International Internet Magazine. Baltic States news & analytics
Monday, 20.01.2020, 18:01
The Estonian Insurance Association estimates that the sum total of claims following a single major storm in Estonia may amount to a couple of millions euros, whereas the exact size of the damage caused by the storm that ravaged mainly southern Estonia on Sunday is to become clear within a month, when all claims have been received, informed LETA/BNS.
Keyword tags: Ecology, Estonia, Financial Services, Insurance
In the first half of this year, Latvian insurers and the Latvian branches of foreign insurance companies raised gross premiums 2% against the respective period in 2018, while gross insurance claims rose 34% y-o-y, according to the data released by the Finance and Capital Market Commission (FCMC) informed LETA.
Last year, Latvian insurance companies generated EUR 5.966 mln in aggregate profit from mandatory motor third party liability (MTPL) insurance, up 71.1% from the respective period last year, LETA was told at the Motor Insurers' Bureau of Latvia (LTAB).
The situation on Latvia roads is the worst one in the past five or ten years, said non-risk insurer Balta, citing the company’s data on damages to cars due to poor quality roads, reported LETA/BNS.
Latvian non-life insurer Baltijas Apdrosinasanas Nams (BAN) made EUR 252,731 in profit last year in contrast to loss in the previous year, according to information released by the company informed LETA/BNS.
British-owned Lithuanian life insurance and pension funds company Aviva Lietuva posted 10.7 mln euros in net profits last year, up 1.9% from 10.5 mln euros in 2017, reported LETA/BNS.
Forecast: Life assurance and non-life insurance markets in Lithuania should see balanced growth in 2019
According to Bank of Lithuania projections, in 2019 growth in the domestic insurance market should moderate compared to the previous year, while life assurance and non-life insurance markets are anticipated to grow at an even pace, even though their growth rates have varied significantly over the last few years.