Location map
author: OCHA/ ReliefWeb

- in eastern Europe, bordering the Baltic Sea;
- Neighbours: Lithuania, Estonia, Russia, Belarus.

- maritime climate with wet, moderate winters.

Macro indicators
* 2018 estimates
Pop. density*:29.9people/km2
GDP*:29.5EUR billion

European Union:
EU member, since 2004

Currency: Euro
Code: EUR
Since: 2014
- replaced Latvian lats (LVL)

Insurance market portfolio
* 2018 estimates
Overall Property*:12%
Overall Motor*:32%



Latvian insurers' end-September profits expanded by 9% y-o-y

According to the Q3 2021 market data published by the Financial and Capital Market Commission (FKTK), Latvian insurers' aggregate net profits expanded by EUR 2.1 million (or by 9% y-o-y) to EUR 25.2 million (vs. EUR 23.1 million).

Latvia, LAA: In Q3 insurance market returned to growth after five consecutive quarters of decline

Latvian insurance industry has returned to growth in the third quarter of 2021 after five quarters of decreasing GWP, informed the Latvian Insurers' Association (LAA). LAA representatives mentioned that despite the local economy is still struggling with the consequences of the Covid-19 pandemic - the total amount of Q3 2021 GWP has increased by 2.9% compared to the previous year.

STATISTICS: Latvia: Insurers' HY 2021 profits increased by 33% to EUR 18 million

Latvian insurers' six months 2021 aggregate GWP remained at the H1 2020 level (local and EU branches, summed-up) totaling ~EUR 406.7 million, while the amount paid in claims and indemnities increased by 1.8% y-o-y to EUR 249.5 million, according to the half-year figures published by The Financial and Capital Market Commission of Latvia (FKTK).

STATISTICS: Latvia: Insurers' FY 2020 business decreased by EUR 60 million

During last year, Latvian insurers' aggregate GWP (local and EU branches, summed-up) totaled EUR 797.5 million, almost EUR 60 million less than in 2019, while the amount paid in claims and indemnities decreased by 8.8% y-o-y to EUR 501 million, according to the year-end figures published by The Financial and Capital Market Commission of Latvia (FKTK).

Latvian insurers' FY2020 profits expanded by 59% y-o-y

Latvian insurers' aggregate net profits expanded by 58.7% during last year (or by almost EUR 20 million in absolute value) to EUR 53.38 million, according to data presented by the Finance and Capital Market Commission (FKTK).

RENOMIA strengthens its position within CEE and enters Latvia

RENOMIA purchased a majority stake in R&D APDROSINASANAS BROKERS (R&D Insurance Brokers Ltd.), a local company based in Riga and strengthened its position within Central and Eastern Europe (CEE) as Latvia became the eighth European country in which RENOMIA has direct representation.