In the first six months of 2022 insurance companies and Latvian Vehicle Insurers’ Bureau (LTAB) made decisions and paid insurance claims worth a total of EUR 30.14 million, as reported by LTAB.
This is nearly 15% more when compared to last year’s six-month period. The average size of compensation amounts is also up.
«Compared to the last five years, the average compensation amount has increased by 27%. When compared to last year’s six-month period it has increased by nearly 9%,» as reported by LTAB board chairman Jānis Abāšins.
The average size of compensation amounts is tied to the growing inflation and the rising prices on car repairs, healthcare and rehabilitation services, explains Abāšins.
In the first half-year of 2022, insurers in Latvia received reports of 15 172 road traffic accidents, which is 3% more when compared to last year’s six months.
Insurance companies and LTAB have paid insurance claims worth a total of EUR 30.14 million so far. 76.1% of this amount accounts for damages caused to vehicles and 10.5% for victims of accidents. 6.4% of cases account for medical treatment of victims, their stay in hospitals, as well as benefits.
According to Abāšins, often people forget about the costs insurers experience when compensating other people’s damages, as well as the costs the state has to cover when providing healthcare to victims of accidents.
«Positions of these costs increase every year. Additionally, treatment and rehabilitation, as well as payment of state benefits after road traffic accidents may last for several years or for the rest of people’s lives,» said the chairman of LTAB.