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 FY2020 Market Portfolio F K T K

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Latvia FY2020 Insurance Companies Ranking


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Latest news

STATISTICS: Latvia: Insurers' FY 2020 business decreased by EUR 60 million

During last year, Latvian insurers' aggregate GWP (local and EU branches, summed-up) totaled EUR 797.5 million, almost EUR 60 million less than in 2019, while the amount paid in claims and indemnities decreased by 8.8% y-o-y to EUR 501 million, according to the year-end figures published by The Financial and Capital Market Commission of Latvia (FKTK).

Latvian insurers' FY2020 profits expanded by 59% y-o-y

Latvian insurers' aggregate net profits expanded by 58.7% during last year (or by almost EUR 20 million in absolute value) to EUR 53.38 million, according to data presented by the Finance and Capital Market Commission (FKTK).

RENOMIA strengthens its position within CEE and enters Latvia

RENOMIA purchased a majority stake in R&D APDROSINASANAS BROKERS (R&D Insurance Brokers Ltd.), a local company based in Riga and strengthened its position within Central and Eastern Europe (CEE) as Latvia became the eighth European country in which RENOMIA has direct representation.




LATVIA: Real estate intermediaries required to purchase civil liability insurance

Real estate intermediaries in Latvia will be required to purchase professional indemnity insurance, according to the regulations of the Cabinet of Ministers (CM), which entered into force on 2 October. The professional liability of real estate agents must be insured to cover damage caused to a third party as a result of the agent's acts or omissions.


LATVIA: Compensa VIG will pay more than EUR 1 million indemnities for Lido fire incident

On the evening of June 11, a high-risk fire broke out in the meat processing and production workshop of the company "Lido", located in Riga. The flames had affected a two-story production building - a hangar-type warehouse, an administrative room and a smoking workshop. During the fire, a total of 600 square meters of premises were damaged.

STATISTICS: LATVIA, 1Q2020: Life insurers ended Q1 on loss even tough the GWP volume expanded by more than 75%

Latvian insurers reported EUR -3.52 million net loss at the end of March vs. EUR 4.87 million net profit in Q12019, according to figures released by the Financial and Capital Market Commission (FKTK). Non-life insurers closed Q12020 with a net profit of EUR 7.85 million (vs. EUR 3.64 million a year ago), while the life insurers reported a negative result of EUR -11.37 million vs. a net profit of EUR 1.22 million at the end of March 2019.


LATVIA: FCMC might be morphed into a Central Bank division

At the end of May 2020, the Ministry of Finance (MoF) from Latvia has submitted to the Cabinet of Ministers an assessment prepared in co-operation with the Central Bank of Latvia and the Financial and Capital Market Commission (FCMC) regarding a possible merge between the Central Bank and FCMC, planned to start in 2022 - 2023.


LATVIA, COVID-19: FKTK announced it will ensure an individual and flexible approach in supervising the financial market participants

The Latvian Financial and Capital Market Commission (FKTK) announced in the light of the position expressed by the European Central Bank (ECB), the European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA), ensuring the supervision of financial sector participants will implement an individual and flexible approach, based on the assessment of actual situation and the effects of COVID-19 and making use of options provided by the regulatory framework.




STATISTICS: LATVIA, 3Q2019: Insurers' profits doubled to ~EUR 18 million

The Latvian insurance market totaled EUR 588.70 million at the end of September 2019, or 3.69% more y-o-y, according to data published by the Financial and Capital Market Commission (FKTK). At the same time, the insurance companies paid EUR 384.20 million in claims (28.81% more y-o-y).

LATVIA: the Board of the LAA re-elected

On November 1, 2019, the Latvian Association of Insurers (LAA) held a meeting during which two members of the Association management board were re-elected for a term of two years, as well as future priorities of LAA activities agreed, as LAA announced on its website.