Insurers start offering war risk insurance in peacetime; greatest interest from farms
Several insurance companies in Latvia have launched a new product – insurance against military risks during peacetime, which was previously not covered. Farmers have shown the strongest interest in the first days.
A number of insurance companies in Latvia have begun offering a completely new type of insurance – protection against military risks during peacetime. Until now, such risks were not included in standard policies.
According to Latvijas Radio, in the first days after the introduction of the new product, agricultural enterprises – farms – showed the greatest interest. They have been most active in seeking to insure their property against potential losses caused by war or military conflicts.
The new insurance type covers losses that may arise from military events, such as artillery shelling, bombing, or other consequences of hostilities, even if no official state of war has been declared. Currently, this service is offered only in peacetime conditions.
Insurers note that covering such risks is a novelty in the market, as standard insurance contracts usually exclude any war-related events. The exact scope of coverage and price may vary depending on the company and the type of property.
