Financial Services, Good for Business, Insurance, Latvia
International Internet Magazine. Baltic States news & analytics
Friday, 26.04.2024, 21:29
Compensa premiums increase 63.2% in Baltic countries in 2016
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The company was developing rapidly last year, achieving growth across all insurance product groups, but the biggest increases were registered in property, civil liability and mandatory motor third party liability insurance.
In Latvia, Compensa premiums totaled EUR 8.9 mln last year - 11% up on 2015, while the amount of compensation payments stood at EUR 6.2 mln. Much like in the other Baltic countries, the highest increase was recorded in property insurance premiums in Latvia.
"Last year we in particularly focused on property insurance, developing increasingly attractive offers to our clients," and the financial results for 2016 prove that this strategy was successful, said Kaspars Neivalds, head of Compensa branch in Latvia. This year the company will continue to work on insurance products for legal entities, which make up a very important group of the company's customers, he added.
Austria's Vienna Insurance group has approximately fifty companies in 25 countries. The Latvian branch of Compensa is owned by Lithuania's Compensa Vienna Insurance Group.
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