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.”

Overall, the insurance companies paid EUR 564.8 million in claims vs. EUR 548.3 million at the end of Q3 2024. Out of this total, life insurance lines accounted for EUR 137 million, indemnities paid for the main life insurance lines decreasing against the 3Q 2024 data. The data include insurance companies registered in Latvia (including their branches operating outside Latvia) and EAA and non-EAA insurance companies' branches operating in Latvia.

In a calmer year in weather related extreme events terms, claims for property insurance declined by over 27%, while GWP increased by about 16%, to EUR 150.67 million. On the motor insurance lines, Motor Hull insurance saw a 11% increase in GWP, while claims remained quasi unchanged y-o-y. MTPL insurance premiums decreased by 6.5%, mostly because the reduction in the prices of MTPL policies, as Abāšins remarked.

Travel insurance premiums also decreased by about 21%, a trend partially explained by the fact that   more and more bank credit cards already include travel insurance, so residents no longer purchase this service separately.

Access xprimm.com database and download the Latvian insurance market statistics.