Life Report

Product Insurance Market Reports Life Rev Latvia

Key Highlights

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  • Key insights and explanations of market developments in life insurance, healthcare and pensions
  • Details Latvia's insurance, social security, pensions and healthcare regulatory framework and company and personal tax considerations
  • Current legislation and upcoming changes
  • The latest developments in Latvia's economic and political environment
  • Demographic information
  • Market statistics and company performance

Report Overview

Independent strategic insight, line of business detail, regulatory information & market data for the non-life (P&C) insurance market of Latvia

The Latvia life and benefits market report provides a comprehensive, impartial analysis of the life insurance market of Latvia. Information extends to extensive detail on healthcare (public and private), pensions and benefits, and social security. Specialist researchers visit Latvia and interview local professionals working across the local market. The report is updated with new information and data regularly throughout the cycle of country visits.

The report provides information about Latvia’s demographic profile and assesses its economic, political, climate, operational, and security risks. Key data on the investment environment in Latvia is available.

Axco’s report describes the regulatory framework that applies to the Latvian domestic life insurance sector, including whether non-admitted insurance is permitted in Latvia; as well as the legislation necessary to know regarding Latvia’s healthcare, pensions and social security.

Statistics include five years of life insurance market performance indicators, including gross written premiums, premium growth and penetration rates. Company statistics show who are the leading life insurance companies in Latvia with local life insurance company premiums, market share and year on year growth.

Life Insurance

Axco provides details on the life insurance sector including Latvian market participants, reinsurance and distribution channels. The reports describe classes of business from both individual and group life such as whole life, endowment, term life and unit-linked.
Information on non-life classes for example critical illness and private medical insurance.


The report describes the public and private healthcare system in Latvia, the scope of cover, accessibility financing and provides an analysis of how the public and private systems complement each other.


Axco reports on the three pillars of Latvian pension provision.

  • State pension benefits including benefit calculations and eligibility criteria 
  • Workplace pension provision; types of schemes calculations eligibility and; tax implications
  • Voluntary individual pension provision, type of products and tax implications

Social Security

The Latvia report provides an in-depth analysis of the regulatory framework governing social security as well as details on financing and eligibility. Information includes but is not limited to

  • state pensions,
  • permanent disability benefit
  • occupational accident and disease
  • maternity and paternity payments 

Latvia Life and Benefits Report Extract

Below are brief extracts of information from the Latvia Life & Benefits Report; more updated information may be available in the latest published report.

Life Insurance

According to figures from the insurance association, in 2019 gross written premium income for the Latvian life insurance market was EUR 128.10mn (USD 139.59mn), up 11% on 2018.

This figure is made of unit-linked business (EUR 61.30mn (USD 66.80mn), up just over 9% on 2018), guaranteed interest products (endowments) (EUR 24.38mn (USD 26.57mn), down 14%), risk contracts (term life, critical illness) (EUR 6.72mn (USD 7.32mn), up over 14%) and pension annuities ....


In 2020 Latvian life and pension insurers were dealing with the impact of the ongoing COVID-19 pandemic. The measures taken by Latvia to stop the spread of the virus have affected GDP and employment with different sectors affected to varying extents. The second half of the year, however, has seen economic activity recovering positively and overall Latvia's economy is expected to be less severely affected than many other EU countries ....


Healthcare or PMI is a major class of business in Latvia, accounting for around 22% of total non-life premium in 2019, some EUR 94.99mn (USD 103.51mn), up almost 7% on 2018.

Although classed as non-life business it can be written by life as well as non-life companies; most is written by non-life insurers.

As regards state healthcare, a new two-tier system was intended ....

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