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
Pop. density*:29.9people/km2
GDP*:29.5EUR billion

European Union:
EU member, since 2004

Currency: Euro
Code: EUR
Since: 2014
- replaced Latvian lats (LVL)

Insurance market portfolio
* 2018 estimates
Overall Property*:12%
Overall Motor*:32%




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Latvia 1H2020 Market Portfolio

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Latvia 1H2020 Insurance Companies Rankings

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Latest news

BALTA earns EUR 96,000 in Q1 in LATVIA

The insurance company Balta earned EUR 96,000 in the first quarter this year, reports LETA, according to the company's announcement. For comparison - in the first quarter last year, Balta earned EUR 6,000.

Swedbank in Baltics operated with profits in Q1

In the first quarter of the year 2015, Swedbank in Latvia earned a net profit of EUR 23 million, compared to EUR 32 million for Q1 2014. Swedbank Lithuania earned a net profit of EUR 21 million in Q1 2015 and Swedbank Estonia earned a net profit of EUR 37.1 million, informs LETA.

STATISTICS: LATVIAN market up 10% in 2014 due the double-digit growth-rate reported by the EU branches

According to the figures published by the Financial and Capital Market Commission - FKTK, in 2014 the Latvian insurance sector totaled EUR 517.4 million, or 9.9% more y-o-y. During the reporting period, gross premiums written by local insurers went up by 6% to EUR 371 million (71.7% of total market), while the EU branches' business saw a double-digit growth rate (+21%) to EUR 146.3 million (28.3% of total GWP).

STATISTICS: EU branches generated almost 30% of LATVIAN market in 3Q2014

According to the figures published by the Financial and Capital Market Commission - FKTK, the Latvian insurance market totaled at the end of September 2014 about EUR 378 million, or 7.6% more y-o-y. Of the total, gross premiums written by local insurers increased by EUR 10 million as compared to september 2013 (to EUR 271 million), while the gross premiums written by the EU branches reached more than EUR 107 million, or 28.3% of the total GWP.

AON Consulting sets up enterprise in LATVIA

SIA Aon Consulting has been registered with the Registry of Enterprises of the Republic of Latvia, the company is the Latvian subsidiary of the world's leading human resource management consulting, risk management, and insurance brokerage company, the Aon Corporation. The consulting company's paid up share capital is EUR 30,000.

IF earns EUR 17.4 mln in Baltics in January-September

Estonia-registered insurance company If P&C Insurance and its subsidiaries in Latvia and Lithuania, earned EUR 17.4 million in January-September 2014, informs LETA...In January-September 2013, If P&C Insurance earned EUR 10.8 million.

New Polish members in Balta's management board in LATVIA

Latvian Financial and Capital Market Commission approved new persons joining Management Board of Balta, leader of Latvian insurance market: Mr. Bogdan Benczak, who will be the new CEO of Balta, and Mr. Rafa

BMW cars stolen 'to be shipped to LATVIA'

Up to 120 BMW cars stolen in a sophisticated cross-border key cloning racket were to be dismantled and shipped to Latvia, the High Court has heard.

LATVIA's insurers' premiums increased 13.5% in Q1

According FKTK - The Financial and Capital Market Commission, the Latvian insurance market totaled EUR 142.7 million at the end of March 2014. Compared to the corresponding period of last year, the figure increased 13.5% y-o-y. At the same time, the value of paid claims and indemnities decreased 8.2% y-o-y to EUR 67.7 million.

LATVIA: RSA announced completion of AAS BALTA sale

RSA Insurance Group plc (RSA) announced at the end of June the completion of the sale of its Latvian business, AAS BALTA, to the Polish insurance group PZU, after receiving the formal regulatory approval.

LATVIAN regulator gives a green light to PZU to purchase the shares of Balta

The Financial and Capital Markets Commission of Latvia gave consent to PZU to purchase the shares of AAS Balta - leader of the Latvian insurance market. This is another step in the international expansion of the biggest Polish insurer, informed BC Agnieszka Zebrowska from the corporate communication department at PZU Group.

ERGO: insurance market in LATVIA could increase by 7-8% in 2014

Ergo: insurance market in Latvia could increase by 7-8% in 2014. BC, Riga, 26.05.2014. Print version. The average growth of the insurance market in Latvia could increase 7-8% in 2014, Ergo Baltic States' board member Ingrida Kirse predicts, reports LETA.