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

L A T V I A 1Q2019 Insurance Companies Ranking

L A T V I A 1Q2019 Market


See all statistics

Latest news



LATVIA: new liability limits for drone insurance

On August 13th, the Government of Latvia approved the draft over "unmanned aircrafts and other aircrafts" regulation, according to which all drones that weight over 250 grams (~0.55 lbs) are required to carry a civil liability insurance.

STATISTICS: Almost EUR 5 million in profit for Latvian insurers at the end-March

Latvian insurers generated EUR 4.8 million in first quarter net profit, EUR 2.2 more compared with Q12018, according to figures released by the Financial and Capital Market Commission (FKTK). About 64% of total GWP were written by local insurers (EUR 132.5 million, or 1% less y-o-y), the rest by EU insurers (EUR 75 million, up by 7.9% y-o-y).

LATVIA: crop insurance more affordable for farmers

Regulation on state support for insurers to provide compensation in case of drought damage has been approved in Latvia. It will contribute to the development of agro insurance, according to the Latvian Association of Insurers.

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.