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%).

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). Among vehicle owners, Motor Hull insurance is more often chosen by people aged 40 to 49, respondents with higher education, managers, as well as those whose monthly income exceeds EUR 1,200, according to a LAA survey data.

In turn, compulsory third party liability insurance (MTPL) has experienced a 6% drop, which is related to a drop in prices, as well as travel insurance – by 20%, as it is increasingly being included as an additional bonus for payment cards.

According to data from the Latvian Environment, Geology and Meteorology Centre, the winter of 2024/2025 was the fifth warmest since 1924, or in the entire history of observations, and the average air temperature was 2.6 °C above the seasonal norm. “This winter, we did not experience very sharp temperature fluctuations, which apparently had a beneficial effect on winter crops, so this spring farmers submitted way less claims to insurers than a year ago”, said Jānis Abāšins, President of the LAA. As such, claims paid for property insurance decreased y-o-y by 13%, to EUR 38.4 million. On the hand, GWP for property insurance went up by 15.2%, to EUR 98.3 million, demonstrating an increased awareness of Latvians with regard to their property protection.

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