Personal Accident and Health Insurance in Latvia, Key Trends and Opportunities to 2017

Published: Apr, 2014 | Pages: 239 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)


Synopsis
The report provides in depth market analysis, information and insights into the Latvian personal accident and health insurance segment, including:
The Latvian personal accident and health insurance segment's growth prospects by insurance categories 
Key trends and drivers for the personal accident and health insurance segment 
The various distribution channels in the Latvian personal accident and health insurance segment
The detailed competitive landscape in the personal accident and health insurance segment in Latvia
Detailed regulatory policies of the Latvian insurance industry
A description of the personal accident and health reinsurance segment in Latvia
Porter's Five Forces analysis of the personal accident and health insurance segment
A benchmarking section on the Latvian life insurance segment in comparison with other countries in the Central and Eastern European region 

Summary
The Latvian personal accident and health segment declined significantly during the review period (2008-2012), at a compound annual growth rate (CAGR) of -6.4%, primarily due to economic contraction following the global financial crisis. This affected the segment's largest category, health insurance, causing reduced government spending on healthcare. However, in November 2013, the Latvian government made health insurance mandatory. 
This is anticipated to increase awareness of health insurance in the country, thereby increasing demand for health insurance products over the forecast period (2012-2017). The growing business environment, the tax benefits associated with life and health insurance products, Latvia's entry into the eurozone, and rising demand for personal accident, travel and health insurance are all anticipated to support the growth of Latvian personal accident and health insurance. The segment is anticipated to record a forecast-period CAGR of 10.3%. 
Scope
This report provides a comprehensive analysis of the personal accident and health insurance segment in Latvia:
It provides historical values for the Latvian personal accident and health insurance segment for the report's 2008-2012 review period and forecast figures for the 2012-2017 forecast period.
It offers a detailed analysis of the key sub-segments in Latvian personal accident and health insurance segment, along with market forecasts until 2017.
It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, frauds and crimes, total assets, total investment income and retentions.
It analyses the various distribution channels for personal accident and health insurance products in Latvia.
Using Porter's industry-standard "Five Forces" analysis, it details the competitive landscape in Latvia for the personal accident and health insurance segment.
It provides a detailed analysis of the reinsurance segment in Latvia and its growth prospects.
It profiles the top personal accident and health insurance companies in Latvia and outlines the key regulations affecting them. 
Reason To Buy
 Make strategic business decisions using in depth historic and forecast market data related to the Latvian personal accident and health insurance segment and each category within it
Understand the demand-side dynamics, key market trends and growth opportunities within the Latvian personal accident and health insurance segment
Assess the competitive dynamics in the personal accident and health insurance segment, along with the reinsurance segment
Identify the growth opportunities and market dynamics within key product categories
Gain insights into key regulations governing the Latvian insurance segment and its impact on companies and the market's future 
Key Highlights
 The Latvian personal accident and health insurance segment declined significantly during the review period, at a CAGR of -6.4%.
Health insurance, the segment's largest category, declined significantly during the review period.
Tax exemptions are a key driver for individuals to invest in health insurance.
The Latvian personal accident and health insurance segment comprises domestic and foreign insurers.
Healthcare services will be mandatory in the country from July 1, 2014.

