LATVIA: Two new members join the Latvian Association of Insurers

28 February 2023 —
At the meeting of Latvian Insurers' Association (LAA) on February 14, two new members joined LAA - Balcia Insurance SE and the branch of Telia Forsakring AB in Latvia, Latvian Insurers' Association (LAA) reports.

Now LAA has a total of 14 members - 10 non-life and 4 life insurers, who control about 96% of the Latvian insurance market.

"The entry of two new members will give the Association of Latvian Insurers additional power, just like entry of new market participants contributes to the development of the market and services. Each new member joins the association with their own ideas - we will all be stronger together and we hope to work even more efficiently and successfully as a representative of the industry in the future", says Janis Abasins, president of LAA.

Balcia is an insurance technology company with experience in international markets and a market player in Latvia with local capital. In 2020, the company underwent significant changes, introducing a new business strategy and brand, positioning itself as an insurer focused on new, modern solutions, including becoming the first online insurer to offer purchase, change or even cancellation of insurance. At the end of 2021, Balcia brand was successfully launched on the Latvian market, thus expanding its geographical coverage in Europe.

On the other hand, the branch of the Swedish company Telia Forsakring AB in Latvia was opened in 2019. The company offers property insurance such as mobile phones.