The amount of premiums signed by insurance companies in Latvia in 2012 was the smallest in the Baltic countries when compared to the countries' gross domestic product, according to data collated by insurance company Balta, writes LETA/Nozare.lv.

In Lithuania, the proportion of premiums against the country's GDP was 1.08% in 2012, in Estonia - 1.36%.

In Latvia the figure was just 0.99%, the lowest in the Baltic countries. On the other hand, this shows that there is great potential for the insurance business in Latvia, said Balta board member Kristians Pudans.

Even though the economic crisis has ended in Latvia and increasingly more residents take out insurance policies, fewer policies are sold in Latvia than in other countries.

According to data for 2011, economically-active residents in Latvia spent LVL 124 on insurance on the average. In Lithuania the figure was LVL 147, in Estonia - LVL 225.

Read the full story on baltic-course.com.
LATVIA records lowest proportion of insurance premiums against GDP in Baltics in 2012