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JSIC Seesam Latvia has paid out insurance indemnities amounting to 2.95 million LVL during the first six months of 2010

During the first six months of 2010, the Joint Stock Insurance Company „Seesam Latvia” has paid out insurance indemnities amounting to 2.95 million LVL to its clients. This amount corresponds to 73% of the amount of gross premiums written for the said period and this is one of the biggest payment amounts in the Latvian insurance market.

Amount of gross premiums written by the „Seesam Latvia” during the first six months of 2010 reached LVL 4.03 million, which is by 33% less than in the same period of the past year, however, the number of insurance contracts concluded in 2010 has increased by 50% in comparison with the same period of 2009 and reached 55 000. Mr. Aigars Freimanis, Director and Member of the Board of Director of „Seesam Latvia”, believes that such increase of the number of contracts is an evidence both of the existing customers' loyalty and willingness to use ever more insurance offers and of each customer's satisfaction with the quality of service and claims policies of “Seesam Latvia”, and confidence in the company's financial stability.

The biggest amount of indemnities – LVL 1.13 million in the first six months of 2010 – has been paid out for health insurance claims. This amount by 9% exceeds the amount of gross premiums written during the said period. For comprehensive motor transport insurance (CASCO) claims, the amount of indemnities paid out during the first 6 months of this year reached LVL 873 000, which exceeds the amount of the gross premiums written in this insurance type even by 45%.

JSIC „Seesam Latvia” constantly makes investments in development of the company to improve customer service and achieve better and easier access to insurance products. "Seesam Latvia" has become the first Latvian insurance company that offers e-services already in five types of insurance. Now you can purchase online MTPL and CASCO insurance of motor transport, as well as property insurance and travel insurance. Recently there was introduced e-service of accident insurance of children and students. The self-service allows customers to purchase insurance policies in an easy and quickly manner at any time and and in any place where access to the Internet is available, saving time and money.

Thanks to the conservative technical reserve formation policy of the preceding years and to the successful policy of investment of assets and technical reserves, the activities of the first 6 months of 2010 of JSIC „Seesam Latvia” resulted in profit in amount of LVL 441 000. Though this profit is by 64% lesser than in the first 6 months of 2009, a positive balance is retained, which still allows the company to make investments in development.

About JSIC „Seesam Latvia”

Joint Stock Insurance Company Seesam Latvia is a 100% subsidiary of the largest and most well-known Finnish non-life insurance company ‘’Pohjola Insurance Company Ltd.’’ and is a member of the "OP-Pohjola Group" - the largest financial group in Finland. „Pohjola Insurance Company Ltd.” was founded in 1895. It is the oldest non-life insurance company in Finland and its market share is 27 % of the insurance market of this country. The OP-Pohjola Group companies, including also „Seesam” companies in the Baltic Countries, employ 12 504 employees in total. The total assets of the Group exceed 80 billion Euros.

The international rating agency Standard & Poor`s has conferred the safety rating A+ to „Pohjola Non Life Insurance Company” that is one of the highest ratings among the Scandinavian insurance companies.