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The Insurance Industry in Latvia, Key Trends and Opportunities to 2022

The Insurance Industry in Latvia, Key Trends and Opportunities to 2022

Summary

GlobalData’s The Insurance Industry in Latvia, Key Trends and Opportunities to 2022 report provides detailed analysis of the market trends, drivers and challenges in the Latvian insurance industry.

It provides key performance indicators such as written premium and claims during the review period (2013-2017) and forecast period (2017-2022).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Latvian economy and demographics, and provides detailed information on the competitive landscape in the country.

The report brings together GlobalData’s research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

Inside this report, we look at the top themes, its predictions and identify winners and losers.

The report provides in-depth market analysis, information and insights into the Latvian insurance industry, including -

  • The Latvian insurance industry's growth prospects by segment and category
  • A comprehensive overview of the Latvian economy and demographics
  • Details of the competitive landscape in the Latvian insurance industry
  • The various distribution channels in the Latvian insurance industry
  • Details of regulatory policy applicable to the Latvian insurance industry
  • Analysis of natural hazards in the Latvian insurance industry.
Scope
  • This report provides a comprehensive analysis of the insurance industry in Latvia
  • It provides historical values for the Latvian insurance industry for the report’s 2013-2017 review period, and projected figures for the 2017-2022 forecast period.
  • It offers a detailed analysis of the key segments in the Latvian insurance industry, with market forecasts to 2022.
  • It covers an exhaustive list of parameters, including written premium and claims.
  • It analyzes the various distribution channels in Latvia.
  • It profiles the top insurance companies in Latvia, and outlines the key regulations affecting them.
Reasons to buy
  • Make strategic business decisions using in-depth historic and forecast market data related to the Latvian insurance industry and each segment and category within it.
  • Understand the demand-side dynamics, key market trends and growth opportunities in the Latvian insurance industry.
  • Assess the competitive dynamics in the Latvian insurance industry.
  • Identify the growth opportunities and market dynamics in key segments.
  • Gain insights into key regulations governing the Latvian insurance industry and their impact on companies and the industry's future.


