Latvian insurance company Balta has paid more than EUR 4.54 million in hail damage claims over the past five years, the company told LETA.

On average, Balta has been paying out around EUR 900,000 per year in hail damage claims, but the hailstorm of August 7, 2023 caused as much damage in just a few hours as in all other years combined.

Over the past five years, hail has damaged an average of 125 cars annually in Latvia. In 2022, 25 cars were damaged, while in 2023 the number rose to 275. In 2020 and 2023, the number of claims under motor own damage (MOD) insurance exceeded 200, with reports often including descriptions such as “fist-sized hail” or “tennis balls made of ice.”

During the first seven months of this year, Balta received around 40 hail damage claims, mostly from clients in Tukums and Smiltene. The largest payout so far this year has been EUR 4,000 for a Škoda with a broken rear window and damage to the bodywork and mirrors.

According to Balta representatives, most hail damage costs in the past were related to motor vehicles, but in recent years the share of claims for damage to houses has been growing rapidly. In 2020, houses accounted for only 12 percent of total claims, but this year they are expected to exceed half of all hail damage claims.

The largest home insurance payout for hail damage to date exceeds EUR 90,000, while the average claim is under EUR 5,000. Particularly devastating cases occur when hailstones puncture roofs, allowing heavy rain to flood the interior of the house, the insurer said.

Balta noted that hailstorms in 2020 caused losses equal to the total for the previous ten years combined, while the 2023 losses exceeded that ten-year total.

As reported, Balta posted a profit of EUR 26.217 million in 2024 and wrote EUR 96.054 million in gross insurance premiums. Balta is part of the PZU Group.

Source: BNS

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