Latvia
Growth
Amounts are always in euros: this changes how growth is measured, nothing else.
How growth is measured →Latest news3 Nov 2026: August storm: insurers paid EUR 9.7m on 8,211 claims, EUR 4.1m still reserved All news (12) →
Coverage All insurers and EU branches reporting to Latvijas Banka, contracts concluded in Latvia. Latvian insurers' business abroad (BTA, Balcia and others write most of their premium in Lithuania and Estonia) is left out; cross-border insurers are not covered.
Market share by insurer
Latest quarter: H1 2026
Premium written H1 2026, year to date: €468m, +7.7% against H1 2025 in local currency. Share change in percentage points against the same period a year earlier.
Largest insurers, H1 2026
Premium year to date and growth; the bar is the share, its change in points under it.
Gains and losses in share
Change in share against H1 2025, in percentage points; an insurer with no premium now has lost its whole share.
- Gjensidige (branch) · 3 Nov 2026: ERGO completes legal merger with Gjensidige across the Baltics on 1 November
All figures
| Insurer | H1 2026 €m | Share | Δ pp | H1 2025 €m | Growth |
|---|---|---|---|---|---|
| Balta | 110.6 | 23.6% | +0.1 | 102.2 | +8.2% |
| BTA Baltic Insurance Company | 61.0 | 13.0% | +0.3 | 55.4 | +10.1% |
| Compensa VIG (branch) | 55.8 | 11.9% | +0.7 | 48.6 | +14.9% |
| If P&C Insurance AS (branch) | 34.7 | 7.4% | −0.7 | 35.3 | −1.7% |
| Compensa Life VIG (branch) | 34.0 | 7.3% | +1.1 | 26.8 | +27.0% |
| ERGO Insurance (branch) | 28.9 | 6.2% | +0.8 | 23.4 | +23.3% |
| Swedbank P&C (branch) | 26.3 | 5.6% | −0.2 | 25.2 | +4.3% |
| ERGO Life (branch) | 24.5 | 5.2% | −0.9 | 26.7 | −8.0% |
| Swedbank Life (branch) | 19.8 | 4.2% | −0.0 | 18.4 | +7.4% |
| Gjensidige (branch) | 17.6 | 3.8% | −2.0 | 25.0 | −29.8% |
| Balcia Insurance | 14.2 | 3.0% | −0.9 | 17.1 | −16.9% |
| Baltijas Apdrošināšanas Nams | 12.2 | 2.6% | −0.2 | 12.2 | +0.2% |
| SEB Life and Pension Baltic | 11.4 | 2.4% | +0.2 | 9.8 | +17.1% |
| CBL Life | 7.8 | 1.7% | +0.7 | 4.1 | +87.2% |
| Telia Försäkring (branch) | 4.8 | 1.0% | +0.1 | 4.2 | +14.4% |
| Sincera Insurance | 4.1 | 0.9% | +0.9 | — | — |
| Artea Life (branch, ex-SB draudimas) | 0.8 | 0.2% | −0.0 | 0.8 | −1.8% |
| Market | 468.4 | 100% | 435.1 | +7.7% |
Each insurer's figures: All insurers, growth and latest quarter → · Full-year outlook →
What's happening in Latvia
The latest news on the market's insurers and their supervisor, newest first: facts in Polisa's own words, each with its source.
- CatastropheAugust storm: insurers paid EUR 9.7m on 8,211 claims, EUR 4.1m still reserved
By 22 October insurers had settled 84% of the 8,211 claims from the August storm, paying EUR 9.7m and reserving EUR 4.1m, a total of EUR 13.84m, according to the Latvian Insurers Association.
Source: XPRIMM (LAA data) - DealERGO completes legal merger with Gjensidige across the Baltics on 1 November
ADB Gjensidige was absorbed into ERGO Insurance SE on 1 November, and its business in Latvia continues within ERGO. Existing Gjensidige policies stay valid until they expire on unchanged terms.
ERGO Insurance (branch)Gjensidige (branch)Source: ERGO (press release) - PricesAverage OCTA payout tops EUR 1,800, up almost 23% in five years
The motor bureau LTAB says the average motor TPL payout per accident has risen almost 23% in five years to over EUR 1,800 while accident numbers stayed broadly stable; it notes Latvian OCTA prices are low by European standards.
Source: LTAB (Motor Insurers' Bureau of Latvia) - LawSaeima passes OCTA changes: direct claims from July 2027, LTAB under ministry oversight
Final-reading amendments let drivers claim from their own insurer in some cases for policies from 1 July 2027, widen payouts for unidentified vehicles from 2027, and put LTAB's state tasks under Finance Ministry oversight.
