Over the past five years (2018-2022), property insurance losses in Latvia as a result of climate change and natural disasters have increased tenfold, and indemnities paid in 2022 will reach 5.4 million euros. Compensations paid to farmers have also increased significantly, writes the Diena newspaper with reference to data from insurers, citing LETA. Unfortunately, statistics on damage from natural disasters for property insurance, CASCO and agricultural insurance are not collected in a single format, the publication notes. On the other hand, according to the Latvian Association of Insurers, last year alone, losses from the August hurricane reached 16.6 million euros (paid and reserved amounts). These data include CASCO, property and agricultural insurance. Last winter, the damage caused by the flood to residents, entrepreneurs, municipal and state institutions of the Jekabpils region reached 1.3 million euros. During the storm on July 11 this year, insurers received about 300 claims for compensation amounting to about a million euros. "In general, the frequency of floods has not changed much, but the frequency of storms and severe hail is increasing. Almost all European countries are at risk of floods and the effects of rising sea levels, and the water crisis, heat stress and fires are more regional in nature," says Janis Abashin, President Latvian Association of Insurers. In Latvia, according to forecasts of the State Fire and Rescue Service, the greatest risk is associated with such phenomena as floods, forest and peat fires, as well as heat. This is followed by a moderately high risk of sea level rise, rain, severe frost, hail storms and drought. Latvia is least threatened (low risk) by earthquakes. Flood zones are more or less known. The Latvian Center for Environment, Geology and Meteorology has good flood maps, so insurers cooperate with it and use these maps.
