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
 


Statistics

Latvia FY2018 Market Portfolio

Latvia FY2018 Rankings


See all statistics

Latest news

William VIDONJA: The sky is going to fall on insurers, intermediaries and consumers

"The sky is going to fall soon on the insurers, intermediaries and consumers in Europe", believes William VIDONJA, Head of Conduct of Business, Insurance Europe, referring to EU regulation.
In this regard, he stressed out the new features of the IDD (insurance distribution directive), PRIIPs (related to investment-based insurance products) and Solvency II Directive.




STATISTICS: LATVIA, 1Q2016: Local insurers are losing market share to EU branches

According to FKTK - The Financial and Capital Market Commission, the Latvian insurance market totaled EUR 157.3 million at the end of March 2016, or 4% more y-o-y. The EU-branches' GWP increased by 11.2% to EUR 43.2 million (or 27.4% from the total amount of premiums), while the Latvian-based insurers accounted for the rest of 72.6% or EUR 114.1 million (up by 1.6% y-o-y).

VIG: BTA Baltic's acquisition authorized by the Latvian Competition Council

The Latvian Competition Council has allowed Austrian VIENNA Insurance Group (VIG) to take over Latvia's BTA Baltic Insurance Company (BTA Baltic), LETA news agency informed. The competition watchdog approved the deal as in its opinion there is no indication that the takeover might affect competition in the non-life insurance market.





Good signs for you to invest in the LATVIAN insurance business

At the end of September 2015, a huge amount was totaled by the Latvian insurance market: 396 million of euros. It means that, in comparison with the same period in 2014, this business has grown 4,6 percent. The Financial and Capital Market Commission (FKTK) stated that, in claims, the Latvian insurance companies paid more than 225 million euros and, in statistics, it is equivalent to affirm that such increase represents 9.5 percent more year over year. But that's not all. The local insurers have written, of the total gross premiums, more than 72 percent. In euros, it corresponds to 287 million; and, by the way, 5.8 percent more year over year.


LATVIA: Balta insurer closes 2015 with profit of EUR 1.19 mln

Latvian insurance company Balta closed 2015 was a profit of EUR 1.19 million, informs LETA, according to the company's annual statements. After posting loss for several successive years, Balta succeed to break into the black in 2015. For example, previously it showed a loss of more than EUR 1 million in 2014, and a loss of EUR 2.2 million in 2013.



Deputy chairman may take over LATVIA's finance watchdog

The Bank of Latvia President Ilmars Rimsevics and Finance Minister Janis Reirs (Unity) have nominated the Financial and Capital Market Commission's (FKTK) deputy chairman Peters Putnins as the commission's head, reported LETA Monday.

LATVIAN financial watchdog chairman quits

Kristaps Zakulis, the chairman of the Latvian financial regulator the Financial and Capital Market Commission (FKTK), has tendered his resignation, BNS was told at the FKTK. FKTK spokeswoman Elina Avotina said that Zakulis' decision has been well-considered.

7% growth in GWP expected for the Latvian market in 2016

Competition will remain tough in all segments on the Baltic insurance markets in 2016, preventing significant rises in the insurance premiums level. As a result, the Latvian market is expected to maintain the 7% growth pace experienced in 2015, informs LETA quoting Ingrida KIRSE, ERGO Board member in the Baltic states.


VIG completes acquisition of Latvian non-life insurer Baltikums

In July this year Austrian VIENNA Insurance Group signed an agreement to acquire 100 percent of shares in Riga-based BALTIKUMS AAS. The transaction has now been concluded after the relevant authorities gave their approval. As a result of the acquisition, Vienna Insurance Group is now one of the top five insurers on the Latvian market.