Types of insurance specific to the countries with developed market economies, have not been able to develop in the Baltic’s during the Soviet Union. The transition to market relations, the formation of a multi-management system, based on various forms of ownership, have created favorable conditions for the active insurance implementation in the economy as a fundamentals for the financial sustainability of economic entities. Until 1991, Latvian, Estonian and Lithuanian insurance markets, were under monopoly of the corresponding countries. But since 1991, insurers in the Baltic countries could develop in a competitive market. The general development of the insurance industry in the Baltic’s, was resumed after the declaration of its independence. Since that time, the Baltic insurance markets have paid much attention to the stability and efficiency of its development. In all of three Baltic States insurance developed similarly, but each country had its own specific paths of development due to the national legislation, political and economic characteristics. May 1, 2004. Baltic states which joined the EU have become an integral part of the global insurance market, which essence lies in the global insurance space for market participants throughout the EU territory and European Economic Area. The basis of the global European insurance legislation was formed from more than 300 directives, adopted by the Council of Ministers of the EU on the insurance business. The actual formation of a global European insurance market has passed three stages.