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Recently released market study: Latvia Insurance Report 2014

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2013-12-03 12:53:23 - Fast Market Research recommends "Latvia Insurance Report 2014" from Business Monitor International, now available

Latvia's insurance sector is strengthened by the presence of the subsidiaries of major life insurance companies. However, significant challenges to growth remain.

Like those of Lithuania and Estonia, Latvia's insurance sector is dominated by the local subsidiaries of multi-national giants. In the life segment, for instance, leading players include Swedbank Life, SEB Life & Pensions and Sampo Group's Mandatum Life. In the non-life segment, RSA Group company Balta remains the largest company. This is positive, because it means that global best practice is brought to a small country which experienced a brutal recession and financial crisis. Best practice - across both segments - in this context includes development of brands, innovation in product development and imaginative approaches to distribution. By seeing

Latvia as one element of a larger Baltic (or European) business, the insurance companies who are active in the country have access to significant economies of scale.

Full Report Details at

However, significant challenges remain. The non-life segment has grown over recent years, but basically as a result of the recovery in overall GDP. The latest figures from the FKTK, the regulator, indicate that non-life penetration (premiums as a percentage of GDP) will be lower in 2013 than in any of the preceding eight years (bar 2010). In essence, there is over-capacity. Prices and margins are under downwards pressure in most lines. Indeed, many of the most important lines were unprofitable in 2012, according to official data.

In the underdeveloped life segment, there are other problems. The regulator recognises the need for education of the benefits of life insurance. Some Latvian households are too poor to save through life insurance. The life insurance segment is in competition with second-tier (state sponsored) and third-tier (private) pension plans. Density (premiums per capita) should remain low.

The beginning of 2014 marks Latvia's accession to the euro area. In the short-term, this is a factor that has contributed to higher administrative costs for insurers. Over the longer-term, though, it is a very positive factor because it will give the insurers (and, in particular the life insurers, with their long dated liabilities) greater flexibility in terms of investment. Currently, around half the insurers' investment assets are held in Latvia.

Report Table of Contents:

BMI Industry View
- Table: Total Premiums 2010-2017
- Insurance
- Political
- Economic
- Business Environment
Industry Forecast
- Life
- Table: Life Premiums, 2010-2017
- Non Life
- Table: Non-Life Premiums, 2010-2017
Industry Risk Reward Ratings
- Central and Eastern European Risk/Reward Ratings
- Table: Europe Risk/Reward Ratings
- Latvia Insurance Risk/Reward Ratings
- Table: Latvia's Insurance Risk/Reward Ratings
Market Overview
- Life
- Non Life
Industry Trends And Developments
- Latvia Life Growth Drivers & Risk Management Projections
- Table: Insurance Key Drivers, Demographics 2010-2017
- Latvia Non Life Growth Drivers & Risk Management Projections
- Macroeconomic Forecast
- Table: Latvia - Economic Activity
- Political Outlook
- Healthcare Sector
- Healthcare Sector Funding
- Healthcare Provision
- Epidemiology
- Table: Insurance Key Drivers, Disease Adjusted Life Years 2010-2017
Competitive Landscape
- Central And Eastern Europe Competitive Landscape
Company Profile
- Balta
- Baltikums
- Vienna Insurance Group (VIG)
- Swedbank Life Insurance
- Seesam
- SEB Life & Pensions International
- Sampo Group
- RSA Group
- Gjensidige Baltic
- BTA Insurance Company SE
- Powszechny Zaklad Ubezpieczen (PZU)
Regional Overview
- Central & Eastern Europe - Life
- Table: Central And Eastern European Life Premiums, 2010-2017 (US$mn)
- Central & Eastern Europe - Non-Life
- Table: Central And Eastern Europe - Non Life Premiums US$mn, 2010-2017
Demographic Forecast
- Table: Latvia's Population By Age Group, 1990-2020 ('000)
- Table: Latvia's Population By Age Group, 1990-2020 (% of total)
- Table: Latvia's Key Population Ratios, 1990-2020
- Table: Latvia's Rural And Urban Population, 1990-2020
- Industry Forecast Methodology
- Risk/Reward Rating Methodology
- Table: Insurance Risk/Reward Ratings Indicators
- Table: Weighting Of Indicators

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Business Monitor International (BMI) offers a comprehensive range of products and services designed to help senior executives, analysts and researchers assess and better manage operating risks, and exploit business opportunities, across 175 markets. BMI offers three main areas of expertise: Country Risk BMI's country risk and macroeconomic forecast portfolio includes weekly financial market reports, monthly regional Monitors, and in-depth quarterly Business Forecast Reports. Industry Analysis BMI covers a total of 17 industry verticals through a portfolio of services, including in-depth quarterly Country Forecast Reports. View more research from Business Monitor International at

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