The Latvian insurance market totaled EUR 482.63 million at the end of September 2017, or 15.21% more y-o-y, according to data released by the Financial and Capital Market Commission (FKTK). At the same time, the insurance companies paid EUR 262.12 million in claims (1.77% more y-o-y).

The ruling coalition of the Latvian Saeima will reject government-backed amendments which would oblige owners to buy compulsory motor vehicle civil liability insurance for vehicles used off public roads.

Latvian farmers are opposed to the requirement backed by the Latvian government for owners to buy compulsory motor vehicle civil liability insurance (CMVCLI) also for vehicles that are not used in road traffic, says the board chairman of the Latvian Agricultural Organization Cooperation Council, Edgars Treibergs.

The Latvian insurance market totaled EUR 327.4 million at the end of June 2017, 15.4% more y-o-y. At the same time, the insurance companies paid EUR 178.7 million in claims (3.9% more y-o-y).

The Latvian basketball union has paid record 123 000 euros in the form of an insurance premium for participation of the forward of New York Knicks Kristaps Porzingis for Evrobaskete-2017. LETA with reference to the words of the secretary general of LBS Edgar Shneps reports about it.

The City of Riga Vidzeme District Court has accepted for review the claim filed by SIA Tineo for the award of insurance indemnity from "Ergo Insurance SE", amounting to 1.3 million euro. The company decided to file the claim to the court after the mentioned insurance company refused to fulfil its obligations and compensate the losses that occurred as a result of the tragic event in Riga in November 2013 caused by design and construction mistakes by the third parties, which lead to destruction of real estate property of Tineo.

During the first quarter of 2017, Latvian insurers generated EUR 1.13 million in aggregate profit, which is 58% less y-o-y, according to the figures released by the Financial and Capital Market Commission (FKTK).

Compensa Vienna Insurance Group (Compensa) racked up EUR 45.15 million in premiums in the Baltic countries last year, which is 63.2 percent or EUR 17.49 million more than in 2015, the company's representatives told LETA.

Maxima Latvija, a subsidiary of the retail group Maxima Grupe, and Tineo, the owner of the Riga shopping center that housed the collapsed Maxima store, are suing Ergo Insurance over its refusal to pay a claim worth 5.34 mln euros, but the insurer says that the event was not covered under the insurance policy.

The Latvian insurance market totaled EUR 532.4 million at the end of 2016, 0.2% more y-o-y, according to data published by the Financial and Capital Market Commission - FKTK.

Insurance claims for cases of critical diseases like cancer, heart attack and stroke have grown by nearly 70% over the course of the past year, according to data from ERGO.

Non-life insurer Baltikums Vienna Insurance Group has been renamed to InterRisk Vienna Insurance Group, information from Firmas.lv suggests LETA.

"The number of insurance association owners is reducing, which could mean a smaller number of insurance companies in the future. One positive development for the insurance market is that it grows more rapidly than the economy," Balta chairman of the board Bogdans Bencaks told BNN in an interview.

Natural occurrences caused by climate change create major losses for businesses and private persons in Latvia, according to information compiled by Seesam on insurance claim payments performed in the past decade.

There is a reason to expect growth in the numbers of insured cars and homes in the Latvian market, said Dzintars Kalnins, Head of Non-life Insurance Support Division at Swedbank.

The year 2016 saw a strong consolidation trend in the insurance sector in the EMEA region and Latvia was no exception. Vienna Insurance Group AG acquired Baltikums and BTA Baltic Insurance Company in a deal which is said to have contributed to the stability and sustainability of the insurance industry in the country.

Consolidation is likely to continue on the Baltic insurance market in the coming years, and in five years there could be five to six large market players in the Baltics, down from the current seven to eight major insurance companies, Latvian Insurers' Association told LETA.

The Latvian insurance market totaled EUR 419 million at the end of September 2016, 5.8% more y-o-y, according to data published by the Financial and Capital Market Commission - FKTK. At the same time, as FKTK's figures showed, the insurance companies paid EUR 258 million in claims (14.4% more y-o-y).

In spite of slow non-life insurance market growth in Latvia, which had reached a mere 6% in the first three quarters, BALTA insurance association concluded the first nine months of 2016 with profits of EUR 3.2 million.

A high-level insurance manager has won a tender to become Latvia's State Revenue Service's director-general, State Chancellery Director Martins Krievins, who chaired the panel assessing the candidates, told reporters Tuesday.