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.

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.

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.

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.

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).

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.

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.

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.

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.

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.

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).

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.

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.

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.

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.

In 2022, the ombudsman of the Latvian Insurers' Association (LAA) received 35 customer complaints about insurance services and the largest number of them were about Motor Hull, while in 2021 most complaints were submitted about property insurance. Total number of complaints in 2022 compared to 2021 has increased very slightly (35 vs 32), Latvian Insurers' Association (LAA) reports.

As of January 1, Urzula Deska has become the new chairman of the board of ERGO, one of the leading insurance groups in the Baltic region, in the Baltic States, and will also hold the position of head of ERGO's Latvian branches in the future, as Latvian Insurers' Association (LAA) reports.

According to the Q3 2022 market data published by the Financial and Capital Market Commission (FKTK), Latvian insurers' aggregate net profits decreased by EUR 7 million (or by 28.2% y-o-y) to EUR 17.87 million (vs. EUR 24.90 million at the end of September 2021).

In the Latvian Insurers' Association (LAA) members' meeting in November, two management members of the association's council were re-elected for a two-year term, as well as the association's 2023 work plan and budget were approved.

According to the Association of Latvian Insurers (LAA), a gradual increase in interest in private individual health insurance was observed during Covid-19. The head of the association Janis ABASINS noted that the war and insecure situation in the region could further increase interest in the near future, lsm.lv reports.