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Latvia Insurance Report Q2 2016

  • March 2016
  • -
  • Business Monitor International
  • -
  • 50 pages

Includes 3 FREE quarterly updates

BMI View: Latvia's insurance sector is one of the smaller markets in Central and Eastern Europe, andcertain lines such as life insurance remain extremely under-developed. A lack of household spending powerand a general lack of awareness of the benefits of certain insurance products have restricted spending.However, the growing influence of multinational insurance firms on the market is leading to advances inproduct innovation and distribution strategies which are leading to increased take-up of life insurance andother products. We also note the positive effects of Latvia's strengthening economy which is boostingdisposable household incomes and consumer spending. These factors are likely to see increasing foreigninterest in the country's insurance market following recent acquisitions from the likes of PZU and ViennaInsurance Group.

Key Updates And Forecasts

- Latvia's life insurance sector will be the better performing of the two core markets we monitor, with acombination of robust economic growth and consumer sentiment and the increasing awareness of thebenefits of life insurance products driving growth. Life premiums will grow by 10.3% a year in USDterms and 8.3% in EUR terms through the forecast period, reaching USD770mn (EUR642mn) in 2020.

- Growth in non-life premiums will be more moderate due to a higher level of existing penetration andprice competition in key lines such as motor insurance. We forecast total non-life premiums to grow by6.8% and 4.9% in USD and EUR terms respectively through to 2010, reaching USD500mn(EUR416mn).

Table Of Contents

Latvia Insurance Report Q2 2016
BMI Industry View 5
Table: Headline Insurance Forecasts (Latvia 2013-2020) 5
Industry Forecast 8
Life Premiums Forecast 8
Table: Life Premiums (Latvia 2013-2020) 11
Table: Life Insurance Claims (Latvia 2008-2015) 11
Non-Life Premiums Forecast 12
Table: Non-Life Premiums (Latvia 2013-2020) 15
Table: Non-Life Insurance Claims (Latvia 2009-2015) 17
Non-Life Sub-Sector Forecast 17
Table: Non-Life Insurance Premiums by Product Line (Latvia 2013-2020) 25
Industry Risk Reward Ratings 27
Emerging Europe Risk/Reward Index 27
Table: Emerging Europe Insurance Risk/Reward Index - Q216 28
Market Overview 29
Life Market Overview 29
Product Offering 29
The Competitive Landscape 30
Non-Life Market Overview 31
The Product Offering 31
The Competitive Landscape 31
Table: Company Performance: Non-Life Insurance Market (USDmn) 2010-2013 33
Company Profile 34
Gjensidige Baltic 34
AAS Balta 36
If PandC 38
Baltikums 40
Swedbank 42
Methodology 44
Industry Forecast Methodology 44
Risk/Reward Index Methodology 47
Table: Indicators 49
Table: Weighting of Indicators 50

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