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Latvia Insurance Report Q1 2016

  • November 2015
  • -
  • Business Monitor International
  • -
  • 51 pages

BMI View

: Latvia's underwriting activity is limited due to its small size and relatively low income levelscompared to other EU countries. We do, however, hold an optimistic view on premium growth in both thelife and non-life insurance segments. Both the Latvian government and incumbent companies haveindicated their commitment to improve awareness among the population of the benefits of insurance andother financial products.

Key Updates and Forecasts

- Accounting for 88% of total written non-life insurance premiums in 2016, non-life insurance is by far thelargest major segment of Latvia's insurance sector. With insurance penetration rates of 1.3%, non-lifeinsurance is more developed than its life insurance counterpart with a 0.2% penetration rate. In overallterms, though, the combination of a small population of 2mn and low income levels renders Latvia'sinsurance market relatively unattractive in comparison to those in other European countries. However,this is not to say that there are no market opportunities in the foreseeable future. In fact, both majorsegments are set to grow at strong rates over the coming years, which is largely due to the country'seconomic recovery.

Table Of Contents

Latvia Insurance Report Q1 2016
BMI Industry View 5
Table: Headline Insurance Forecasts (Latvia 2012-2019) 5
Industry Forecast 8
Life Premiums Forecast 8
Table: Life Premiums (Latvia 2012-2019) 11
Table: Life Insurance Claims (Latvia 2007-2014) 11
Non-Life Premiums Forecast 12
Table: Non-Life Premiums (Latvia 2012-2019) 15
Table: Non-Life Insurance Claims (Latvia 2008-2014) 17
Non-Life Sub-Sector Forecast 17
Table: Non-Life Insurance Premiums by Product Line (Latvia 2012-2019) 25
Industry Risk Reward Ratings 27
Emerging Europe Risk/Reward Index 27
Table: Emerging Europe Insurance Risk/Reward Index 28
Market Overview 29
Non-Life Market Overview 29
The Product Offering 29
The Competitive Landscape 30
Table: Company Performance: Non-Life Insurance Market (USDmn) 2007-2013 32
Life Market Overview 32
Product Offering 32
The Competitive Landscape 34
Company Profile 35
Gjensidige Baltic 35
AAS Balta 37
If PandC 39
Baltikums 41
Swedbank 43
Methodology 45
Industry Forecast Methodology 45
Risk/Reward Index Methodology 48
Table: Indicators 50
Table: Weighting of Indicators 51

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