Swedbank registers a non-life insurance company branch

Evolving in line with the concept of a universal bank, the Latvian financial market leader, Swedbank, has registered a non-life insurance company branch in Latvia. Swedbank, through developing most appropriate offers for clients, aims to offer the best customer service in the non-life insurance market in Latvia.

Incorporated with the Register of Enterprises, the Latvian branch of the Swedbank Group’s Estonian insurance company AS Hansa Varakindlustus (hereafter - Swedbank Insurance) will offer non-life insurance services under the single Swedbank brand.

“This step conforms to the concept of Swedbank as a universal bank and demonstrates the company’s long-term commitment to the Latvian market”, says Mr Māris Avotiņš, the CEO of Swedbank Latvia. “The bank’s experience, infrastructure, advanced IT system, focus on service and the resources of the whole Swedbank Group in service development build our platform for ensuring quality.”

Expectedly, the branch will start operating already in the first half of the year, initially focusing on Swedbank’s existing and new customers. Given the bank’s experience and resources, Swedbank Insurance will be capable of providing them with most relevant non-life insurance offerings.

“At first, Swedbank Insurance will focus on the bank’s existing and new customers. We know our clients the best, which puts us in the position of being able to provide them with the most suitable offerings”, says Peeter Kabbun who will manage Swedbank Insurance in Latvia. “A new market player fosters competition, and in market economy competition leads to greater choice and better terms of services for the customer”.

At the outset, Swedbank Insurance will offer motor own damage and property insurance (for private customers), with the product offering to be expanded in the future.