The year 2016 saw a strong consolidation trend in the insurance sector in the EMEA region and Latvia was no exception. Vienna Insurance Group AG acquired Baltikums and BTA Baltic Insurance Company in a deal which is said to have contributed to the stability and sustainability of the insurance industry in the country.

Nevertheless, according to a statement made by the Latvian Insurers' Association, there is room for further consolidation. Currently, there are eight insurance companies in Latvia, thirteen insurance companies' branches and 81 insurance brokers. A consolidation trend is expected to yield over the next five years a final number of five to six large market players in the entire Baltics region. Read the full story Baltic insurance market to continue consolidation trend in 2017