 1 Executive Summary
2 Introduction
2.1 What is this Report About?
2.2 Definitions
2.3 Methodology
3 Regiol Market Dymics
3.1 Overview
3.1.1 Market trends
3.1.2 Market size
4 Persol Accident and Health Insurance - Regiol Benchmarking
4.1 Scale and Penetration
4.1.1 Total market gross written premium
4.1.2 Premium per capita
4.1.3 Persol accident and health insurance penetration
4.2 Growth
4.2.1 Gross written premium
4.2.2 Gross written premium per capita
4.3 Efficiency and Risk
4.3.1 Loss ratio
4.3.2 Combined ratio
4.3.3 Incurred losses per capita
4.3.4 Incurred losses as a percentage of GDP
4.4 Distribution Channels
4.4.1 Direct marketing
4.4.2 E-commerce
4.4.3 Brokers
4.4.4 Bancassurance
4.4.5 Agencies
5 Latvian Insurance Industry Attractiveness
5.1 Insurance Industry Size, 2008-2017
5.2 Key Industry Trends and Drivers
5.3 Challenges
5.4 Recent Market Developments
6 Persol Accident and Health Insurance Segment Outlook
6.1 Segmentation
6.2 Product and Marketing Strategies
6.2.1 Product strategies
6.2.2 Marketing strategies
6.3 Persol Accident and Health Insurance Growth Prospects by Category
6.3.1 Persol accident insurance
6.3.2 Travel insurance
6.3.3 Health insurance
6.3.4 Non-life health insurance
6.3.5 Life health insurance
7 Alysis by Distribution Channels
7.1 Direct Marketing
7.2 Bancassurance
7.3 Agencies
7.4 E-commerce
7.5 Brokers
7.6 Other Channels
8 Porter's Five Forces Alysis - Latvian Persol Accident and Health Insurance
8.1 Bargaining Power of Suppliers: Low to Medium
8.2 Bargaining Power of Buyers: Medium
8.3 Barriers to Entry: Low to Medium
8.4 Intensity of Rivalry: High
8.5 Threat of Substitutes: Low
9 Reinsurance Growth Dymics and Challenges
9.1 Reinsurance Segment Size, 2008-2017
9.2 Reinsurance Segment Size by Type of Insurance, 2008-2017
10 Governce, Risk and Compliance
10.1 Legislation Overview and Historical Evolution
10.2 Regulations by Type of Insurance
10.2.1 Life insurance regulations
10.2.2 Property insurance regulations
10.2.3 Motor insurance regulations
10.2.4 Marine, aviation and transit insurance regulations
10.2.5 Persol accident and health insurance regulations
10.3 Compulsory Insurance
10.3.1 Motor third-party liability insurance
10.3.2 Air carriers and aircraft operators insurance
10.4 Supervision and Control
10.4.1 Intertiol Association of Insurance Supervisors (IAIS)
10.4.2 European Insurance and Occupatiol Pensions Authority (EIOPA)
10.4.3 Fincial and Capital Market Commission (FCMC)
10.5 Non-Admitted Insurance Regulations
10.5.1 Overview
10.5.2 Intermediaries
10.5.3 Market practices
10.5.4 Fines and pelties
10.6 Company Registration and Operations
10.6.1 Types of insurance organization
10.6.2 Establishing a local company
10.6.3 Foreign ownership
10.6.4 Types of license
10.6.5 Capital requirements
10.6.6 Solvency margins
10.6.7 Reserve requirements
10.6.8 Investment regulations
10.6.9 Statutory return requirements
10.6.10 Fee structure
10.7 Taxation
10.7.1 Insurance premium or policy taxation
10.7.2 Withholding taxes on premium paid overseas
10.7.3 Corporate tax
10.7.4 VAT
10.7.5 Captives
10.8 Legal System
10.8.1 Introduction
10.8.2 Access to court
10.8.3 Altertive dispute resolution (ADR)
11 Competitive Landscape and Strategic Insights
11.1 Overview
11.2 Companies in the Latvian Persol Accident and Health Insurance Segment
11.3 Ergo Latvija Dz?v?ba - Company Overview
11.3.1 Ergo Latvija Dz?v?ba - key facts
11.3.2 Ergo Latvija Dz?v?ba - key fincials
11.4 AAS Balta - Company Overview
11.4.1 AAS Balta - key facts
11.4.2 AAS Balta - key fincials
11.5 BTA Insurance Company SE - Company Overview
11.5.1 BTA Insurance Company SE - key facts
11.5.2 BTA Insurance Company SE - key fincials
11.6 Baltikums - Company Overview
11.6.1 Baltikums - key facts
11.7 AAS Gjensidige Baltic - Company Overview
11.7.1 AAS Gjensidige Baltic - key facts
11.7.2 AAS Gjensidige Baltic - key fincials
11.8 Compensa Life Vien Insurance Group SE - Company Overview
11.8.1 Compensa Life Vien Insurance Group SE - key facts
11.9 Mandatum Life Insurance Baltic SE - Company Overview
11.9.1 Mandatum Life Insurance Baltic SE - key facts
11.1 MetLife Amplico - Company Overview
11.10.1 MetLife Amplico - key facts
11.11 SEB Dz?v?bas ApdroSin?Sa - Company Overview
11.11.1 SEB Dz?v?bas ApdroSin?Sa - key facts
12 Business Environment and Country Risk
12.1 Business Confidence
12.1.1 Market capitalization trend - Riga Stock Exchange, Latvia
12.2 Economic Performance
12.2.1 GDP at constant prices (US$)
12.2.2 GDP per capita at constant prices (US$)
12.2.3 GDP at current prices (US$)
12.2.4 GDP per capita at current prices (US$)
12.2.5 GDP by key segments
12.2.6 Agriculture, hunting, forestry and fishing net output at current prices (US$)
12.2.7 Agriculture, hunting, forestry and fishing's net output at current prices as a percentage of GDP
12.2.8 Manufacturing net output at current prices (US$)
12.2.9 Manufacturing net output at current prices as a percentage of GDP
12.2.10 Mining, manufacturing and utilities at current prices (US$)
12.2.11 Mining, manufacturing and utilities at current prices, as a percentage of GDP
12.2.12 Construction net output at current prices (US$)
12.2.13 Construction net output at current prices as a percentage of GDP
12.2.14 Inflation rate
12.2.15 Exports as a percentage of GDP
12.2.16 Imports as a percentage of GDP
12.2.17 Merchandise exports growth
12.2.18 Merchandise imports growth
12.2.19 Annual average exchange rate LVL-US$
12.3 Infrastructure
12.3.1 Commercial vehicles exports - total value
12.3.2 Commercial vehicles imports - total value
12.3.3 Automotive exports - total value
12.3.4 Automotive imports - total value
12.3.5 Total internet subscribers
12.4 Labor Force
12.4.1 Labor force
12.4.2 Unemployment rate
12.5 Demographics
12.5.1 Gross tiol disposable income (US$)
12.5.2 Total population
12.5.3 Urban and rural populations
12.5.4 Age distribution of the total population
13 Appendix
13.1 Methodology
13.2 Contact Timetric
13.3 About Timetric
13.4 Timetric's Services
13.5 Disclaimer


