Last year, almost 56 million euros were paid in MTPL claims :: Dienas Bizness

Despite the decrease in the number of claims submitted to insurers in 2020 (by 10% compared to 2019), last year insurance companies and the Latvian Motor Insurers’ Bureau (LTAB) together made decisions on the payment of MTPL indemnities in the amount of 55.84 million euros.

Last year, the historically highest amount of the average MTPL remuneration was reached – 1305 euros.

In 2020, the total number of accidents reported to insurers was 40,627, which is approximately 10% less than in 2019.

“The decrease in the number of accidents is due to the restrictions imposed during the Covid-19 pandemic and the decline in economic activity, which significantly reduced traffic. LTAB statistics show that the number of accidents reported to insurers decreased significantly in the first 6 months and increased in the second half.” explains Jānis Abāšins, Chairman of the Board of LTAB, adding that last year the number of vehicles registered in Latvia increased to 1.13 million.

Last year, insurance companies and LTAB made decisions on the payment of claims in the amount of 55.84 million euros, which is about 2% more than a year earlier. In 2020, the average insurance indemnity for a road traffic accident has also increased.

“If in 2019 the average remuneration was 1211 euros, then last year it has already reached 1305 euros,” says J. Abāšins.

Insurers have reimbursed the most for the damage caused to the vehicle (75.9%), victims (11.9%) and state and local government institutions for the treatment of RTA victims, maintenance in medical institutions, as well as for paid benefits (5.9%).

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In 1997, the MTPL system was introduced in Latvia. The right to carry out MTPL insurance in Latvia is AAS “Balta”, AAS “Baltijas Apdrošināšanas Nams”, AAS “BTA Baltic Insurance Company”, “Compensa Vienna Insurance Group” ADB Latvian branch, “ERGO Insurance” SE Latvian branch, ADB “Gjensidige” Latvian branch , Latvian branch of If P&C Insurance AS and Latvian branch of Swedbank P&C Insurance AS.

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