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  4. > Latvia Insurance Report Q3 2016

Latvia Insurance Report Q3 2016

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

Includes 3 FREE quarterly updates

BMI View: Although a small market at present, Latvia's insurance sector does demonstrate some positivemedium term growth trends. The expanding presence of regional and multinational providers will improvethe range of products available in the market, stimulating premium growth in a generally underdevelopedmarketplace. There are some ongoing barriers to growth, including a general lack of awareness of thebenefits of insurance coverage and a lack of affordability in a market where many households fall intolower income brackets. While the strengthening domestic economy and accompanying rise in wages anddisposable incomes will boost premium growth by the end of the forecast period, particularly in the lifesector, the Latvian market will remain one of the smaller markets in the Central and Eastern Europe region.

Key Updates And Forecasts

- The insurance product range in Latvia is expanding. Domestic firm Balta has introduced terrorisminsurance under its travel insurance products, with cover up to EUR10,000, making it the first domesticinsurance company to offer terrorism cover.

- Life insurance remains underdeveloped in Latvia, accounting for just over 10% of premiums written inthe market. After a short-term contraction, we do expect premiums to grow over the remainder of theforecast period to reach EUR63mn in 2020, up from EUR46mn in 2016.

- The non-life market is considerably larger, writing premiums of EUR354mn in 2016. Pricing competitionand slow economic growth could dampen short-term prospects in the non-life sector, though stronggrowth is expected from 2017 onwards leading to total premiums of EUR510mn by 2020.

Table Of Contents

Latvia Insurance Report Q3 2016
BMI Industry View 5
Table: Headline Insurance Forecasts (Latvia 2013-2020) 5
Industry Forecast 7
Life Premiums Forecast 7
Table: Life Premiums (Latvia 2013-2020) 10
Table: Life Insurance Claims (Latvia 2008-2015) 10
Non-Life Premiums Forecast 11
Table: Non-Life Premiums (Latvia 2013-2020) 14
Table: Non-Life Insurance Claims (Latvia 2009-2015) 16
Non-Life Sub-Sector Forecast 16
Table: Non-Life Insurance Premiums by Product Line (Latvia 2013-2020) 24
Industry Risk Reward Ratings 26
Emerging Europe Risk/Reward Index 26
Table: Emerging Europe Insurance Risk/Reward Index - Q316 27
Market Overview 28
Life Market Overview 28
Product Offering 28
The Competitive Landscape 29
Non-Life Market Overview 30
The Product Offering 30
The Competitive Landscape 30
Table: Company Performance: Non-Life Insurance Market (USDmn) 2010-2013 32
Company Profile 33
Gjensidige Baltic 33
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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