1 Key Facts and Highlights
2 Executive Summary
3 Economy and Demographics
4 Industry Outlook
4.1 Industry Indicators
4.1.1 Gross written premium
4.1.2 Direct written premium
4.1.3 Insurance density
4.1.4 Paid claims
5 Life Insurance Outlook
5.1 Segment Indicators
5.1.1 Gross written premium
5.1.2 Direct written premium
5.1.3 Paid claims
5.1.4 Penetration
5.1.5 Assets and investments
5.2 Individual Life Insurance
5.2.1 Gross written premium
5.2.2 Penetration
5.3 Group Life Insurance
5.3.1 Gross written premium
5.3.2 Penetration
6 General Insurance Outlook
6.1 Segment Indicators
6.1.1 Gross written premium
6.1.2 Direct written premium
6.1.3 Paid claims
6.1.4 Penetration
6.1.5 Loss ratio
6.1.6 Assets and investments
6.2 Property Insurance
6.2.1 Direct written premium
6.2.2 Penetration
6.3 Motor Insurance
6.3.1 Direct written premium
6.3.2 Penetration
6.4 Liability Insurance
6.4.1 Direct written premium
6.4.2 Penetration
6.5 Financial Lines Insurance
6.5.1 Direct written premium
6.5.2 Penetration
6.6 Marine, Aviation and Transit Insurance
6.6.1 Direct written premium
6.6.2 Penetration
6.7 Personal Accident and Health Insurance
6.7.1 Direct written premium
6.7.2 Penetration
6.8 Miscellaneous
6.8.1 Direct written premium
6.8.2 Penetration
7 Reinsurance Outlook
7.1 Premium Ceded
8 Distribution Channel Outlook
9 Natural and Man-Made Hazards
9.1 Storms
9.2 Coastal erosion and flooding
9.3 Wildfires
9.4 Exposure
10 Competitive Landscape
10.1 Company Profiles
10.1.1 AAS BTA Baltic Insurance Company- Company Overview
10.1.2 Balcia Insurance SE Overview - company overview
10.1.3 Insurance Joint Stock Company BALTA- Company Overview
10.1.4 Baltijas Apdrošināšanas Nams Insurance Joint Stock - company overview
10.1.5 CBL Life Insurance Joint Stock Company - company overview
10.1.6 Insurance Joint Stock Company SEB Dzīvības Apdrošināšana - company overview
11 Governance, Risk and Compliance
11.1 Legislation Overview and Historical Evolution
11.2 Latest Changes in Regulation
11.3 Legislation and Market Practice by Type of Insurance
11.3.1 Life insurance
11.3.2 Property insurance
11.3.3 Motor insurance
11.3.4 Liability insurance
11.3.5 Marine, aviation and transit insurance
11.3.6 Personal accident and health insurance
11.4 Compulsory Insurance
11.4.1 Motor third-party liability insurance
11.4.2 Air carriers and aircraft operators insurance
11.4.3 Professional indemnity insurance for alternative investment fund managers
11.4.4 Liability for ships with respect to oil pollution
11.4.5 Third party liability insurance for bailiffs
11.4.6 Clinical trial liability
11.4.7 Professional liability insurance for insurance intermediaries
11.4.8 Health insurance
11.5 Supervision and Control
11.5.1 International Association of Insurance Supervisors
11.5.2 European Insurance and Occupational Pensions Authority
11.5.3 Federation of European Risk Management Associations
11.5.4 Federation of European Risk Management Associations
11.6 Non-Admitted Insurance Regulations
11.6.1 Overview
11.6.2 Intermediaries
11.6.3 Market practices
11.6.4 Fines and Penalties
11.7 Company Registration and Operations
11.7.1 Type of insurance organization
11.7.2 Establishing a local company
11.7.3 Foreign ownership
11.7.4 Types of license
11.7.5 Capital requirements
11.7.6 Solvency margin
11.7.7 Reserve requirements
11.7.8 Investment regulations
11.7.9 Statutory return requirements
11.7.10 Fee structure
11.8 Taxation
11.8.1 Insurance premium or policy taxation
11.8.2 Withholding taxes on premium paid overseas
11.8.3 Corporate tax
11.8.4 VAT
11.8.5 Captives
11.9 Legal System
11.9.1 Introduction
11.9.2 Access to court
11.9.3 Alternative dispute resolution
12 Databook
12.1 Life Insurance
12.1.1 Policies and premium
12.1.2 Claims and expenses
12.1.3 Assets and investments
12.1.4 Individual life insurance
12.1.5 Group life insurance
12.1.6 Linked vs non-linked policies
12.2 General Insurance
12.2.1 Policies and premium
12.2.2 Claims and expenses
12.2.3 Assets and investments
12.2.4 Property insurance
12.2.5 Property insurance by category
12.2.6 Motor insurance
12.2.7 Motor insurance by category
12.2.8 Liability insurance
12.2.9 Financial lines insurance
12.2.10 Marine, aviation and transit insurance
12.2.11 Marine, aviation and transit insurance by category
