International Internet Magazine. Baltic States news & analytics
Tuesday, 17.01.2017, 10:52
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.
Keyword tags: Baltic, Financial Services, Insurance, Latvia
Balta non-life insurer has paid a EUR 4.85 mln indemnity to Latvijas Finieris wood processing company for the damage brought by a fire that destroyed the company's Lignum plant in 2014, reports LETA.
Knowledgeprice.com and Ninety’s IT solution for Zurich Insurance receives the prestigious British Insurance Times Tech & Innovation Award07.10.2016
Information technology (IT) company Knowledgeprice.com, known for outsourcing services to foreign financial and insurance companies, in partnership with Ninety, the agile digital transformation specialist in the UK, has developed a solution for Switzerland’s largest insurer Zurich Insurance that has given it the treasured first-place win in the “Best Use of Technology to Improve Customer Experience” category at one of the most prominent insurance sector award ceremonies held in Britain.
Austria's Vienna Insurance Group (VIG), one of the biggest European insurers, has been cleared to buy Latvia's BTA Baltic Insurance Company (BTA), however, will have to sell international carrier insurance in exchange, reports LETA/BNS.
Lithuania's insurance market, including branches of foreign companies, totaled 330.205 mln euros in the first half of this year in terms of insurance premiums, up by 5.7% year-on-year, reports LETA/BNS.
The Norwegian insurance group Gjensidige that acquired the Lithuanian insurer PZU Lietuva at the beginning of the year made a loss of 41.4 mln Norwegian kroner or approximately 4.5 mln euros in the Baltic countries in the first half of 2016, writes LETA/BNS.
The Latvian Competition Council has allowed Austria's Vienna Insurance Group AG (Wiener Versicherung Grupp [VIG]) to take over Latvia's BTA Baltic Insurance Company (BTA Baltic), the competition watchdog informed LETA.