New Market Report: Latvia Insurance Report Q3 2016

Although a small market at present, Latvia's insurance sector does demonstrate some positive medium term growth trends. The expanding presence of regional and multinational providers will improve the range of products available in the market, stimulating premium growth in a generally underdeveloped marketplace. There are some ongoing barriers to growth, including a general lack of awareness of the benefits of insurance coverage and a lack of affordability in a market where many households fall into lower income brackets. While the strengthening domestic economy and accompanying rise in wages and disposable incomes will boost premium growth by the end of the forecast period , particularly in the life sector, the Latvian market will remain one of the smaller markets in the Central and Eastern Europe region.

Key Updates And Forecasts

The insurance product range in Latvia is expanding. Domestic firm Balta has introduced terrorism insurance under its travel insurance products, with cover up to EUR10,000, making it the first domestic insurance company to offer terrorism cover.

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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 EUR63mn in 2020, up from EUR46mn in 2016.

The non-life market is considerably larger, writing premiums of EUR354mn 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 EUR510mn by 2020.

The Latvia Insurance Report has been researched at source and features BMI Research's independent assessment and forecasts for the insurance sector. It examines industry developments, key growth drivers and risk management projections, including the macroeconomic situation, government policy, regulatory environment and the level of development and potential for growth, broken down by line. Leading insurers are profiled, covering premiums, products and services and competitive positioning.

BMI's Latvia Insurance Report provides professionals, consultancies, government departments, regulatory bodies and researchers with independent forecasts and regional competitive intelligence on the Latvian insurance industry.

Key Benefits
Benchmark BMI's independent insurance industry forecasts for Latvia to test other views - a key input for successful budgeting and strategic business planning in Latvia's insurance market.
Target business opportunities and risks in Latvia through our reviews of latest industry trends, regulatory changes and major deals, investments and macroeconomic developments.
Exploit latest competitive intelligence on your competitors, partners and clients via our Company Profiles (inc. SWOTs, KPIs and latest activity).

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