Health & Protection in Latvia

Living and working abroad is a mixture of excitement and uncertainties. What every expat must know is that being in an unfamiliar territory calls for extreme precaution and protection. Latvia has a small but promising insurance industry where you can find plans that’ll cover your health and assets in the moment of great need or you might consider add-ons to your benefits package offered by your employer. Here, you will find helpful information on how to get and use insurance that’ll allow you to live a well-protected expat life like the one you had at home.

Getting Insurance

There are a handful of international and local insurance companies operating in Latvia. But before you start calling some of them, you should ask your employer first if you have medical insurance as part of your relocation programme. If you have one but don’t cover any dependents, you can consider looking at add-ons, such as more comprehensive covers or maternity. Expats can also get broad range plans from BALTA, the country’s largest life and non-life insurer.

Those two providers are all licensed to operate in Latvia. If you still prefer to check on other brokers, make sure that they are accredited by the Financial and Capital Market Commission. You can also contact this agency in case your insurance company makes unauthorised changes in your policy.

Find an agent by asking your new colleagues at the Latvia office, or your HR. They all have looked into the question before you. Take your time in asking questions to your agent before signing a contract. Your knowledge about the scope of your policy is the secret in making the most out of your investment. You can also shop around so that you can compare their different plans and see which one can meet your needs.

Importance of Insurance

Aside from marvelling at Latvia’s natural beauty, you should also pay close attention to some of its health risks such as Lyme disease and tick-borne encephalitis that are prevalent among insects in Baltic countries. You should also be mindful of your food and water intake since it can cause Hepatitis A. Another common illness is Tuberculosis which is considered at high risk in Latvia. Some of the strains found in this country are drug-resistant so you have to be very cautious to keep yourself from being infected. Aside from TB, the sicknesses mentioned above can be prevented by getting vaccinations which can be covered if you have health insurance. Your policy can also cover medical services such as doctor visits and physical exams that’ll help you maintain a healthy body.

Local Insurance in Latvia

Latvia continues to experience economic growth this year and in 2017 with the help of the progressing insurance industry. The sector is composed of three major associations which are LIA (Latvian Insurers Association) which has 16 members, LIBA (Latvian Insurance Brokers Association) with 45 members and Latvian Professional Insurance Brokers Association with only six members. All of these brokerage organisations are under the umbrella of the Financial Capital Market Commission, a government sector in charge of monitoring all of their operations.

In 1997, the government of the Republic of Latvia implemented a law that requires all car owners and licensed drivers to have Mandatory Third Party Liability insurance. The law ensures the civil liability of the owner or driver of the vehicle to the damage done to the third party involved in the road traffic accident. Insurers shall cover the loss, not exceeding, €5,000,000 for injuries to the person (regardless on how many victims) and €1,000,000 for damage to properties (regardless of the number of third parties involved).

Expats in Latvia have a wide variety of options when it comes to securing their health and properties. The local providers are as equally competitive as the foreign insurers, but you should strongly consider getting international insurance. Multinational companies have longer experience in providing security to foreign nationals abroad and have specific plans designed to cover your lifestyle as an expat.