Non-Life Insurance in Latvia, Key Trends and Opportunities to 2020

Published: Sep, 2017 | Pages: 125 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)


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

It provides values for key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, 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, explains the various types of natural hazard and their impact on the Latvian insurance industry, 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 'Non-Life Insurance in Latvia, Key Trends and Opportunities to 2020' report provides in-depth market analysis, information and insights into the Latvian non-life insurance segment, including:

• The Latvian non-life segment's detailed outlook by product category

• A comprehensive overview of the Latvian economy and demographics

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

• The various distribution channels in the Latvian non-life insurance segment

• Detailed analysis of natural hazards and their impact on the Latvian insurance industry

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

• Details of regulatory policy applicable to the Latvian insurance industry

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

• It provides historical values for the Latvian non-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 non-life insurance segment, and market forecasts to 2020.

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

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

• It analyzes various natural hazards and their impact on the Latvian insurance industry

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

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

• Assess the competitive dynamics in the non-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 non-life segment is highly competitive, and is dominated by foreign-owned insurers. There were 13 insurers active in the segment in 2016.

• On January 1, 2017, amendments to the Compulsory Civil Liability Insurance of Owners of Motor Vehicles Law became applicable in Latvia.

• The new regulation and directive on data protection was adopted by the European Parliament on April 14, 2016, and published in the official EU journal on May 4, 2016. 

• Motor insurance was the largest non-life category, accounting for 38.6% of the segment's direct written premium.

 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 Profitability
4.2.3 Assets and investments
5 Outlook by Category
5.1 Property Insurance
5.1.1 Product overview
5.1.2 Premium
5.2 Motor Insurance
5.2.1 Product overview
5.2.2 Premium
5.2.3 Policies sold
5.3 Liability Insurance
5.3.1 Product overview
5.3.2 Premium
5.4 Marine, Aviation and Transit Insurance
5.4.1 Product overview
5.4.2 Premium
6 Distribution Channel Outlook
7 Natural Hazards
7.1 Storms
7.2 Extreme Temperatures
7.3 Wildfires
7.4 Flooding
7.5 Exposure
8 Competitive Landscape
8.1 Company Profiles
8.1.1 BTA Insurance Company SE - company overview
8.1.2 AAS Balta - company overview
8.1.3 AAS Gjensidige Baltic - company overview
8.1.4 BTA Baltic Insurance Company AAS - company overview
8.1.5 Baltikums Vienna Insurance Group - company overview
8.1.6 Baltijas Apdrošin?šanas Nams - company overview
9 Governance, Risk and Compliance
9.1 Legislation Overview and Historical Evolution
9.2 Latest Changes in Regulation
9.3 Legislation and Market Practice by Type of Insurance
9.3.1 Life insurance
9.3.2 Property insurance
9.3.3 Motor insurance
9.3.4 Liability insurance
9.3.5 Marine, aviation and transit insurance
9.3.6 Personal accident and health insurance
9.4 Compulsory Insurance
9.4.1 Motor third-party liability insurance
9.4.2 Air carriers and aircraft operators insurance
9.4.3 Professional indemnity insurance for alternative investment fund managers
9.4.4 Liability for ships with respect to oil pollution
9.4.5 Third party liability insurance for bailiffs
9.4.6 Clinical trial liability
9.4.7 Professional liability insurance for insurance intermediaries
9.5 Supervision and Control
9.5.1 International Association of Insurance Supervisors
9.5.2 European Insurance and Occupational Pensions Authority
9.5.3 Federation of European Risk Management Associations
9.5.4 Federation of European Risk Management Associations
9.6 Non-Admitted Insurance Regulations
9.6.1 Overview
9.6.2 Intermediaries
9.6.3 Market practices
9.6.4 Fines and Penalties
9.7 Company Registration and Operations
9.7.1 Type of insurance organization
9.7.2 Establishing a local company
9.7.3 Foreign ownership
9.7.4 Types of license
9.7.5 Capital requirements
9.7.6 Solvency margin
9.7.7 Reserve requirements
9.7.8 Investment regulations
9.7.9 Statutory return requirements
9.7.10 Fee structure
9.8 Taxation
9.8.1 Insurance premium or policy taxation
9.8.2 Withholding taxes on premium paid overseas
9.8.3 Corporate tax
9.8.4 VAT
9.8.5 Captives
9.9 Legal System
9.9.1 Introduction
9.9.2 Access to court
9.9.3 Alternative dispute resolution
10 Databook
10.1 Policies and Premium
10.2 Claims and Expenses
10.3 Assets and Investments
10.4 Property Insurance
10.5 Property Insurance by Product
10.6 Motor Insurance
10.7 Motor Insurance by Product
10.8 Liability Insurance
10.9 Marine, Aviation and Transit Insurance
11 Definitions and Methodology
11.1 Definitions
11.2 Methodology
12 About Timetric
12.1 Contact Timetric
12.2 About Timetric
12.3 Timetric's Services
12.4 Disclaimer

