Location map
author: OCHA/ ReliefWeb

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

- maritime climate with wet, moderate winters.

Macro indicators
* 2018 estimates
Pop. density*:29.9people/km2
GDP*:29.5EUR billion

European Union:
EU member, since 2004

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

Insurance market portfolio
* 2018 estimates
Overall Property*:12%
Overall Motor*:32%




Latvia 3Q2019 Market Portfolio

Latvia 3Q2019 Insurance Companies Rankings

See all statistics

Latest news

LATVIA, PZU: 57% do not feel safe about their health

Health is the main cause of insecurity among Latvian residents, as opposed to life, finances and property, according to a survey carried out for the insurance company PZU, reported LETA. 57 percent of Latvian residents point out that they do not feel safe about their health, the highest figure in the Baltic States.

LATVIA, 1Q2013: Insurance market expanded by 1% y-o-y

Latvia's insurance market ended the period January-March 2013 with a 1% annual growth. The insurance companies underwrote LVL 65.4 million (EUR 93 million) worth of premiums. The market growth was fuelled by life insurance that rose by 16.3% to LVL 5.5 million of premiums. The non-life insurance sector decreased by 0.5% to LVL 59.9 million.

LATVIA: Only every fifth moped holds insurance

Only 18% of mopeds registered in Latvia had OCTA policies in the beginning of the season. Only 4 265 of currently 23 630 registered mopeds are insured, according to CSDD statistical data.

LATVIA: One month after its UK operations ban, BALVA's license temporarily suspended

A note published on the Latvian Financial and Capital Market Commission's website informs that FCMC decided to temporarily suspend, starting 16 April 2013, all operating licenses issued to the insurance joint stock company BALVA. The decision was made because of infringements of the law established in the activities of IJSC BALVA. According to the FCMC decision, the company will continue to fulfil the terms of contracts entered into with existing customers; however, it is not permitted to enter into new insurance contracts, to increase the insured sums or prolong the insurance contracts.

LATVIA, LAA: insurance market up 12% in 2012

Latvian Insurers Association (Latvijas Apdrosinataju asociacija; LAA) reports that, in 2012, the Latvian insurance market grew by 12%, reaching LVL 214m. The insurance companies paid out LVL 118.9m in rewards, reported news2biz LATVIA.

LATVIAN insurance company BALVA operations temporarily suspended

The Financial and Capital Market Commission of Latvia today imposed several restrictions on the operations of the joint-stock insurance company Balva - the company must continue to fulfill its obligations to customers but it may not sign new insurance policies, as LETA/ learned from the commission.

LATVIAN insurance market grew by 10% in 2012

Latvian insurance market had a 10% growth rate in 2012, especially due to the good dynamic reported by the non-life insurance segment: GWP amounted to LVL 249 million (or EUR 354 million), 9.6% y-o-y up.

SEB predicts 3.8% economic growth in LATVIA in 2013

SEB banka experts predict economic growth in Latvia at 3.8% in 2013 and 5% in 2014. There is potential for faster growth, but it will largely depend on whether, and how convincingly, global economy forecasts hold up, including those for eurozone economic recovery during the second half of the year, says the bank's latest macroeconomic review, cites it LETA/

LATVIA, 3Q2012: Insurance sector experienced a 4% growth y-o-y

The Latvian insurance market witnessed a 3.9% growth in premiums in January-September 2012, due to the continued appreciation of business related to the non-life segment, according to The Financial and Capital Market Commission (FKTK). The total GWP of the Latvian insurance market in 3Q2012 was about EUR 261 million compared with EUR 251 million a year earlier.