The life insurance market* reached a total of EUR 122 million last year, which is an increase of 5.1% y-o-y. Information collected by the Latvian Insurance Association (LAA) shows** that citizens are increasingly choosing to purchase life insurance without savings.

In 2024, GWP from life insurance without savings reached EUR 10.3 million, which is an increase of 14% y-o-y. According to the LAA, last year, life insurance without savings accounted for 5.9% of the insurance market, and a total of more than 114,000 people were insured (+11.5%). Paid claims reached EUR 2.5 million, which is 80.4% more than in 2023.

“Overall, life insurance has shown an upward trend last year, also thanks to a significant increase in life insurance without savings”, said Jānis Abāšins, President of the Association.

*Includes life insurance with savings, life insurance without savings, life pension insurance and unit-linked contracts.

** Includes data compiled by the Bank of Latvia and the research center SKDS on 2 life insurers (CBL Life and SEB Life and Pension Baltic SE) and 4 branches of foreign life insurers (Compensa Life, ERGO life, SB draudimas and Swedbank Life).