Latvia
LATVIA: LAA: Natural disasters are causing increasing damage to farmers
The impact of climate change is increasingly being felt in Latvia, causing significant losses to the agricultural sector. However, as data of the Latvian Insurers Association (LAA) shows, insurance coverage in this sector is volatile and usually increases after natural disasters, the LAA said.
17 July 2025LATVIA: LAA: In 2024, life insurance without savings grew by 14%
The life insurance market* reached a total of EUR 122 million last year, which is an increase of 5.1% y-o-y. Information collected by the Latvian Insurance Association (LAA) shows** that citizens are increasingly choosing to purchase life insurance without savings.
25 June 2025LATVIA: Jānis Abāšins re-elected as President of the Latvian Insurers Association
On June 19, at the Latvian Insurers Association (LAA) members' meeting its current head Jānis Abāšins was reelected as the organization's president for the next three-year term.
25 June 2025LATVIA: LAA survey: almost half of vehicle owners purchase Motor Hull insurance
A third of Latvian residents (33%) do not own a personal vehicle, while of those who do, almost half (47%) choose to purchase Motor Hull insurance. However, 53% of vehicle owners still do not buy this product according to a survey conducted by the Latvian Insurers Association (LAA).
11 June 2025LATVIA: This spring farmers received 86% less compensation than a year ago thanks to the mild winter
The past winter has been quite favorable for farmers and has not caused major damage to crops.
2 June 2025LATVIA: ERGO recognized by “Dive” as the insurance company with the best customer service in Latvia
In the annual customer service evaluation study of the company “Dive”, ERGO was recognized as the insurance company with the best customer service in Latvia, the Latvian Insurers Association (LAA) said.
29 May 2025LATVIA: life pension insurance is now starting to regain interest
Although the popularity of life insurance has declined over the past two years, this type of insurance is now starting to regain interest among residents, the Latvian Insurers Association (LAA) said.
5 May 2025LATVIA: The first Latvian insurance forum to be held on April 4
The first Latvian insurance forum will be held on April 4, bringing together representatives of insurance companies and brokers to discuss current issues and development directions in the industry. The forum also includes practical workshops, the Association announced.
1 April 2025LATVIA: Citizens are increasingly choosing accident insurance; paid claims also growing
Citizens in Latvia are increasingly choosing to insure themselves against accidents, and last year GWP in the segment rose by 12%, reaching EUR 20.1 million. Consequently, paid claims also grew by 10%, to EUR 7.6 million, according to data from the Latvian Insurers Association (LAA)*.
1 April 2025STATISTICS: LATVIA FY2024: GWP continued to grow in 2024, although at a lower pace than in 2023
The Latvian insurance market saw a 10% increase in GWP, in 2024, to almost EUR 1.23 billion, data provided by the National Bank of Latvia show. However, in the context of decreasing inflation, the market growth pace also slowed last year, as compared with 2023. The growth in claims paid was also slower, of only 5%.
17 March 2025LATVIA: health insurance last year occupied almost 23% of the market
Employers are increasingly purchasing health insurance, and in 2024 in terms of GWP, this type of insurance was in the leading positions, occupying 22.6% of the insurance market*.
10 February 2025STATISTICS: LATVIA 3Q2024: the branches of foreign EU insurers active in Latvia have driven the life insurance growth
According to the Q3 2024 market data published by the Financial and Capital Market Commission (FKTK), the Latvian insurance market totaled GWP worth EUR 918.26 million, about 9.8% more y-o-y.
15 January 2025LATVIA: LAA: the July storm has set a new record in terms of insurance claims
An expert discussion organized by the Latvian Insurers Association (LAA) "Lessons for Latvia from the summer storm" took place on October 31. The president of LAA stated that the storm that took place in July of this year has set a new record in terms of insurance claims.
12 November 2024LATVIA: Claims record reached - EUR 17 million paid for storm damage
For the damages caused by the late July storm in Latvia, insurers have already paid out EUR 17 million (not including the activity of foreign insurers in Latvia), which is the largest amount of insurance compensation in Latvia for damage caused by a single natural disaster, according to the Latvian Insurers Association (LAA) as of October 2.
9 October 2024STATISTICS: LATVIA 1H2024: Double-digit growth for property insurance; significant increase expected in claims after the July storms
At the end of June 2024, Latvian insurers' aggregate GWP (local and EU branches, summed-up) totaled EUR 618.7 million, up by almost 10% y-o-y, while the amount paid in claims and indemnities increased by 3.77% y-o-y to EUR 355.8 million, according to data provided by the Latvian Central Bank.
9 October 2024LATVIA: This summer, the number of claims related to land transport collisions increased by 63%
This summer, the number of claims related to vehicle collisions increased significantly – by 63% y-o-y. In summer only, BALTA (PZU group) insurance company paid out almost EUR 3.2 million so far for road transport collisions, the Latvian Insurers Association reports.
26 September 2024LATVIA: LAA: Insurers have already covered 68% of reported July storm losses
The insurers have already paid out EUR 13 million for the damage caused by the storm at the end of July, which includes compensation for the damage caused to property, agricultural crops and vehicles, according to the data collected by the Latvian Insurers Association (LAA) as of September 11.
18 September 2024LATVIA: LAA: In a week, July storm paid claims increased by EUR 2 million, reaching a total of EUR 9 million
During the week, the amount of insurance indemnities paid out to clients affected by the storm at the end of July increased by EUR 2 million, reaching a total of EUR 9 million paid out to clients.
11 September 2024STATISTICS: LATVIA, 1Q2024: motor insurance drives the market, but claims expenses increased faster than premiums
Latvian insurers ended Q1 2024 with gross written premiums (GWP) worth EUR 329,15 million, 11.42% up y-o-y. Life insurance accounted for almost 19% of this total, while motor insurance is the business segment eith the largest participation to the market portfolio (32%).
29 August 2024LATVIA: LAA: Insurers have received July storm claims for over EUR 17 million
Due to the storm and rains at the end of July, insurers have so far received 8,366 claims for a total of EUR 17.2 million. At that EUR 4.2 million have already been paid out, settling 2,864 insurance cases, according to data collected by the Association of Latvian Insurers (LAA) as of August 14.
21 August 2024
