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Latvia

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Latvia

Insurance Intelligence

Providing expert analysis, independent market insight and company data on the insurance industry.

Insurance market reports are produced following a country visit with interviews with professionals working in the sector with systematic updates to information throughout the cycle. Covering market developments, macroeconomic factors and comprehensive details of the regulatory environment including relevant taxation as well as market indicators and company statistics.

Axco’s Latvia Non-Life Insurance Market Report (P&C) also comprises a detailed analysis of lines of business and sub-classes such as natural hazards, property, construction and machinery breakdown, motor, workers compensation & employers’ liability and liability.

The Life & Benefits Report for Latvia includes detail on social security, healthcare, individual life assurance and pensions information as well as market statistics and life company statistics

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Information for Latvia can be seen in:

Insurance Market Reports (Non-Life) Insurance Market Reports (Life & Benefits) Employee Benefits Reports Global Statistics Regulatory Alerts Market Profiles Insight Compliance Insight EB Compliance Point Clinical Trials Axco API Insight Risk Manager

Country Information

Time-zone
Capital city
Currency
Population
Real GDP growth (%)
Inflation (%)
latest GWP
Insurance Penetration (%)
GMT +2
Riga
LVL
1.87 mn
4.19
1.23%
564.91 (mn)
1.77

The Republic of Latvia lies on the Baltic sea between Estonia and Lithuania. Its insurance market is fully privatised and deregulated and is completely open to foreign insurers wishing to buy a local company. Latvian insurance law permits branch operations of EU/EEA insurers and insurance on a freedom of services basis. In 2020 there were 10 non-life companies in the Latvian market, comprising four companies under local supervision and six branches.

Before COVID-19 hit, the market had generally shown good growth in recent years, attributable to the expansion of Latvia's economy generally and reflected in premium increases in the largest class, motor (due to growth in the numbers of new vehicles financed by borrowing/leasing) and increases in property premium, but also in private medical insurance, a substantial part of non-life insurers' incomes.

An important factor behind the purchase of any insurance in Latvia, is compulsion in some form or another (statutory, loan requirement or other contractual obligation) and according to one of Axco’s market sources about 80% of non-life premium is possibly generated on this basis.

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