in comparison with the same period in 2014, this business has grown 4,6 percent. The Financial and Capital Market Commission (FKTK) stated that, in claims, the Latvian insurance companies paid more than 225 million euros and, in statistics, it is equivalent to affirm that such increase represents 9.5 percent more year over year. But that's not all. The local insurers have written, of the total gross premiums, more than 72 percent. In euros, it corresponds to 287 million; and, by the way, 5.8 percent more year over year.
Customers taking out travel insurance with Latvian insurance company
Balta will now be able to insure themselves also against the terrorism
risk, informs LETA.
Latvian insurance company Balta closed 2015 was a profit of EUR 1.19
million, informs LETA, according to the company's annual statements. After
posting loss for several successive years, Balta succeed to break into
the black in 2015. For example, previously it showed a loss of more than
EUR 1 million in 2014, and a loss of EUR 2.2 million in 2013.
Latvian insurers ended 2015 with an overall GWP volume reaching EUR 531.12 million, 2.65% up y-o-y. Paid claims also increased to EUR 310.61 million, 9.85% more y-o-y recording a higher than average growth rate, the life insurance segment increased its share in the market portfolio by 1 pp, to 21.6%.
Motorists' mandatory civil liability insurance industry (OCTA) operated
with a loss of EUR 11.7 million in 2015 in Latvia, informs LETA,
according to the Motor Insurers' Bureau of Latvia.
The Bank of Latvia President Ilmars Rimsevics and Finance Minister Janis Reirs (Unity) have nominated the Financial and Capital Market Commission's (FKTK) deputy chairman Peters Putnins as the commission's head, reported LETA Monday.
Kristaps Zakulis, the chairman of the Latvian financial regulator the
Financial and Capital Market Commission (FKTK), has tendered his
resignation, BNS was told at the FKTK. FKTK spokeswoman Elina Avotina said that Zakulis' decision has been well-considered.
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.