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:

 





LATVIA: Last year, the largest number of insurance disputes received by the LAA ombudsman were on Motor Hull

In 2022, the ombudsman of the Latvian Insurers' Association (LAA) received 35 customer complaints about insurance services and the largest number of them were about Motor Hull, while in 2021 most complaints were submitted about property insurance. Total number of complaints in 2022 compared to 2021 has increased very slightly (35 vs 32), Latvian Insurers' Association (LAA) reports.






STATISTICS: Latvia, 1H2022: Insurers' profits more than halved y-o-y to EUR 8.16 million

Latvian insurers' January-June 2022 aggregate GWP (local and EU branches, summed-up) expanded by more than 20% to almost EUR 490 million, while the amount paid claims and indemnities increased by 29% y-o-y to EUR 321.5 million, according to the half-year figures published by The Financial and Capital Market Commission of Latvia (FKTK).

LATVIA: insurers received three times more travel insurance claims y-o-y

In July, Riga Airport served twice as many passengers as a year ago. Insurance companies in Latvia have received three times more claims under travel insurance. Although the intensity of tourism has not yet returned to the pre-Covid level, this summer is very active for both travelers and insurers, said Janis ABASINS, president of the Latvian Insurers' Association.




STATISTICS: LATVIA Q1 2022: insurers' business increased to over a quarter of billion euro

At the end of March 2022, Latvian insurers' aggregate GWP (local and EU branches, summed-up) totaled EUR 252.67 million, up by 17.37% y-o-y, while the amount paid in claims and indemnities increased by 36.29% y-o-y to EUR 174.57 million, according to the quarterly figures published by The Financial and Capital Market Commission of Latvia (FKTK).