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 1H2019 Insurance Companies Ranking

Latvia 1H19 Market


See all statistics

Latest news


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/Nozare.lv 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/Nozare.lv.

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.

LATVIA: Two brokers have merged to create the 3rd largest company in the Baltic States

Shareholders of the insurance brokerage companies BALTO LINK and A DZIVIBA have agreed to merge their companies in Latvia to create the 3rd largest insurance brokerage company in the Baltic States, with over EUR 21 million in annual written insurance premiums and EUR 3 million in annual commission revenue in total, informs BALTO LINK.

ERGO expands bancassurance business in the BALTIC STATES

The ERGO Insurance Group is expanding its international bancassurance business. In future, it will be working closely with Nordea, one of the leading financial services providers in Northern Europe, to sell life insurance products in the Baltic States.

Freedom monument - the only insured symbol of LATVIA

The Freedom monument is the only Latvian statue that is insured. During this year's festivities, the monument's insurance will be renewed for the tenth time in the last ten years, BTA Insurance Company notes.

LATVIA: OCTA insurance policy to become more expensive

During the first nine months of 2012, the volume of losses for OCTA increased to 1.2 million LVL. Insurers are experiencing losses for nine consecutive months. With that, Latvian car owners will most likely need to expect a possible price increase on OCTA insurance, BALTA (RSA Grupa) reports.

LATVIA: Autumn storms bring early payouts

The first autumn storm has caused 5,000 lats (7,000 euros) worth of damage in Latvia. Lithuania was not so lucky - 436 thousand lats worth of damage. In Estonia, however, insurance companies have yet to receive any requests regarding insurance claims after the storm.