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.
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.
One year after its acquisition by PZU, Latvian insurer BALTA reported a EUR 542,000 profit for the first half of 2015 thanks to an improvement of the technical result by EUR 674,000.
The insurance company Balta posted EUR 542,000 in profit in the first six months of 2015, LETA learned from the company.
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 regulator, the Financial and Capital Market Commission, has allowed Latvian non-life insurer BTA Insurance Company to transfer part of its insurance portfolio to its subsidiary.
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.
The amount of health insurance premiums subscribed in Latvia might grow 5 pct this year, Janis Lucaus, the board chairman of BTA Insurance Company, said in an interview with BNS.
SEB Dzivibas Apdrosinasana, the Latvian life insurance company of SEB Group, has reported a profit of 1.701 million euros for the first three months of this year.
The insurance company Balta earned EUR 96,000 in the first quarter this
year, reports LETA, according to the company's announcement. For
comparison - in the first quarter last year, Balta earned EUR 6,000.
In the first quarter of the year 2015, Swedbank in Latvia earned a net profit of EUR 23 million, compared to EUR 32 million for Q1 2014. Swedbank Lithuania earned a net profit of EUR 21 million in Q1 2015 and Swedbank Estonia earned a net profit of EUR 37.1 million, informs LETA.
According to the figures published by the Financial and Capital Market Commission - FKTK, in 2014 the Latvian insurance sector totaled EUR 517.4 million, or 9.9% more y-o-y. During the reporting period, gross premiums written by local insurers went up by 6% to EUR 371 million (71.7% of total market), while the EU branches' business saw a double-digit growth rate (+21%) to EUR 146.3 million (28.3% of total GWP).