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

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Latvia 1Q2020 Market Portfolio

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Latvia 1Q2020 Insurance Companies Rankings


See all statistics

Latest news


LATVIAN insurance market up 5.3% in 2013

Financial and Capital Market Commission - FKTK reports that, in 2013, the Latvian insurance market grew by 5.3%, reaching EUR 471 million. The gross written premiums by local insurers decreased 1% y-o-y to EUR 350 million, while the gross premiums written by the EU branches totaled EUR 121 million or 30% more y-o-y.


LATVIAN market up 7.3% in 3Q2013 due the EU branches increases

According to the figures published by the Financial and Capital Market Commission - FKTK, the Latvian insurance market totaled at the end of September almost EUR 352 million, or 7.3% more y-o-y. The non-life segment accelerated by 5.7% y-o-y, while the value of life GWP increased by 17%.


LATVIA 1H2013: market growth owed to the EU branches

Due to the persisting economic and consumption growth, the insurance market is accelerating by 7%, as shows the data provided by the Statistical Office and FKTK. The value of GWP by insurance companies increased in respect of all major types of insurance, especially the life segment (+23%). During the reporting period, gross premiums written by insurers (local companies and branches of EU insurers) totaled LVL 168 million or EUR 239 million, of which gross premiums written by the EU companies reached EUR 61 million or 26% of the total premiums written.




LATVIA, PZU: 57% do not feel safe about their health

Health is the main cause of insecurity among Latvian residents, as opposed to life, finances and property, according to a survey carried out for the insurance company PZU, reported LETA. 57 percent of Latvian residents point out that they do not feel safe about their health, the highest figure in the Baltic States.




LATVIA, 1Q2013: Insurance market expanded by 1% y-o-y

Latvia's insurance market ended the period January-March 2013 with a 1% annual growth. The insurance companies underwrote LVL 65.4 million (EUR 93 million) worth of premiums. The market growth was fuelled by life insurance that rose by 16.3% to LVL 5.5 million of premiums. The non-life insurance sector decreased by 0.5% to LVL 59.9 million.

LATVIA: Only every fifth moped holds insurance

Only 18% of mopeds registered in Latvia had OCTA policies in the beginning of the season. Only 4 265 of currently 23 630 registered mopeds are insured, according to CSDD statistical data.





LATVIA: One month after its UK operations ban, BALVA's license temporarily suspended

A note published on the Latvian Financial and Capital Market Commission's website informs that FCMC decided to temporarily suspend, starting 16 April 2013, all operating licenses issued to the insurance joint stock company BALVA. The decision was made because of infringements of the law established in the activities of IJSC BALVA. According to the FCMC decision, the company will continue to fulfil the terms of contracts entered into with existing customers; however, it is not permitted to enter into new insurance contracts, to increase the insured sums or prolong the insurance contracts.