(MENAFNEditorial)
The stability accruing from the October 2014 elections is beneficial to the wider insurance sector and encouraging the acquisition of insurance policies in both the life and non life subsectors. While we do expect that motor insurance premium growth will decline this will be mitigated by the uptick in residential construction and the concomitant rise in demand for property insurance. We therefore expect to see total premiums dropping in 2015 by 8.4% as the downwards trend seen in 2014 intensifies
In line with our expectations Prime Minister Laimdota Straujuma's coalition won a majority of the vote in the October 2014 parliamentary election. The governing coalition has remained intact with Straujuma maintaining her leadership position while the Union of the Greens and National Alliance both increased their share of the vote. The stability accruing from this development is beneficial to the wider insurance sector and encouraging the acquisition of insurance policies in both the life and non life subsectors. While we do expect that motor insurance premium growth will decline this will be mitigated by the uptick in residential construction and the concomitant rise in demand for property insurance. The sector most at risk in our view over 2015 is the transport insurance segment which could suffer from the potential slowdown in trade should tensions between Russia and the West intensify. Moreover as Latvia's economy is so closely linked with that of Russia and Russia is such a key trade partner should regional tensions worsen a severe economic slowdown would have negative implications across all segments of the insurance sector. We therefore expect to see total premiums dropping in 2015 by 8.4% as the downwards trend seen in 2014 intensifies. This will leave total insurance premiums generated over the coming year at around USD400mn.
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Although there are potential risks of an economic slowdown the effect on the individual consumer will be...
The Latvia Insurance Report has been researched at source and features Business Monitor International (BMI)'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).
Coverage
BMI Industry View
Summary of BMI’s key industry forecasts and views covering the Life and Non-Life segments the evolving competitive landscape and business operational risks.
Industry SWOT Analysis
Analysis of the major Strengths Weaknesses Opportunities and Threats within the insurance sector and within the broader political economic and business environment.
BMI Industry Forecasts
Historic data series (2005-2014) and forecasts to end-2019 for key industry indicators supported by explicit assumptions plus analysis of key risks to the main forecasts. Indicators include:
* Life/non-life Premiums: Total premium growth (USDmn) premium growth (% y-o-y) penetration (% of GDP) density (USD per capita) for Life and Non-Life sectors claims reinsurance and assets and liabilities.
* Non-life subsectors: Data on gross written premiums for all major Non-Life segments (motor transport property personal accident health general liability and credit financial).
BMI’s Insurance Risk Reward Index
BMI’s Risk Reward Indices provide investors (Life and Non-Life) looking for opportunities in the region with a clear country-comparative assessment of a market’s risks and potential rewards. Each of the country markets are scored using a sophisticated model that includes more than 40 industry economic and demographic data points to provide an indices of highest to lowest appeal to investors with each position explained.
Company Profiles*
Examines the competitive positioning and short- to medium-term business strategies of key industry players. The latest financial and operating statistics and key company developments are also incorporated within the company profiles enabling a full evaluation of recent company performance and future growth prospects.
Growth Drivers & Risk Management Projections
Key data and forecasts to end-2019 focusing on the growth drivers and downside risks to specific insurance lines including:
* Population: Male/female by age group active/pensionable/youth population % of total urban/rural population % of total.
* Freight: Tonnage – air freight rail freight road freight inland waterway.
* Motor: Fleet size by type of vehicle % change y-o-y.
* Epidemiology: Disease Adjusted Life Years and private health expenditure.
Market Overview & Rankings
Illustration of the insurance industry via rankings tables comparing gross written premiums by company (USDmn) and market share (%) for the top 20 players in both Life and Non-Life. This chapter also includes in-depth regional analysis of the market position business strategies and investment potential of the leading insurance companies.
Sources
The insurance Reports draw on an extensive network of primary sources such as multilateral organisations government departments industry associations chambers and company reports.
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