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 FY2023 Market Portfolio

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Latvia F20Y23 Insurance Companies Ranking


See all statistics

Latest news







STATISTICS: Latvian insurers' profits decreased by 88% during 3Q2017

The Latvian insurance market totaled EUR 482.63 million at the end of September 2017, or 15.21% more y-o-y, according to data released by the Financial and Capital Market Commission (FKTK). At the same time, the insurance companies paid EUR 262.12 million in claims (1.77% more y-o-y).






LATVIA: Tineo files a claim with the court as ERGO refuses to pay insurance indemnity in Latvia

The City of Riga Vidzeme District Court has accepted for review the claim filed by SIA Tineo for the award of insurance indemnity from "Ergo Insurance SE", amounting to 1.3 million euro. The company decided to file the claim to the court after the mentioned insurance company refused to fulfil its obligations and compensate the losses that occurred as a result of the tragic event in Riga in November 2013 caused by design and construction mistakes by the third parties, which lead to destruction of real estate property of Tineo.



LATVIA: Maxima store collapse in Latvia not covered under insurance policy

Maxima Latvija, a subsidiary of the retail group Maxima Grupe, and Tineo, the owner of the Riga shopping center that housed the collapsed Maxima store, are suing Ergo Insurance over its refusal to pay a claim worth 5.34 mln euros, but the insurer says that the event was not covered under the insurance policy.




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.