Latvia Insurance Report Q4 2016

Publisher Name :
Date: 28-Sep-2016
No. of pages: 51

BMI View: In common with other emerging insurance markets, Latvia's premiums are dominated by

property and motoring lines. While the market is small, it is set for stronger growth going forward, with the

non-life sector rising in importance. This should boost foreign investment in the sector. Constraints such as

affordability in a market with a high level of low-income households and lack of awareness should lessen in

the years ahead as wages rise. However, the market will remain small, primarily due to the small size of the

population and slow population growth.

Key Updates And Forecasts

? The main development going forward is the introduction of mandatory health insurance by the

government with three models under consideration, two of which involve the private sector as a provider

of health insurance products either as the sole issuer or as part of a hybrid with state involvement. This

will 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 in

the market. After a short-term contraction, we do expect premiums to grow over the remainder of the

forecast period to reach EUR71mn in 2020, up from EUR48mn in 2016; this is better than the EUR63mn

we 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. Pricing

competition and slow economic growth could dampen short-term prospects in the non-life sector, though

strong growth is expected from 2017 onwards, leading to total premiums of EUR570mn by 2020, an

upward revision from the EUR510mn previously forecast. Expansion in the product offering in the motor

vehicle segment will be key to higher rates of growth.

Latvia Insurance Report Q4 2016

Table of Contents

BMI Industry View 5
Table: Headline Insurance Forecasts (Latvia 2013-2020) 5
SWOT 6
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 P&C 41
Swedbank 43
Methodology 45
Industry Forecast Methodology 45
Risk/Reward Index Methodology 48
Table: Indicators 50
Table: Weighting of Indicators 51

List of Tables

Table: Headline Insurance Forecasts (Latvia 2013-2020)
Table: Life Premiums (Latvia 2013-2020)
Table: Life Insurance Claims (Latvia 2008-2015)
Table: Non-Life Premiums (Latvia 2013-2020)
Table: Non-Life Insurance Claims (Latvia 2009-2015)
Table: Non-Life Insurance Premiums By Product Line (Latvia 2013-2020)
Table: Emerging Europe Insurance Risk/Reward Index - Q416
Table: Company Performance: Non-Life Insurance Market (USDmn) 2010-2013
Table: Indicators
Table: Weighting of Indicators
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