For the damages caused by the late July storm in Latvia, insurers have already paid out EUR 17 million (not including the activity of foreign insurers in Latvia), which is the largest amount of insurance compensation in Latvia for damage caused by a single natural disaster, according to the Latvian Insurers Association (LAA) as of October 2.

By September 11, insurers received 9,578 claims for a total of EUR 23.7 million. EUR 17 million paid cover 81% of all claims that have already been settled.

The LAA noted that the previous largest amount of damage caused by one natural disaster in Latvia was last year, when as a result of a hailstorm EUR 16.6 million were paid out. The losses caused by natural disasters are increasing every year - if in 2022 Latvian insurers paid EUR 5.4 million for damages caused by natural disasters, in 2023 the amount of damages caused by just one storm in August exceeded EUR 16 million, and this year another record has been reached.

The Association expects that the number and amount of compensations paid this year will increase even more.