The number of insured car thefts in Latvia continues to fall sharply, confirming a long-term downward trend in vehicle crime, according to data recently published by the Latvian Insurers Association (LAA).

According to the Q3 2025 market data published by the Financial and Capital Market Commission (FKTK), the Latvian insurance market totaled GWP worth EUR 1,008.3 million, about 9.8% more y-o-y.

“Despite the stagnation in the country's overall economic growth, the insurance market has continued to grow steadily in the third quarter of the year,” stated Jānis Abāšins, President of the Latvian Insurers Association. “Since the weather conditions this year have been relatively gentle on property, the compensation paid to customers has been significantly lower than last year. Although storms are still possible in the autumn, the amount of compensation will most likely not reach the level of last year. I would especially like to highlight life insurance, which, after a prolonged decline, has been demonstrating a steady increase for several quarters. A positive trend can also be observed in accident insurance.”

Latvian insurers ended H1 2025 with gross written premiums (GWP) worth EUR 679.26 million, 9.8% up y-o-y. Life insurance accounted for almost 18.6% of this total, while motor insurance is the business segment with the largest participation to the market portfolio (27.53%).

Latvian insurers ended Q1 2025 with gross written premiums (GWP) worth EUR 369,18 million, 12.16% up y-o-y. Life insurance accounted for almost 19% of this total, while motor insurance is the business segment with the largest participation to the market portfolio (~39% - MoD, MTPL and mandatory MTPL all together)

The impact of climate change is increasingly being felt in Latvia, causing significant losses to the agricultural sector. However, as data of the Latvian Insurers Association (LAA) shows, insurance coverage in this sector is volatile and usually increases after natural disasters, the LAA said.

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.

On June 19, at the Latvian Insurers Association (LAA) members' meeting its current head Jānis Abāšins was reelected as the organization's president for the next three-year term.

A third of Latvian residents (33%) do not own a personal vehicle, while of those who do, almost half (47%) choose to purchase Motor Hull insurance. However, 53% of vehicle owners still do not buy this product according to a survey conducted by the Latvian Insurers Association (LAA).

The past winter has been quite favorable for farmers and has not caused major damage to crops.

In the annual customer service evaluation study of the company “Dive”, ERGO was recognized as the insurance company with the best customer service in Latvia, the Latvian Insurers Association (LAA) said.

Although the popularity of life insurance has declined over the past two years, this type of insurance is now starting to regain interest among residents, the Latvian Insurers Association (LAA) said.

The first Latvian insurance forum will be held on April 4, bringing together representatives of insurance companies and brokers to discuss current issues and development directions in the industry. The forum also includes practical workshops, the Association announced.

Citizens in Latvia are increasingly choosing to insure themselves against accidents, and last year GWP in the segment rose by 12%, reaching EUR 20.1 million. Consequently, paid claims also grew by 10%, to EUR 7.6 million, according to data from the Latvian Insurers Association (LAA)*.

The Latvian insurance market saw a 10% increase in GWP, in 2024, to almost EUR 1.23 billion, data provided by the National Bank of Latvia show. However, in the context of decreasing inflation, the market growth pace also slowed last year, as compared with 2023. The growth in claims paid was also slower, of only 5%.

Employers are increasingly purchasing health insurance, and in 2024 in terms of GWP, this type of insurance was in the leading positions, occupying 22.6% of the insurance market*.

According to the Q3 2024 market data published by the Financial and Capital Market Commission (FKTK), the Latvian insurance market totaled GWP worth EUR 918.26 million, about 9.8% more y-o-y.

An expert discussion organized by the Latvian Insurers Association (LAA) "Lessons for Latvia from the summer storm" took place on October 31. The president of LAA stated that the storm that took place in July of this year has set a new record in terms of insurance claims.

For the damages caused by the late July storm in Latvia, insurers have already paid out EUR 17 million (not including the activity of foreign insurers in Latvia), which is the largest amount of insurance compensation in Latvia for damage caused by a single natural disaster, according to the Latvian Insurers Association (LAA) as of October 2.

At the end of June 2024, Latvian insurers' aggregate GWP (local and EU branches, summed-up) totaled EUR 618.7 million, up by almost 10% y-o-y, while the amount paid in claims and indemnities increased by 3.77% y-o-y to EUR 355.8 million, according to data provided by the Latvian Central Bank.

This summer, the number of claims related to vehicle collisions increased significantly – by 63% y-o-y. In summer only, BALTA (PZU group) insurance company paid out almost EUR 3.2 million so far for road transport collisions, the Latvian Insurers Association reports.