Life Insurance in Latvia, Key Trends and Opportunities to 2020

Published: Sep, 2017 | Pages: 104 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)

Synopsis
Timetric's 'Life Insurance in Latvia, Key Trends and Opportunities to 2020' report provides a detailed outlook by product category for the Latvian life insurance segment, and a comparison of the Latvian insurance industry with its regional counterparts.

It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review period (2011-2015) and forecast period (2015-2020).

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 Timetric'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.

Summary

Timetric's 'Life Insurance in Latvia, Key Trends and Opportunities to 2020' report provides in-depth market analysis, information and insights into the Ecuadorian life insurance segment, including:

• An overview of the Latvian life insurance segment

• The Latvian life insurance segment's growth prospects by category

• A comprehensive overview of the Latvian economy and demographics

• A comparison of the Latvian life insurance segment with its regional counterparts

• The various distribution channels in the Latvian life insurance segment

• Details of the competitive landscape in the life insurance segment in Latvia

• Details of regulatory policy applicable to the Latvian insurance industry

Scope
This report provides a comprehensive analysis of the life insurance segment in Latvia:

• It provides historical values for the Latvian life insurance segment for the report's 2011-2015 review period, and projected figures for the 2015-2020 forecast period.

• It offers a detailed analysis of the key categories in the Latvian life insurance segment, and market forecasts to 2020.

• It provides a comparison of the Latvian life insurance segment with its regional counterparts

• It analyzes the various distribution channels for life insurance products in Latvia.

• It profiles the top life 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 life insurance segment, and each category within it.

• Understand the demand-side dynamics, key market trends and growth opportunities in the Latvian life insurance segment.

• Assess the competitive dynamics in the life insurance segment.

• Identify growth opportunities and market dynamics in key product categories.

• Gain insights into key regulations governing the Latvian insurance industry, and their impact on companies and the industry's future.

Key Highlights

• The Latvian life segment is competitive, and is dominated by foreign-owned insurers. There were six insurers active in the segment in 2016.

• Solvency II came into effect on January 1, 2016. It is based on three pillars: risk-based quantitative requirements; governance and supervision; and disclosure and transparency.

• On February 2, 2017, the European Parliament and the EC published a new Insurance Distribution Directive (IDD) 2016/97 in the official journal of the EU.

• The segment's penetration increased from 0.170% in 2011 to 0.187% in 2015.

 Table of Contents

1 Key Facts and Highlights
2 Executive Summary
3 Economy and Demographics
4 Segment Outlook
4.1 Regional Comparison
4.2 Segment Indicators
4.2.1 Gross written premium and penetration
4.2.2 Policies sold
4.2.3 Claims
4.2.4 Assets and investments
5 Outlook by Sub-Segment
5.1 Individual Life Insurance
5.1.1 Premium
5.1.2 Penetration
6 Distribution Channel Outlook
7 Competitive Landscape
7.1 Company Profiles
7.1.1 SEB Dz?v?bas Apdrošin?šana - company overview
7.1.2 AAS CBL Life - company overview
8 Governance, Risk and Compliance
8.1 Legislation Overview and Historical Evolution
8.2 Latest Changes in Regulation
8.3 Legislation and Market Practice by Type of Insurance
8.3.1 Life insurance
8.3.2 Property insurance
8.3.3 Motor insurance
8.3.4 Liability insurance
8.3.5 Marine, aviation and transit insurance
8.3.6 Personal accident and health insurance
8.4 Compulsory Insurance
8.4.1 Motor third-party liability insurance
8.4.2 Air carriers and aircraft operators insurance
8.4.3 Professional indemnity insurance for alternative investment fund managers
8.4.4 Liability for ships with respect to oil pollution
8.4.5 Third party liability insurance for bailiffs
8.4.6 Clinical trial liability
8.4.7 Professional liability insurance for insurance intermediaries
8.5 Supervision and Control
8.5.1 International Association of Insurance Supervisors
8.5.2 European Insurance and Occupational Pensions Authority
8.5.3 Federation of European Risk Management Associations
8.5.4 Federation of European Risk Management Associations
8.6 Non-Admitted Insurance Regulations
8.6.1 Overview
8.6.2 Intermediaries
8.6.3 Market practices
8.6.4 Fines and Penalties
8.7 Company Registration and Operations
8.7.1 Type of insurance organization
8.7.2 Establishing a local company
8.7.3 Foreign ownership
8.7.4 Types of license
8.7.5 Capital requirements
8.7.6 Solvency margin
8.7.7 Reserve requirements
8.7.8 Investment regulations
8.7.9 Statutory return requirements
8.7.10 Fee structure
8.8 Taxation
8.8.1 Insurance premium or policy taxation
8.8.2 Withholding taxes on premium paid overseas
8.8.3 Corporate tax
8.8.4 VAT
8.8.5 Captives
8.9 Legal System
8.9.1 Introduction
8.9.2 Access to court
8.9.3 Alternative dispute resolution
9 Databook
9.1 Policies and Premium
9.2 Claims and Expenses
9.3 Assets and Investments
9.4 Individual Life Insurance
9.5 Individual Life Insurance by Product
9.6 Linked vs. Non-Linked Policies
10 Definitions and Methodology
10.1 Definitions
10.2 Methodology
11 About Timetric
11.1 Contact Timetric
11.2 About Timetric
11.3 Timetric's Services
11.4 Disclaimer

