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


Good signs for you to invest in the LATVIAN insurance business

At the end of September 2015, a huge amount was totaled by the Latvian insurance market: 396 million of euros. It means that, in comparison with the same period in 2014, this business has grown 4,6 percent. The Financial and Capital Market Commission (FKTK) stated that, in claims, the Latvian insurance companies paid more than 225 million euros and, in statistics, it is equivalent to affirm that such increase represents 9.5 percent more year over year. But that's not all. The local insurers have written, of the total gross premiums, more than 72 percent. In euros, it corresponds to 287 million; and, by the way, 5.8 percent more year over year.


LATVIA: Balta insurer closes 2015 with profit of EUR 1.19 mln

Latvian insurance company Balta closed 2015 was a profit of EUR 1.19 million, informs LETA, according to the company's annual statements. After posting loss for several successive years, Balta succeed to break into the black in 2015. For example, previously it showed a loss of more than EUR 1 million in 2014, and a loss of EUR 2.2 million in 2013.



Deputy chairman may take over LATVIA's finance watchdog

The Bank of Latvia President Ilmars Rimsevics and Finance Minister Janis Reirs (Unity) have nominated the Financial and Capital Market Commission's (FKTK) deputy chairman Peters Putnins as the commission's head, reported LETA Monday.

LATVIAN financial watchdog chairman quits

Kristaps Zakulis, the chairman of the Latvian financial regulator the Financial and Capital Market Commission (FKTK), has tendered his resignation, BNS was told at the FKTK. FKTK spokeswoman Elina Avotina said that Zakulis' decision has been well-considered.

7% growth in GWP expected for the Latvian market in 2016

Competition will remain tough in all segments on the Baltic insurance markets in 2016, preventing significant rises in the insurance premiums level. As a result, the Latvian market is expected to maintain the 7% growth pace experienced in 2015, informs LETA quoting Ingrida KIRSE, ERGO Board member in the Baltic states.


VIG completes acquisition of Latvian non-life insurer Baltikums

In July this year Austrian VIENNA Insurance Group signed an agreement to acquire 100 percent of shares in Riga-based BALTIKUMS AAS. The transaction has now been concluded after the relevant authorities gave their approval. As a result of the acquisition, Vienna Insurance Group is now one of the top five insurers on the Latvian market.

LATVIA: VIG has the FKTK permission to aquire the non-life insurer BALTIKUMS AAS

The Latvian Financial and Capital Market Commission (FKTK) aprooved the transaction between Austrian VIENNA Insurance Group and the local non-life insurer AAS Baltikums. In late July, VIG announced it signed an agreement to purchase 100% of Riga-based insurer. At the moment, VIG is present in Latvia through local insurer COMPENSA Life while non-life products are offered by a EU branch of COMPENSA Poland. The acquisition of BALTIKUMS AAS makes VIG one of the top 5 insurance companies in Latvia.



STATISTICS: LATVIA: Insurers profit down by almost 50% in 1H2015

According to the figures published by the Financial and Capital Market Commission - FKTK, Latvian insurers (local and EU branches in Latvia) posted aggregated gross written premiums of EUR 273.6 million in the first half of the year, which is 6.3% more compared with the same period last year. At the same time, the value of paid claims and indemnities increased by 9.7% y-o-y to EUR 148.4 million.

Samsung offers free smartphone insurance in LATVIA

Samsung Baltics, in cooperation with insurance company Balta, has introduced free insurance services for smartphones affected by water, reportd Db.lv. Samsung Galaxy S6 and Galaxy S6 edge smartphones can be covered with the service, which is activated using the Screen Care+ application. The insurance will be valid for one year.

STATISTICS: LATVIA, 1Q2015: Local insurers maintained the market in "black" due to the 2% decrease in GWP reported by the EU-branches

According to FKTK - The Financial and Capital Market Commission, the Latvian insurance market totaled EUR 151.21 million at the end of March 2015, or 5.98% more y-o-y. At the same time, the value of paid claims and indemnities was up by 11.69%, reaching EUR 75.64 million. The GWP of branches of EU insurers decreased by 2.05% to EUR 38.84 million (or 25.68% from the total amount of premiums), while the Latvian-based local insurers accounted for the rest of 74.32% or EUR 112.38 million (up by 9.06% y-o-y).


LATVIAN watchdog issues license to BTA Baltic Insurance Company

The Latvian financial watchdog, the Financial and Capital Market Commission (FKTK), has granted the license for insurance operations to BTA Baltic Insurance Company, a subsidiary of the non-life insurer BTA Insurance Company, the FKTK announced.