Market Research Logo

Latvia Insurance Report Q2 2016

Latvia Insurance Report Q2 2016

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).


BMI Industry View
Table: Headline Insurance Forecasts (Latvia 2013
2020)
SWOT
Industry Forecast
Life Premiums Forecast
Table: Life Premiums (Latvia 2013
2020)
Table: Life Insurance Claims (Latvia 2008
2015)
NonLife Premiums Forecast
Table: Non
Life Premiums (Latvia 20132020)
Table: Non
Life Insurance Claims (Latvia 20092015)
NonLife SubSector Forecast
Table: Non
Life Insurance Premiums by Product Line (Latvia 20132020)
Industry Risk Reward Ratings
Emerging Europe Risk/Reward Index
Table: Emerging Europe Insurance Risk/Reward Index
Q216
Market Overview
Life Market Overview
Product Offering
The Competitive Landscape
NonLife Market Overview
The Product Offering
The Competitive Landscape
Table: Company Performance: Non
Life Insurance Market (USDmn) 20102013
Company Profile
Gjensidige Baltic
AAS Balta
If P&C
Baltikums
Swedbank
Methodology
Industry Forecast Methodology
Risk/Reward Index Methodology
Table: Indicators
Table: Weighting of Indicators

Download our eBook: How to Succeed Using Market Research

Learn how to effectively navigate the market research process to help guide your organization on the journey to success.

Download eBook

Share this report