List of Tables

Table 1: Latvian Non-Life Insurance - Key Facts, 2015
Table 2: Latvian Non-Life Insurance - Segment Shares of the Top Insurers, 2015
Table 3: Latvian Government Credit Ratings
Table 4: Latvian Non-Life Insurance - Gross Written Premium (EUR Million and US$ Million), 2011-2015
Table 5: Latvian Non-Life Insurance - Penetration (%), 2011-2015
Table 6: Latvian Non-Life Insurance - Gross Written Premium (EUR Million and US$ Million), 2015-2020
Table 7: Latvian Non-Life Insurance - Penetration (%), 2015-2020
Table 8: Latvian Non-Life Insurance - Premium per Capita (EUR and US$), 2011-2015
Table 9: Latvian Non-Life Insurance - Premium per Capita (EUR and US$), 2015-2020
Table 10: Latvian Non-Life Insurance - Profitability Ratio (%), 2011-2015
Table 11: Latvian Non-Life Insurance - Profitability Ratio (%), 2015-2020
Table 12: Latvian Non-Life Insurance - Total Assets (EUR Million and US$ Million), 2011-2015
Table 13: Latvian Non-Life Insurance - Total Assets (EUR Million and US$ Million), 2015-2020
Table 14: Latvian Non-Life Insurance - Total Investment Income (EUR Million and US$ Million), 2011-2015
Table 15: Latvian Non-Life Insurance - Total Investment Income (EUR Million and US$ Million), 2015-2020
Table 16: Latvian Non-Life Insurance - Direct Written Premium by Category (EUR Million),2011-2015
Table 17: Latvian Non-Life Insurance - Direct Written Premium by Category (EUR Million), 2015-2020
Table 18: Latvian Property Insurance - Direct Written Premium by Sub-Category (EUR Million), 2011-2015
Table 19: Latvian Property Insurance - Direct Written Premium by Sub-Category (EUR Million), 2015-2020
Table 20: Latvian Motor Insurance - Number of Registered Vehicles by Type (Thousand), 2012-2016
Table 21: Latvian Motor Insurance - Direct Written Premium by Sub-Category (EUR Million), 2011-2015
Table 22: Latvian Motor Insurance - Direct Written Premium by Sub-Category (EUR Million), 2015-2020
Table 23: Latvian Motor Insurance - Number of Policies Sold by Sub-Category (Thousand), 2011-2015
Table 24: Latvian Motor Insurance - Number of Policies Sold by Sub-Category (Thousand), 2015-2020
Table 25: Latvian Liability Insurance - Direct Written Premium by Sub-Category (EUR Million), 2011-2015
Table 26: Latvian Liability Insurance - Direct Written Premium by Sub-Category (EUR Million), 2015-2020
Table 27: Latvian Transport Network - Global Rankings
Table 28: Latvian Marine, Aviation and Transit Insurance - Passenger Traffic (million), 2012-2016
Table 29: Latvian Marine, Aviation and Transit Insurance - Direct Written Premium by Sub-Category (EUR Million), 2011-2015
Table 30: Latvian Marine, Aviation and Transit Insurance - Direct Written Premium by Sub-Category (EUR Million), 2015-2020
Table 31: Latvian Non-Life Insurance - Segment Shares of the Leading Insurers (%), 2015
Table 32: BTA Insurance Company SE - Key Facts
Table 33: AAS Balta - Key Facts
Table 34: AAS Balta - Key Financials (EUR Million), 2011-2015
Table 35: AAS Gjensidige Baltic - Key Facts
Table 36: AAS Gjensidige Baltic - Key Financials (EUR Million), 2011-2015
Table 37: BTA Baltic Insurance Company AAS - Key Facts
Table 38: Baltikums Vienna Insurance Group - Key Facts
Table 39: Baltikums Vienna Insurance Group - Key Financials (EUR Million), 2011-2015
Table 40: Baltijas Apdrošin?šanas Nams - Key Facts
Table 41: Baltijas Apdrošin?šanas Nams - Key Financials (EUR Million), 2011-2015
Table 42: Latvia - Insurance Regulatory Framework Key Features
Table 43: Latvia - Life Insurance Regulatory Framework
Table 44: Latvia - Property Insurance Regulatory Framework
Table 45: Latvia- Motor Insurance Regulatory Framework
Table 46: Latvia - Liability Insurance Regulatory Framework
Table 47: Latvia - Minimum Coverage for Aircraft Third-Party Liability Per Accident Per Aircraft
Table 48: Latvia - Corporate Tax Rates for the Financial Year 2017
Table 49: Latvian Insurance Industry - Policies and Premium, 2011-2015
Table 50: Latvian Insurance Industry - Policies and Premium, 2015-2020
Table 51: Latvian Non-Life Insurance - Claims and Expenses, 2011-2015
Table 52: Latvian Non-Life Insurance - Claims and Expenses, 2015-2020
Table 53: Latvian Non-Life Insurance - Assets and Investments, 2011-2015
Table 54: Latvian Non-Life Insurance - Assets and Investments, 2015-2020
Table 55: Latvian Non-Life Insurance - Property Insurance, 2011-2015
Table 56: Latvian Non-Life Insurance - Property Insurance, 2015-2020
Table 57: Latvian Non-Life Insurance - Property Insurance by Product, 2011-2015
Table 58: Latvian Non-Life Insurance - Property Insurance by Product, 2015-2020
Table 59: Latvian Non-Life Insurance - Motor Insurance, 2011-2015
Table 60: Latvian Non-Life Insurance - Motor Insurance, 2015-2020
Table 61: Latvian Non-Life Insurance - Motor Insurance by Product, 2011-2015
Table 62: Latvian Non-Life Insurance - Motor Insurance by Product, 2015-2020
Table 63: Latvian Non-Life Insurance - Liability Insurance, 2011-2015
Table 64: Latvian Non-Life Insurance - Liability Insurance, 2015-2020
Table 65: Latvian Non-Life Insurance - Marine, Aviation and Transit Insurance, 2011-2015
Table 66: Latvian Non-Life Insurance - Marine, Aviation and Transit Insurance, 2015-2020
Table 67: Insurance Industry Definitions