Latvia

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Location map
author: OCHA/ ReliefWeb


Location:
- in eastern Europe, bordering the Baltic Sea;
- Neighbours: Lithuania, Estonia, Russia, Belarus.

Climate:
- maritime climate with wet, moderate winters.

Macro indicators
* 2018 estimates
Surface:64,589km2
Population*:1.9million
Pop. density*:29.9people/km2
GDP*:29.5EUR billion
GDP/capita*:15,262.6EUR

European Union:
EU member, since 2004

Currency: Euro
Code: EUR
Since: 2014
- replaced Latvian lats (LVL)


Insurance market portfolio
* 2018 estimates
TOTAL LIFE*:19%
TOTAL NON-LIFE*:81%
Overall Property*:12%
Overall Motor*:32%


Sources:

 


Statistics

Latvia 3Q2019 Market Portfolio

Latvia 3Q2019 Insurance Companies Rankings


See all statistics

Latest news

AON Consulting sets up enterprise in LATVIA

SIA Aon Consulting has been registered with the Registry of Enterprises of the Republic of Latvia, the company is the Latvian subsidiary of the world's leading human resource management consulting, risk management, and insurance brokerage company, the Aon Corporation. The consulting company's paid up share capital is EUR 30,000.

IF earns EUR 17.4 mln in Baltics in January-September

Estonia-registered insurance company If P&C Insurance and its subsidiaries in Latvia and Lithuania, earned EUR 17.4 million in January-September 2014, informs LETA...In January-September 2013, If P&C Insurance earned EUR 10.8 million.


New Polish members in Balta's management board in LATVIA

Latvian Financial and Capital Market Commission approved new persons joining Management Board of Balta, leader of Latvian insurance market: Mr. Bogdan Benczak, who will be the new CEO of Balta, and Mr. Rafa


BMW cars stolen 'to be shipped to LATVIA'

Up to 120 BMW cars stolen in a sophisticated cross-border key cloning racket were to be dismantled and shipped to Latvia, the High Court has heard.


LATVIA's insurers' premiums increased 13.5% in Q1

According FKTK - The Financial and Capital Market Commission, the Latvian insurance market totaled EUR 142.7 million at the end of March 2014. Compared to the corresponding period of last year, the figure increased 13.5% y-o-y. At the same time, the value of paid claims and indemnities decreased 8.2% y-o-y to EUR 67.7 million.

LATVIA: RSA announced completion of AAS BALTA sale

RSA Insurance Group plc (RSA) announced at the end of June the completion of the sale of its Latvian business, AAS BALTA, to the Polish insurance group PZU, after receiving the formal regulatory approval.

LATVIAN regulator gives a green light to PZU to purchase the shares of Balta

The Financial and Capital Markets Commission of Latvia gave consent to PZU to purchase the shares of AAS Balta - leader of the Latvian insurance market. This is another step in the international expansion of the biggest Polish insurer, informed BC Agnieszka Zebrowska from the corporate communication department at PZU Group.


ERGO: insurance market in LATVIA could increase by 7-8% in 2014

Ergo: insurance market in Latvia could increase by 7-8% in 2014. BC, Riga, 26.05.2014. Print version. The average growth of the insurance market in Latvia could increase 7-8% in 2014, Ergo Baltic States' board member Ingrida Kirse predicts, reports LETA.



LATVIAN insurance market up 5.3% in 2013

Financial and Capital Market Commission - FKTK reports that, in 2013, the Latvian insurance market grew by 5.3%, reaching EUR 471 million. The gross written premiums by local insurers decreased 1% y-o-y to EUR 350 million, while the gross premiums written by the EU branches totaled EUR 121 million or 30% more y-o-y.


LATVIAN market up 7.3% in 3Q2013 due the EU branches increases

According to the figures published by the Financial and Capital Market Commission - FKTK, the Latvian insurance market totaled at the end of September almost EUR 352 million, or 7.3% more y-o-y. The non-life segment accelerated by 5.7% y-o-y, while the value of life GWP increased by 17%.


LATVIA 1H2013: market growth owed to the EU branches

Due to the persisting economic and consumption growth, the insurance market is accelerating by 7%, as shows the data provided by the Statistical Office and FKTK. The value of GWP by insurance companies increased in respect of all major types of insurance, especially the life segment (+23%). During the reporting period, gross premiums written by insurers (local companies and branches of EU insurers) totaled LVL 168 million or EUR 239 million, of which gross premiums written by the EU companies reached EUR 61 million or 26% of the total premiums written.



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