12.2.12 Personal accident and health insurance
12.2.13 Personal accident and health insurance by category
12.2.14 Miscellaneous
13 Definitions and Methodology
13.1 Definitions
13.2 Methodology
14 About GlobalData
14.1 Contact GlobalData
14.2 About GlobalData
14.3 GlobalData’s Services
14.4 Disclaimer
List of Tables
Table 1: Latvian Insurance Industry - Key Facts,
Table 2: Latvian Insurance Industry - Leading Insurers,
Table 3: Latvian Government Credit Ratings
Table 4: Latvian Insurance Industry - Gross Written Premium (EUR Million and US$ Million), 2013-
Table 5: Latvian Insurance Industry - Gross Written Premium (EUR Million and US$ Million), 2017-
Table 6: Latvian Insurance Industry - Direct Written Premium (EUR Million and US$ Million), 2013-
Table 7: Latvian Insurance Industry - Direct Written Premium (EUR Million and US$ Million), 2017-
Table 8: Latvian Insurance Industry - Density (EUR), 2013-
Table 9: Latvian Insurance Industry - Density (EUR), 2017-
Table 10: Latvian Insurance Industry - Paid Claims (EUR Million and US$ Million), 2013-
Table 11: Latvian Insurance Industry - Paid Claims (EUR Million and US$ Million), 2017-
Table 12: Latvian Life Insurance - Gross Written Premium (EUR Million and US$ Million), 2013-
Table 13: Latvian Life Insurance - Gross Written Premium (EUR Million and US$ Million), 2017-
Table 14: Latvian Life Insurance - Direct Written Premium (EUR Million and US$ Million), 2013-
Table 15: Latvian Life Insurance - Direct Written Premium (EUR Million and US$ Million), 2017-
Table 16: Latvian Life Insurance - Paid Claims (EUR Million and US$ Million), 2013-
Table 17: Latvian Life Insurance - Paid Claims (EUR Million and US$ Million), 2017-
Table 18: Latvian Life Insurance - Total Assets (EUR Million and US$ Million), 2013-
Table 19: Latvian Life Insurance - Total Assets (EUR Million and US$ Million), 2017-
Table 20: Latvian Individual Life Insurance - Gross Written Premium (EUR Million and US$ Million), 2013-
Table 21: Latvian Individual Life Insurance - Gross Written Premium (EUR Million and US$ Million), 2017-
Table 22: Latvian Group Life Insurance - Gross Written Premium (EUR Million and US$ Million), 2013-
Table 23: Latvian Group Life Insurance - Gross Written Premium (EUR Million and US$ Million), 2017-
Table 24: Latvian General Insurance - Gross Written Premium (EUR Million and US$ Million), 2013-
Table 25: Latvian General Insurance - Gross Written Premium (EUR Million and US$ Million), 2017-
Table 26: Latvian General Insurance - Direct Written Premium (EUR Million and US$ Million), 2013-
Table 27: Latvian General Insurance - Direct Written Premium (EUR Million and US$ Million), 2017-
Table 28: Latvian General Insurance - Paid Claims (EUR Million and US$ Million), 2013-
Table 29: Latvian General Insurance - Paid Claims (EUR Million and US$ Million), 2017-
Table 30: Latvian General Insurance - Total Assets (EUR Million and US$ Million), 2013-
Table 31: Latvian General Insurance - Total Assets (EUR Million and US$ Million), 2017-
Table 32: Latvian General Insurance - Total Investment Income (EUR Million and US$ Million), 2013-
Table 33: Latvian General Insurance - Total Investment Income (EUR Million and US$ Million), 2017-
Table 34: Latvian Property Insurance - Direct Written Premium (EUR Million and US$ Million), 2013-
Table 35: Latvian Property Insurance - Direct Written Premium (EUR Million and US$ Million), 2017-
Table 36: Latvian Motor Insurance - Direct Written Premium (EUR Million and US$ Million), 2013-
Table 37: Latvian Motor Insurance - Direct Written Premium (EUR Million and US$ Million), 2017-
Table 38: Latvian Liability Insurance - Direct Written Premium (EUR Million and US$ Million), 2013-
Table 39: Latvian Liability Insurance - Direct Written Premium (EUR Million and US$ Million), 2017-
Table 40: Latvian Financial Lines Insurance - Direct Written Premium (EUR Million and US$ Million), 2013-
Table 41: Latvian Financial Lines Insurance - Direct Written Premium (EUR Million and US$ Million), 2017-
Table 42: Latvian Marine, Aviation and Transit Insurance - Direct Written Premium (EUR Million and US$ Million), 2013-
Table 43: Latvian Marine, Aviation and Transit Insurance - Direct Written Premium (EUR Million and US$ Million), 2017-