Source: iFinanses
8 earlier
- ResultsLAA: H1 2026 premiums up 8% to EUR 447.8m; claims paid up 13%
Health led with EUR 132.3m (+9%); life rose 26% to EUR 71.1m, now the third-largest line. OCTA premiums fell 4% to EUR 51.9m, mainly on lower prices, while OCTA claims rose 10%. Preliminary data of LAA members.
Source: Latvian Insurers Association via LV portāls - DealEstonia's supervisor approved the cross-border merger of ADB Gjensidige into ERGO Insurance SE, which takes over its Latvian branch business.Gjensidige (branch)Source: ERGO Estonia (1 Jul 2026); Finantsinspektsioon (1 Jul 2026)
- LawGovernment backs distribution law changes; agent register moves to Latvijas Banka
The Cabinet approved amendments to the Insurance and Reinsurance Distribution Law, drafted with Latvijas Banka and insurers: a central agent register at Latvijas Banka, simpler broker filings, stricter competence rules. Next: Saeima.
Source: Ministry of Finance via LV portāls - CatastropheWinter 2025/26 brings 8,745 home claims, up 24%, costing over EUR 13m
The Latvian Insurers Association counted 8,745 claims in the heating season against 7,040 a year earlier, with over EUR 13m paid and reserved versus about EUR 9m; burst pipes and leaks caused 60-70% of cases.
Source: XPRIMM (LAA data) - ResultsFY2025: premiums up 9.9% to almost EUR 1.35bn; LAA members up 4.5%
Latvijas Banka data via XPRIMM: non-life premiums rose 10.7% to EUR 1.08bn and life 6.7% to EUR 269.7m. Premiums of LAA members grew 4.5% to EUR 808m. The insurance ombudsman got a record 86 complaints.
Source: XPRIMM (Latvijas Banka data) - ResultsBTA Baltic 2025 profit up 51% to EUR 14.0m; Baltic premiums EUR 359m
BTA Baltic Insurance Company earned EUR 13.95m in 2025, up 51.4%. Premiums written across the Baltics rose 10.3% to EUR 359.0m and claims paid 1.8% to EUR 183.8m.
BTA Baltic Insurance CompanySource: BNS via tv3.lt - SupervisorLatvijas Banka to step up scrutiny of insurers' claims handling in 2026
In its 2026 supervisory priorities Latvijas Banka said it would watch insurers' claims settlement more closely: transparency, grounds for refusals, deadlines and client information. One on-site inspection is planned in insurance.
Source: Latvijas Banka via LV portāls - DealThe Latvian branch of ADB Gjensidige passed to ERGO with the Lithuanian company.Gjensidige (branch)Source: ERGO media information (2 Jan 2026)
Five-year trend
Premium
Market share of the five largest
Lines in Latvia
All figures
Claims paid in Latvia
Insurers paid €502m to their customers in FY 2025, −1.7% on FY 2024 in euros: €59 for every €100 of premium. Non-life claims were €409m; life insurance benefits €92m.
Premium and claims paid, FY 2021–2025
PremiumClaims paid% claims paid per €100 of premium
Claims paid by line, FY 2025
Claims paid in the year on contracts concluded in Latvia by all insurers and EU branches, before reinsurance; Latvian insurers' business in Lithuania and Estonia is not counted, as in the premium. Source: Latvijas Banka, quarterly reports by insurer. Cash paid in the year, not the claims incurred that the combined ratios on this page are built from. Claims across all markets →
Reinsurance in Latvia
Share of non-life premium ceded, by line
Largest cedents
All figures
Capital cover across the market
Groups present
Each group's share of this market, its companies here, and where else it operates.
Profit and capital
Net profit by year
All figures
Each insurer's profit, return on equity and ratios: All insurers, solvency and profit →
Staff and premium per employee
FY 2025 premium over the insurers' reported employees in Q3 2026. Agents, banks and group service companies are not employees, so an insurer that sells through others looks more productive: compare insurers of the same type.
Premium per employee, FY 2025
non-lifecompositelife
6 more in the full table below
Size and productivity, FY 2025
Each dot an insurer: employees across (log scale), premium per employee up; the larger the dot, the larger the premium.
