Storm insurance claims could reach millions of euros

Insurers have received about 1,000 claims following the weekend storm, and compensation payments are likely to total millions of euros, the Latvian Insurers Association said, according to LSM.

Association president Jānis Abāšins told Latvian Radio that the losses reported so far remained highly preliminary. More precise estimates could be available within the next two to three days.

“It is too early to talk about the total sums, but they will be large. They will definitely be in the millions because property has been damaged,” Abāšins said.

He said the storm could cost insurers about as much as the storm in 2024. Riga was particularly badly affected this time, with its larger population and greater number of properties, including more insured properties.

About 80% of the claims received so far concern damage to buildings and other property. The second most common type of claim involves cars damaged in the storm. Relatively few claims have been filed for personal injuries, and Abāšins said he hoped that would remain the case.

Abāšins said residents should not be concerned about insurers’ ability to pay compensation. Insurers have sufficient financial reserves, while their solvency is monitored by Latvijas Banka. He said insurers would be able to meet their obligations in this case as well.

Although insurers are processing claims on an expedited basis, assessing the damage may take time because of the large number of applications.