Table 44: Latvian Personal Accident and Health Insurance - Direct Written Premium (EUR Million and US$ Million), 2013-
Table 45: Latvian Personal Accident and Health Insurance - Direct Written Premium (EUR Million and US$ Million), 2017-
Table 46: Latvian Miscellaneous - Direct Written Premium (EUR Thousand and US$ Thousand), 2013-
Table 47: Latvian Miscellaneous - Direct Written Premium (EUR Thousand and US$ Thousand), 2017-
Table 48: Latvian Reinsurance - Premium Ceded by Insurance Segment (EUR Million), 2013-
Table 49: Latvian Reinsurance - Premium Ceded by Insurance Segment (EUR Million), 2017-
Table 50: AAS BTA Baltic Insurance Company - Key Facts
Table 51: Balcia Insurance SE - Key Facts
Table 52: Insurance Joint Stock Company BALTA - Key Facts
Table 53: Baltijas Apdrošināšanas Nams Insurance Joint Stock - Key Facts
Table 54: CBL Life Insurance Joint Stock Company - Key Facts
Table 55: Insurance Joint Stock Company SEB Dzīvības Apdrošināšana Key Facts
Table 56: Latvia - Insurance Regulatory Framework Key Features
Table 57: Latvia - Life Insurance Regulatory Framework
Table 58: Latvia - Property Insurance Regulatory Framework
Table 59: Latvia- Motor Insurance Regulatory Framework
Table 60: Latvia - Liability Insurance Regulatory Framework
Table 61: Latvia - Minimum Coverage for Aircraft Third-Party Liability Per Accident Per Aircraft
Table 62: Latvia - Corporate Tax Rates for the Financial Year
Table 63: Latvian Life Insurance - Policies and Premium, 2013-
Table 64: Latvian Life Insurance - Policies and Premium, 2017-
Table 65: Latvian Life Insurance - Claims and Expenses, 2013-
Table 66: Latvian Life Insurance - Claims and Expenses, 2017-
Table 67: Latvian Life Insurance - Assets and Investments, 2013-
Table 68: Latvian Life Insurance - Assets and Investments, 2017-
Table 69: Latvian Life Insurance - Individual Life Insurance, 2013-
Table 70: Latvian Life Insurance - Individual Life Insurance, 2017-
Table 71: Latvian Life Insurance - Group Life Insurance, 2013-
Table 72: Latvian Life Insurance - Group Life Insurance, 2017-
Table 73: Latvian Life Insurance - Linked vs Non-Linked Policies, 2013-
Table 74: Latvian Life Insurance - Linked vs Non-Linked Policies, 2017-
Table 75: Latvian General Insurance - Policies and Premium, 2013-
Table 76: Latvian General Insurance - Policies and Premium, 2017-
Table 77: Latvian General Insurance - Claims and Expenses, 2013-
Table 78: Latvian General Insurance - Claims and Expenses, 2017-
Table 79: Latvian General Insurance - Assets and Investments, 2013-
Table 80: Latvian General Insurance - Assets and Investments, 2017-
Table 81: Latvian General Insurance - Property Insurance, 2013-
Table 82: Latvian General Insurance - Property Insurance, 2017-
Table 83: Latvian General Insurance - Property Insurance by Category, 2013-
Table 84: Latvian General Insurance - Property Insurance by Category, 2017-
Table 85: Latvian General Insurance - Motor Insurance, 2013-
Table 86: Latvian General Insurance - Motor Insurance, 2017-
Table 87: Latvian General Insurance - Motor Insurance by Category, 2013-
Table 88: Latvian General Insurance - Motor Insurance by Category, 2017-
Table 89: Latvian General Insurance - Liability Insurance, 2013-
Table 90: Latvian General Insurance - Liability Insurance, 2017-
Table 91: Latvian General Insurance - Financial Lines Insurance, 2013-
Table 92: Latvian General Insurance - Financial Lines Insurance, 2017-
Table 93: Latvian General Insurance - Marine, Aviation and Transit Insurance, 2013-
Table 94: Latvian General Insurance - Marine, Aviation and Transit Insurance, 2017-
Table 95: Latvian General Insurance - Marine Aviation and Transit Insurance by Category, 2013-
Table 96: Latvian General Insurance - Marine Aviation and Transit Insurance by Category, 2017-
Table 97: Latvian General Insurance - Personal Accident and Health Insurance, 2013-
Table 98: Latvian General Insurance - Personal Accident and Health Insurance, 2017-
Table 99: Latvian General Insurance - Personal Accident and Health Insurance by Category, 2013-
Table 100: Latvian General Insurance - Personal Accident and Health Insurance by Category, 2017-
Table 101: Latvian General Insurance - Miscellaneous, 2013-
Table 102: Latvian General Insurance - Miscellaneous, 2017-
