LATVIA: Health insurance is the most popular and fastest growing insurance type in Latvia

5 March 2024 — Marina MAGNAVAL
Health insurance is the most popular type of insurance in Latvia. The president of the Association of Latvian Insurers, Janis Abasins, explained the 10% annual increase in health insurance by the fact that employers need healthy employees, wrote.

Sandra Pietkevica, head of the Underwriting Department of Personal Products and Risks of the insurance company Balta, said that the number of insured companies increased by 16% last year. In 2023 the company paid out 35% more in health insurance than the year before (EUR 26 million).

Rising prices in the health sector reduced availability of services, so this year the limit above which employers must pay taxes for health insurance has been increased. "The change in the limit from EUR 426 to EUR 750 is clearly a long-awaited step. This is another reason why health insurance will most likely continue to grow by double digits this year and in the coming years", the president of the Association explained.

Last year, the amount of premiums signed in health insurance reached EUR 155 million, and insurance partially compensates for the lack of state funding in the healthcare sector, the source added.