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Sunday 23.02.2020 | Name days: Haralds, Almants
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OCTA ends year with 2.6 million lats in losses

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Baltic news, News from Latvia, BNN-NEWS.COM, BNN-NEWS.RU

In terms of OCTA performance indicators, 2010 marked overcoming of the low point. Although, overall 2010 reported a slight stabilization in the market situation, OCTA insurance sector concluded 2010 with a negative balance –2.6 million lats in losses.

In 2010, 1 174 721 OCTA insurance contracts were signed, which is 5 032 contracts more than a year ago. Compared to 2009, 12-month contracts are becoming increasingly popular. In 2010, this segment posted an increase of almost 5% or 24 514 contracts, according to the Latvian Vehicle Insurers’ Bureau (LVIB) data.

Of all the concluded insurance contracts in 2010 e-policies comprised 13.5%. Compared to 2009, the number of concluded e-policies in 2010 has spiked 71.5%, suggesting innovation and growing popularity of new technologies, changes in vehicle owners’ habits, as well as higher confidence in contracts concluded via the Internet.

Last year, the LVIB and insurance companies received 41 679 damage claims, which is 2.3% less than in 2009. Moreover, 39 348 decisions on refunds have been taken, totalling 24 966 080 lats – an increase of 4 105 062 lats, or 14, 1% less than in 2009.

In 2010, the average volume of paid-out compensations for accidents in Latvia was 604 lats – 16.2% less than in 2009. A considerable increase is recorded for compensations covered by the Guarantee Fund, where the average amount of refund per insured accident was 1 138 lats (a rise of 153 lats). The average compensation increase is linked to several large insurance claim payments, including for accidents caused abroad by uninsured vehicles registered in Latvia.

Despite OCTA insurance market recovery is gaining speed, the economic recession has affected the insurance market considerably, consequently this is reflected in the 2010 performance. However, considering the fact that the number of newly-registered vehicles in Latvia has grown by 32.9% or 1 231 cars (excluding transit vehicles), it is expected that along with the increase in the number of policyholders, OCTA segment will keep recovering from the stagnation, says Juris Stengrevics, the Chairman of the LVIB Board.


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  1. Ren says:

    Not everyone can afford insurance at the current economic situation…

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