Latvia
LATVIA: Baltic Insurance Conference: the most significant challenges in the coming years are related to data and digitization
The most significant challenges of the insurance industry in the field of regulation and development in the coming years are related to data and digitization.
30 April 2024LATVIA: On April 25, the 19th international conference "Insurance and reinsurance in the Baltics" to be held in Riga
The Latvian Insurers Association (LAA) is organizing for the 19th time the international conference "Insurance and reinsurance in the Baltics", which will be held on April 25, 2024 in Riga, the Association said.
23 April 2024STATISTICS: Latvia insurers' FY2023 business expanded to over EUR 1 billion
At the end of December 2023, Latvian insurers' aggregate GWP (local and EU branches, summed-up) totaled EUR 1.11 billion, up by 12.02% y-o-y, while the amount paid in claims and indemnities increased by 10.64% y-o-y to EUR 710.93 million, according to the quarterly figures published by the Central Bank (Latvijas Banka).
19 March 2024LATVIA: Last year the largest number of complaints received by LAA ombudsman were about property insurance
In 2023, the ombudsman of the Latvian Insurers Association (LAA) received 44 customer complaints about insurance services. The largest number of complaints were about property insurance (18), the Association said.
12 March 2024LATVIA: Health insurance is the most popular and fastest growing insurance type in Latvia
Health insurance is the most popular type of insurance in Latvia. The president of the Association of Latvian Insurers, Janis Abasins, explained the 10% annual increase in health insurance by the fact that employers need healthy employees, lsm.lv wrote.
5 March 2024LATVIA: LAA: the number of insured car thefts decreased sevenfold
Compared to seven years ago, the situation with car theft in Latvia has significantly improved, and the number of stolen insured cars has decreased seven times, the Latvian Insurers Association (LAA) reports.
14 February 2024LATVIA: only a third of the sowing area is insured in Latvia
In Latvia, only a third of the sowing area is currently insured. Although the amount of insured land increased last year, farmers are still very reluctant to insure their fields. In addition, the past year caused great losses to agriculture precisely because of weather conditions, LSM.lv wrote.
7 February 2024LATVIA: UNIBROKKER merges with R&D Insurance Broker – the combined company will become the leading service provider in the country
Starting from January 22, 2024, the insurance brokerage company UNIBROKKER INSURANCE & CONSULTING and its employees will merge with R&D Insurance Broker, a subsidiary of RENOMIA, the leading insurance broker in Central Europe, the Latvian broker announced. The combined company will become the premier service provider in Latvia.
25 January 2024LATVIA: ISA: price and insurance contract terms are the most important factors in choosing insurers
The two most important factors for Latvians when choosing an insurance company are the price and the insurance contract terms, according to the insurance industry study conducted by the research center SKDS in November 2023, the Latvian Insurers Association (LAA) reports.
16 January 2024STATISTICS: Latvian insurers posted double-digit increase in nine months business
According to the Q3 2023 market data published by the Financial and Capital Market Commission (FKTK), in terms of premiums, the Latvian insurance market totaled EUR 836.4 million at the end of September 2023, about 13.4% more y-o-y. There were 4 non-life insurance companies and 2 life insurance companies operating in Latvia, as well as 11 branches of foreign insurers (7 non-life & 4 life).
18 December 2023LATVIA: Latvians spend very modestly on life insurance
Life insurance premiums per capita in the Baltic States ranges from EUR 60 to EUR 104, which is several times less than the average in Europe, but is comparable to other Central European countries, the Latvian Insurers Association (LAA) reports.
12 December 2023LATVIA: Insurance companies paid out EUR 18.5 million to farmers in 8 months this year
At the end of the harvest season, the Latvian Insurers' Association (LAA) collected data on agricultural insurance - Latvian insurers paid out EUR 18.5 million to farmers in 8 months this year, which is 30% more y-o-y. On the other hand, in the last two years, the amount has even doubled, the Latvian Insurers Association (LAA) reports.
6 November 2023LATVIA: in 8 months EUR 70.4 million were generated in life insurance, which is 15% of the entire Latvian insurance market
Accumulative life insurance in Latvia is gradually regaining weight and importance this year, overcoming last year's challenges in the international financial markets, geopolitics (war) and changes in Latvian legislation, the Latvian Insurers Association (LAA) reports.