Table 103: Insurance Industry Definitions
List of Figures
Figure 1: Latvian Real GDP (EUR Billion), 2013-
Figure 2: Latvian Exchange Rate (EUR per US$), 2013-
Figure 3: Latvian Consumer Price Inflation (%), 2013-
Figure 4: Latvian Current Account Balance as Percentage of GDP (%), 2013-
Figure 5: Latvian Unemployment Rate, 2013-
Figure 6: Latvian Population by Age Group, 1990-
Figure 7: Latvian Insurance Industry - Gross Written Premium (EUR Million), 2013-
Figure 8: Latvian Insurance Industry - Direct Written Premium (EUR Million), 2013-
Figure 9: Latvian Insurance Industry - Density (EUR), 2013-
Figure 10: Latvian Insurance Industry - Paid Claims (EUR Million), 2013-
Figure 11: Latvian Life Insurance - Gross Written Premium (EUR Million), 2013-
Figure 12: Latvian Life Insurance - Direct Written Premium (EUR Million), 2013-
Figure 13: Latvian Life Insurance - Paid Claims (EUR Million), 2013-
Figure 14: Latvian Life Insurance - Penetration (%), 2013-
Figure 15: Latvian Life Insurance - Penetration (%), 2017-
Figure 16: Latvian Life Insurance - Total Assets (EUR Million), 2013-
Figure 17: Latvian Individual Life Insurance - Gross Written Premium (EUR Million), 2013-
Figure 18: Latvian Individual Life Insurance - Penetration (%), 2013-
Figure 19: Latvian Individual Life Insurance - Penetration (%), 2017-
Figure 20: Latvian Group Life Insurance - Gross Written Premium (EUR Million), 2013-
Figure 21: Latvian Group Life Insurance - Penetration (%), 2013-
Figure 22: Latvian Group Life Insurance - Penetration (%), 2017-
Figure 23: Latvian General Insurance - Gross Written Premium (EUR Million), 2013-
Figure 24: Latvian General Insurance - Direct Written Premium (EUR Million), 2013-
Figure 25: Latvian General Insurance - Paid Claims (EUR Million), 2013-
Figure 26: Latvian General Insurance - Penetration (%), 2013-
Figure 27: Latvian General Insurance - Penetration (%), 2017-
Figure 28: Latvian General Insurance - Loss Ratio (%), 2013-
Figure 29: Latvian General Insurance - Loss Ratio (%), 2017-
Figure 30: Latvian General Insurance - Total Assets (EUR Million), 2013-
Figure 31: Latvian General Insurance - Total Investment Income (EUR Million), 2013-
Figure 32: Latvian Property Insurance - Direct Written Premium (EUR Billion), 2013-
Figure 33: Latvian Property Insurance - Penetration (%), 2013-
Figure 34: Latvian Property Insurance - Penetration (%), 2017-
Figure 35: Latvian Motor Insurance - Direct Written Premium (EUR Million), 2013-
Figure 36: Latvian Motor Insurance - Penetration (%), 2013-
Figure 37: Latvian Motor Insurance - Penetration (%), 2017-
Figure 38: Latvian Liability Insurance - Direct Written Premium (EUR Billion), 2013-
Figure 39: Latvian Liability Insurance - Penetration (%), 2013-
Figure 40: Latvian Liability Insurance - Penetration (%), 2017-
Figure 41: Latvian Financial Lines Insurance - Gross Written Premium (EUR Million), 2013-
Figure 42: Latvian Financial Lines Insurance - Penetration (%), 2013-
Figure 43: Latvian Financial Lines Insurance - Penetration (%), 2017-
Figure 44: Latvian Marine, Aviation and Transit Insurance - Direct Written Premium (EUR Million), 2013-
Figure 45: Latvian Marine, Aviation and Transit Insurance - Penetration (%), 2013-
Figure 46: Latvian Marine, Aviation and Transit Insurance - Penetration (%), 2017-
Figure 47: Latvian Personal Accident and Health Insurance - Direct Written Premium (EUR Million), 2013-
Figure 48: Latvian Personal Accident and Health Insurance - Penetration (%), 2013-
Figure 49: Latvian Personal Accident and Health Insurance - Penetration (%), 2017-
Figure 50: Latvian Miscellaneous - Direct Written Premium (EUR Thousand), 2013-
Figure 51: Latvian Miscellaneous - Penetration (%), 2013-
Figure 52: Latvian Miscellaneous - Penetration (%), 2017-
Figure 53: Latvian Reinsurance - Premium Ceded by Insurance Segment (EUR Million), 2013-
Figure 54: Latvian Life Insurance - Percentage of Reinsurance Ceded (%), 2013-
Figure 55: Latvian General Insurance - Percentage of Reinsurance Ceded (%), 2013-
Figure 56: Latvia - The Three Pillars of Solvency II
Figure 57: Latvia - Insurance Supervision and Control at Various Levels
Figure 58: Latvia - Insurance Regulatory Frameworks for Company Registration and Operation

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