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Tuesday 17.01.2017 | Name days: Tenis, Dravis

Lithuanians and Latvians buy insurance policies more and more often

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUThere are fewer and fewer households in Latvia that do not have an insurance policy, according to results of a survey by ERGO insurance company. The number of households that have three and more policies has increased 10% in Latvia.

Last year’s survey in Baltic States was also carried out in 2011. It shows that insurance habits of Latvian residents have changed in many aspects since then. While five years ago 32% of households in Latvia had no insurance policy, by the end of 2015 there were only 23% of such households in the country. 35% of respondents in Latvia mentioned that their household has three or more insurance policies. Nearly one-fifth of respondents said their household has at least one.

«It may be because economic growth has increased the value of assets residents wish to protect. Households have started paying attention to security aspects they used to put off as unnecessary expenditure. This includes insurance,» – explains ERGO board member in Baltic states Ingrida Kirse.

The number of households that have no insurance policies has also declined in Lithuania – from 24% to 19%. In Estonia, on the other hand, households most often have two insurance policies (25%).

Survey results show that two-thirds of households in Latvia spend up to EUR 300 on insurance annually. 31% of households spend up to EUR 100. The proportion of households that spend more than EUR 400 on insurance annually has increased as well – it stands currently at 15% (8% five years ago). Lithuanian households spend as much money on insurance as Latvian households. The number of households that spend more than EUR 400 annually has increased in Lithuanian as well – from 6% to 14%. Estonia has a smaller proportion of households that spend up to EUR 100 annually – 22%.

Ref: 102.109.109.3738


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