19 October 2023STATISTICS: Latvia 1H2023 insurers' business expanded to EUR 562 million
Latvian insurers' January-June 2023 aggregate GWP (local and EU branches, summed-up) expanded by 15% to almost EUR 562.3 million, while the amount paid claims and indemnities increased by 6.6% y-o-y to EUR 343 million, according to the half-year figures published by The Financial and Capital Market Commission of Latvia (FKTK).
Of total GWP, branches of EU insurers generated 35.6% - EUR 200 million, or 9.2% more y-o-y, the remaining EUR 362 million +~18% y-o-y being generated by the local insurers. According to FKTK half-year report, at the end of June 2022, there were 4 non-life insurance companies and 2 life insurance companies operating in Latvia, as well as 11 branches of foreign insurers (7 non-life and 4 life units).
In terms of GWP, the largest life insurer in the country is SEB Life and Pension Baltic SE (GWP of EUR 45.8 million, 3.4% market share), while BTA Baltic Insurance Company led the non-life ranking with GWP worth EUR 148 million or 32.9% market share.
Access xprimm.com database and download the H12023 Latvian insurance market statistics: GWP/claims portfolio and life/non-life rankings.
Of total GWP, branches of EU insurers generated 35.6% - EUR 200 million, or 9.2% more y-o-y, the remaining EUR 362 million +~18% y-o-y being generated by the local insurers. According to FKTK half-year report, at the end of June 2022, there were 4 non-life insurance companies and 2 life insurance companies operating in Latvia, as well as 11 branches of foreign insurers (7 non-life and 4 life units).
In terms of GWP, the largest life insurer in the country is SEB Life and Pension Baltic SE (GWP of EUR 45.8 million, 3.4% market share), while BTA Baltic Insurance Company led the non-life ranking with GWP worth EUR 148 million or 32.9% market share.
Access xprimm.com database and download the H12023 Latvian insurance market statistics: GWP/claims portfolio and life/non-life rankings.
3 October 2023LATVIA: storm damage claims to reach approximately EUR 13-14 million
The recent devastating storm of August 7 caused multiple losses, the amount of compensation in Latvia reached approximately EUR 13-14 million, according to the president of the Latvian Insurers Association, Janis Abasins, the Latvian news source wrote.
22 August 2023STATISTICS: Latvia insurers' Q1 business increased to almost EUR 300 million
At the end of March 2023, Latvian insurers' aggregate GWP (local and EU branches, summed-up) totaled EUR 295.43 million, up by 16.92% y-o-y, while the amount paid in claims and indemnities increased by 1.74% y-o-y to EUR 177.61 million, according to the quarterly figures published by The Financial and Capital Market Commission of Latvia (FKTK).
5 July 2023LATVIA: Farmers to get support to partially cover insurance costs
Farmers will have access to support to cover the costs of purchasing insurance policies for crops and livestock, including the risk of fire. This is provided for by the procedure approved by the government on May 23, the Latvian news source wrote.
30 May 2023STATISTICS: Latvia insurers' 2022 business increased to almost EUR 1 billion, while profits decreased by 20%
At the end of 2022, Latvian insurers' aggregate GWP (local and EU branches, summed-up) totaled EUR 994.7 million, up by 17.1% y-o-y, while the amount paid in claims and indemnities increased by EUR 100 million to EUR 641.5 million, according to the year-end figures published by the local Central bank - Latvijas Banka.
23 March 2023LATVIA: Last year, the number of complaints received by the PTAC on the financial sector decreased, with the most complaints being about insurance
Last year, the number of complaints received by the Consumer Rights Protection Center (PTAC) about the financial sector decreased, yet the most complained about insurance. PTAC received 220 complaints, or 30% less y-o-y, and the only area where the number of complaints slightly increased was insurance, the Latvian news source wrote.
15 March 2023LATVIA: Two new members join the Latvian Association of Insurers
At the meeting of Latvian Insurers' Association (LAA) on February 14, two new members joined LAA - Balcia Insurance SE and the branch of Telia Forsakring AB in Latvia, Latvian Insurers' Association (LAA) reports.
28 February 2023
