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)
GDP*:-EUR billion

European Union:
EU member, since 2004

Currency: Euro
Code: EUR


Latvia FY2018 Market Portfolio

Latvia FY2018 Rankings

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Latest news

LATVIA: Number of accidents involving uninsured vehicles decreased in 2018

The Latvian Motor Insurers Bureau (LTAB) reported that the number of road traffic accidents (RTA) in Latvia involving uninsured vehicles decreased in 2018, compared to the previous year. In 2017, about 1.24% of total RTA were caused by uninsured vehicles, while last year 1.11% of RTA were caused by vehicles without a valid MTPL policy (- 0.13 pp).

LATVIA: Parliament adopted MTPL law amendments

On March 14, Saeima, the parliament of Latvia, adopted a set of amendments to the current MTPL system (OCTA). The changes aim to refine the present law of MTPL and eliminate the shortcomings in everyday practice. The amendments will enter into force 1 May 2019.

LATVIA: 2018 MTPL results were positive for insurers

Data collected by the Latvian Motor Insurers' Bureau (LTAB) shows that the 9 MTPL insurers from Latvia earned EUR 3.61 million revenues from this business line. It is the first time in the past 10 years when Latvian MTPL insurers profited from this type of business line.

LATVIA: Tax reform slowed down life insurance in 2018

Insurance market premiums in 2018 increased by 11.3% overall compared to 2017. Life insurance as a whole remains the most important insurance group, but its recorded evolution shows near stagnation.

SEB to merge its three Baltic life units

SEB - one of the largest life insurers in Baltic region announced is planning to merge its units in the Baltic States, "into one legal entity to further improve our operational efficiency and deliver improved customer services. The merger will not affect our services to the customers".