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


LATVIA: Balta - insurance market grows more rapidly than the economy

"The number of insurance association owners is reducing, which could mean a smaller number of insurance companies in the future. One positive development for the insurance market is that it grows more rapidly than the economy," Balta chairman of the board Bogdans Bencaks told BNN in an interview.



Baltic insurance market to continue consolidation trend in 2017

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.




Insurance manager wins tender to become LATVIA's tax chief

A high-level insurance manager has won a tender to become Latvia's State Revenue Service's director-general, State Chancellery Director Martins Krievins, who chaired the panel assessing the candidates, told reporters Tuesday.



William VIDONJA: The sky is going to fall on insurers, intermediaries and consumers

"The sky is going to fall soon on the insurers, intermediaries and consumers in Europe", believes William VIDONJA, Head of Conduct of Business, Insurance Europe, referring to EU regulation.
In this regard, he stressed out the new features of the IDD (insurance distribution directive), PRIIPs (related to investment-based insurance products) and Solvency II Directive.




STATISTICS: LATVIA, 1Q2016: Local insurers are losing market share to EU branches

According to FKTK - The Financial and Capital Market Commission, the Latvian insurance market totaled EUR 157.3 million at the end of March 2016, or 4% more y-o-y. The EU-branches' GWP increased by 11.2% to EUR 43.2 million (or 27.4% from the total amount of premiums), while the Latvian-based insurers accounted for the rest of 72.6% or EUR 114.1 million (up by 1.6% y-o-y).

VIG: BTA Baltic's acquisition authorized by the Latvian Competition Council

The Latvian Competition Council has allowed Austrian VIENNA Insurance Group (VIG) to take over Latvia's BTA Baltic Insurance Company (BTA Baltic), LETA news agency informed. The competition watchdog approved the deal as in its opinion there is no indication that the takeover might affect competition in the non-life insurance market.