By typeMedian per employee
All figures
| Insurer | Type | Employees | Premium €m | Premium per employee |
|---|---|---|---|---|
| Swedbank Life (branch) | life | 29 | 39.7 | €1.37m |
| Swedbank P&C (branch) | non-life | 71 | 51.8 | €729k |
| Compensa Life VIG (branch) | composite | 83 | 56.8 | €684k |
| Artea Life (branch, ex-SB draudimas) | life | 4 | 1.9 | €476k |
| CBL Life | life | 23 | 10.1 | €440k |
| Gjensidige (branch) | non-life | 140 | 49.9 | €356k |
| Balta | non-life | 612 | 197.9 | €323k |
| Compensa VIG (branch) | non-life | 347 | 91.8 | €265k |
| If P&C Insurance AS (branch) | non-life | 243 | 57.3 | €236k |
| Baltijas Apdrošināšanas Nams | non-life | 103 | 23.2 | €226k |
| BTA Baltic Insurance Company | non-life | 495 | 105.6 | €213k |
| ERGO Life (branch) | composite | 256 | 52.5 | €205k |
| SEB Life and Pension Baltic | composite | 114 | 22.5 | €198k |
| Balcia Insurance | non-life | 193 | 32.0 | €166k |
| ERGO Insurance (branch) | non-life | 301 | 46.6 | €155k |
| Sincera Insurance | non-life | 40 | 2.0 | €49k |
Staff: average number employed in Latvia in the latest quarter, from the State Revenue Service's open data, which carries only that quarter. Type: life where life insurance is 90% or more of the premium, non-life where it is 10% or less, composite in between. Productivity across all markets →
Questions about Latvia
Short answers from the figures on this page.
How big is the Latvia insurance market?
Insurers in Latvia wrote €850m of premium in FY 2025, +4.1% on FY 2024. That is 1.9% of GDP and €457 per person.
Who is the largest insurer in Latvia?
Balta is the largest insurer in Latvia with 23.3% of premium (€198m) in FY 2025, ahead of BTA Baltic Insurance Company (12.4%) and Compensa VIG (branch) (10.8%); the three largest write 46% of the market.
How many insurance companies are there in Latvia?
17 insurers wrote premium in Latvia in FY 2025: 11 non-life, 3 life and 3 composite.
Which insurance groups are present in Latvia?
Polisa records 10 insurance groups in Latvia in FY 2025; the largest by premium are VIG 29.9%, PZU 23.3%, ERGO 11.7%, Swedbank 10.8%. Insurers with no group (independent or not in a group) write 6.7% of the premium.
What is the largest line of business in Latvia?
Health is the largest line in Latvia with 23.7% of premium (€201m) in FY 2025, then property with 18.7%; life insurance is 14.9% of the market.
How well capitalised are the insurers in Latvia?
The median SCR ratio of the insurers in Latvia was 135% at 31 December 2025: the typical insurer held 1.4 times the capital Solvency II requires. 7 of the 17 insurers publish it.
RegulationRule changes4 rule changes that reach insurers in Latvia, with their dates
- Solvency II review · Applies from 30 January 2027
- AI Act: pricing rules for life and health delayed · High-risk rules from 2 December 2027
- Recovery and resolution of insurers · Applies from 30 January 2027
- DORA: digital operational resilience · In application since 17 January 2025
Spotted a wrong figure? Tell us and include the source.
All insurers
ExcelDownload CSVLicence| Insurer | Premium | Share |
|---|---|---|
| Balta | 197.9 | 23.3% |
| BTA Baltic Insurance Company | 105.6 | 12.4% |
| Compensa VIG (branch) | 91.8 | 10.8% |
| If P&C Insurance AS (branch) | 57.3 | 6.7% |
| Compensa Life VIG (branch) | 56.8 | 6.7% |
| ERGO Life (branch) | 52.5 | 6.2% |
| Swedbank P&C (branch) | 51.8 | 6.1% |
| Gjensidige (branch) | 49.9 | 5.9% |
| ERGO Insurance (branch) | 46.6 | 5.5% |
| Swedbank Life (branch) | 39.7 | 4.7% |
| Balcia Insurance | 32.0 | 3.8% |
| Baltijas Apdrošināšanas Nams | 23.2 | 2.7% |
| SEB Life and Pension Baltic | 22.5 | 2.6% |
| CBL Life | 10.1 | 1.2% |
| Telia Försäkring (branch) | 8.6 | 1.0% |
| Sincera Insurance | 2.0 | 0.2% |
| Artea Life (branch, ex-SB draudimas) | 1.9 | 0.2% |
CiteCite this pageThe reference in APA style and as BibTeX, each with a copy button, and the terms of reuse
Polisa compiles the figures; the original sources are named on this page and on the method page.
Polisa. (2026). Latvia insurance market: market shares, lines, solvency and claims [Data version 2026-11-11.13378f]. Retrieved November 11, 2026, from https://polisapro.com/markets/lv
BibTeXShow entry
@misc{polisa_markets_lv_2026,
author = {{Polisa}},
title = {Latvia insurance market: market shares, lines, solvency and claims},
year = {2026},
version = {2026-11-11.13378f},
howpublished = {\url{https://polisapro.com/markets/lv}},
note = {Accessed 11 November 2026}
}Reuse: Polisa's compilation CC BY 4.0 · source data: Latvijas Banka (free with credit, undistorted), State Revenue Service (CC0), insurers' SFCRs (public disclosures, linked).