1. Market Research
  2. > Financial Services
  3. > Insurance Market Trends
  4. > Latvia Insurance Report Q4 2016

Latvia Insurance Report Q4 2016

  • September 2016
  • -
  • Business Monitor International
  • -
  • 51 pages

Includes 3 FREE quarterly updates

BMI View:

In common with other emerging insurance markets, Latvia's premiums are dominated byproperty and motoring lines. While the market is small, it is set for stronger growth going forward, with thenon-life sector rising in importance. This should boost foreign investment in the sector. Constraints such asaffordability in a market with a high level of low-income households and lack of awareness should lessen inthe years ahead as wages rise. However, the market will remain small, primarily due to the small size of thepopulation and slow population growth.

Key Updates And Forecasts

- The main development going forward is the introduction of mandatory health insurance by thegovernment with three models under consideration, two of which involve the private sector as a providerof health insurance products either as the sole issuer or as part of a hybrid with state involvement. Thiswill determine the nature and rate of market activity over the next five years.

- 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 EUR71mn in 2020, up from EUR48mn in 2016; this is better than the EUR63mnwe had forecast in the previous quarter, reflecting our confidence in Latvia's economic growth.

- The non-life market is considerably larger, with gross premiums written of EUR365mn in 2016. Pricingcompetition and slow economic growth could dampen short-term prospects in the non-life sector, thoughstrong growth is expected from 2017 onwards, leading to total premiums of EUR570mn by 2020, anupward revision from the EUR510mn previously forecast. Expansion in the product offering in the motorvehicle segment will be key to higher rates of growth.

Table Of Contents

Latvia Insurance Report Q4 2016
BMI Industry View 5
Table: Headline Insurance Forecasts (Latvia 2013-2020) 5
Insurance 6
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 18
Table: Non-Life Insurance Premiums By Product Line (Latvia 2013-2020) 27
Industry Risk Reward Ratings 28
Emerging Europe Risk/Reward Index 28
Table: Emerging Europe Insurance Risk/Reward Index - Q416 29
Market Overview 30
Life Market Overview 30
Product Offering 30
Competitive Landscape 31
Non-Life Market Overview 32
Product Offering 32
Competitive Landscape 32
Table: Company Performance: Non-Life Insurance Market (USDmn) 2010-2013 34
Company Profile 35
AAS Balta 35
Baltikums 37
Gjensidige Baltic 39
If PandC 41
Swedbank 43
Methodology 45
Industry Forecast Methodology 45
Risk/Reward Index Methodology 48
Table: Indicators 50
Table: Weighting of Indicators 51

View This Report »

Get Industry Insights. Simply.

  • Latest reports & slideshows with insights from top research analysts
  • 24 Million searchable statistics with tables, figures & datasets
  • More than 10,000 trusted sources
24/7 Customer Support

Talk to Amrita

+1 718 303 2019

Purchase Reports From Reputable Market Research Publishers
Commercial Non-Life Insurance Brokers in Europe

Commercial Non-Life Insurance Brokers in Europe

  • $ 10000
  • Industry report
  • August 2016
  • by Finaccord

Finaccord’s report titled Commercial Non-Life Insurance Brokers in Europe, plus the BrokerBASE™ and market data annexe that accompany it, investigate the importance of brokers in the distribution of ...

UK Travel Insurance: Market Dynamics and Opportunities 2016

UK Travel Insurance: Market Dynamics and Opportunities 2016

  • $ 3450
  • Industry report
  • August 2016
  • by Verdict Financial

Summary The UK travel insurance market declined by 12.3% to £625.4m in gross written premium (GWP) in 2015. This is a result of fewer policies being written, in addition to rates that have been prevented ...

Commercial Non-Life Insurance Brokers in the USA

Commercial Non-Life Insurance Brokers in the USA

  • $ 1992
  • Industry report
  • July 2016
  • by Finaccord

Commercial Non-Life Insurance Brokers in the USA, plus the BrokerBASE™ and market data file that accompany it, investigates the importance of brokers and independent agencies in the distribution of property ...


Reportlinker.com © Copyright 2016. All rights reserved.

ReportLinker simplifies how Analysts and Decision Makers get industry data for their business.