List of Tables

Table 1: Latvian Life Insurance - Key Facts, 2015
Table 2: Latvian Life Insurance - Segment Shares (%) of the Top Insurers, 2015
Table 3: Latvian Government Credit Ratings
Table 4: Latvian Life Insurance - Gross Written Premium (EUR Million and US$ Million), 2011-2015
Table 5: Latvian Life Insurance - Penetration (%), 2011-2015
Table 6: Latvian Life Insurance - Gross Written Premium (EUR Million and US$ Million), 2015-2020
Table 7: Latvian Life Insurance - Penetration (%), 2015-2020
Table 8: Latvian Life Insurance - Premium per Capita (EUR and US$), 2011-2015
Table 9: Latvian Life Insurance - Premium per Capita (EUR and US$), 2015-2020
Table 10: Latvian Life Insurance - Number of Policies Sold (Thousand), 2011-2015
Table 11: Latvian Life Insurance - Number of Policies Sold (Thousand), 2015-2020
Table 12: Latvian Life Insurance - Paid Claims (EUR Million and US$ Million), 2011-2015
Table 13: Latvian Life Insurance - Paid Claims (EUR Million and US$ Million), 2015-2020
Table 14: Latvian Life Insurance - Total Assets (EUR Million and US$ Million), 2011-2015
Table 15: Latvian Life Insurance - Total Assets (EUR Million and US$ Million), 2015-2020
Table 16: Latvian Life Insurance - Total Investment Income (EUR Million and US$ Million), 2011-2015
Table 17: Latvian Life Insurance - Total Investment Income (EUR Million and US$ Million), 2015-2020
Table 18: Latvian Individual Life Insurance - Direct Written Premium by Category (EUR Million), 2011-2015
Table 19: Latvian Individual Life Insurance - Direct Written Premium by Category (EUR Million), 2015-2020
Table 20: Latvian Life Insurance - Segment Shares of the Leading Insurers (%), 2015
Table 21: SEB Dz?v?bas Apdrošin?šana - Key Facts
Table 22: SEB Dz?v?bas Apdrošin?šana - Key Financials (EUR Million), 2011-2015
Table 23: AAS CBL Life - Key Facts
Table 24: AAS CBL Life - Key Financials (EUR Million), 2011-2015
Table 25: Latvia - Insurance Regulatory Framework Key Features
Table 26: Latvia - Life Insurance Regulatory Framework
Table 27: Latvia - Property Insurance Regulatory Framework
Table 28: Latvia- Motor Insurance Regulatory Framework
Table 29: Latvia - Liability Insurance Regulatory Framework
Table 30: Latvia - Minimum Coverage for Aircraft Third-Party Liability Per Accident Per Aircraft
Table 31: Latvia - Corporate Tax Rates for the Financial Year 2017
Table 32: Latvian Life Insurance - Policies and Premium, 2011-2015
Table 33: Latvian Life Insurance - Policies and Premium, 2015-2020
Table 34: Latvian Life Insurance - Claims and Expenses, 2011-2015
Table 35: Latvian Life Insurance - Claims and Expenses, 2015-2020
Table 36: Latvian Life Insurance - Assets and Investments, 2011-2015
Table 37: Latvian Life Insurance - Assets and Investments, 2015-2020
Table 38: Latvian Life Insurance - Individual Life Insurance, 2011-2015
Table 39: Latvian Life Insurance - Individual Life Insurance, 2015-2020
Table 40: Latvian Life Insurance - Individual Life Insurance by Product, 2011-2015
Table 41: Latvian Life Insurance - Individual Life Insurance by Product, 2015-2020
Table 42: Latvian Life Insurance - Linked vs. Non-Linked Policies, 2011-2015
Table 43: Latvian Life Insurance - Linked vs. Non-Linked Policies, 2015-2020
Table 44: Insurance Industry Definitions