List of Tables
Table 1: Insurance Industry Definitions
Table 2: Latvian Insurance - Overall Written Premium by Segment (LVL Million), 2008-2012
Table 3: Latvian Insurance - Overall Written Premium by Segment (US$ Million), 2008-2012
Table 4: Latvian Insurance - Overall Written Premium by Segment (LVL Million), 2012-2017
Table 5: Latvian Insurance - Overall Written Premium by Segment (US$ Million), 2012-2017
Table 6: Latvian Insurance - Segmentation (% Share), 2008-2017
Table 7: Latvian Persol Accident and Health Insurance - Written Premium by Category (LVL Million), 2008-2012
Table 8: Latvian Persol Accident and Health Insurance - Written Premium by Category (US$ Million), 2008-2012
Table 9: Latvian Persol Accident and Health Insurance - Written Premium by Category (LVL Million), 2012-2017
Table 10: Latvian Persol Accident and Health Insurance - Written Premium by Category (US$ Million), 2012-2017
Table 11: Latvian Persol Accident and Health Insurance - Earned Premium (LVL Million), 2008-2012
Table 12: Latvian Persol Accident and Health Insurance - Earned Premium (LVL Million), 2012-2017
Table 13: Latvian Persol Accident and Health Insurance - Paid Claims by Category (LVL Million), 2008-2012
Table 14: Latvian Persol Accident and Health Insurance - Paid Claims by Category (US$ Million), 2008-2012
Table 15: Latvian Persol Accident and Health Insurance - Paid Claims by Category (LVL Million), 2012-2017
Table 16: Latvian Persol Accident and Health Insurance - Paid Claims by Category (US$ Million), 2012-2017
Table 17: Latvian Persol Accident and Health Insurance - Incurred Loss by Category (LVL Million), 2008-2012
Table 18: Latvian Persol Accident and Health Insurance - Incurred Loss by Category (US$ Million), 2008-2012
Table 19: Latvian Persol Accident and Health Insurance - Incurred Loss by Category (LVL Million), 2012-2017
Table 20: Latvian Persol Accident and Health Insurance - Incurred Loss by Category (US$ Million), 2012-2017
Table 21: Latvian Persol Accident and Health Insurance - Loss Ratio (%), 2008-2012
Table 22: Latvian Persol Accident and Health Insurance - Loss Ratio (%), 2012-2017
Table 23: Latvian Persol Accident and Health Insurance - Commissions and Expenses (LVL Million), 2008-2012
Table 24: Latvian Persol Accident and Health Insurance - Commissions and Expenses (LVL Million), 2012-2017
Table 25: Latvian Persol Accident and Health Insurance - Combined Ratio (%), 2008-2012
Table 26: Latvian Persol Accident and Health Insurance - Combined Ratio (%), 2012-2017
Table 27: Latvian Persol Accident and Health Insurance - Fraud and Crimes (LVL Million), 2008-2012
Table 28: Latvian Persol Accident and Health Insurance - Fraud and Crimes (LVL Million), 2012-2017
Table 29: Latvian Persol Accident and Health Insurance - Total Assets (LVL Million), 2008-2012
Table 30: Latvian Persol Accident and Health Insurance - Total Assets (LVL Million), 2012-2017
Table 31: Latvian Persol Accident and Health Insurance - Total Investment Income (LVL Million), 2008-2012
Table 32: Latvian Persol Accident and Health Insurance - Total Investment Income (LVL Million), 2012-2017
Table 33: Latvian Persol Accident and Health Insurance - Retentions (LVL Million), 2008-2012
Table 34: Latvian Persol Accident and Health Insurance - Retentions (LVL Million), 2012-2017
Table 35: Latvian Persol Accident Insurance - Number of Policies Sold (Thousand), 2008-2012
Table 36: Latvian Persol Accident Insurance - Number of Policies Sold (Thousand), 2012-2017
Table 37: Latvian Persol Accident Insurance - Written Premium (LVL Million), 2008-2012
Table 38: Latvian Persol Accident Insurance - Written Premium (LVL Million), 2012-2017
Table 39: Latvian Persol Accident Insurance - Loss Ratio (%), 2008-2012
Table 40: Latvian Persol Accident Insurance - Loss Ratio (%), 2012-2017
Table 41: Latvian Travel Insurance - Number of Policies Sold (Thousand), 2008-2012
Table 42: Latvian Travel Insurance - Number of Policies Sold (Thousand), 2012-2017
Table 43: Latvian Travel Insurance - Written Premium (LVL Million), 2008-2012
Table 44: Latvian Travel Insurance - Written Premium (LVL Million), 2012-2017
Table 45: Latvian Travel Insurance - Loss Ratio (%), 2008-2012
Table 46: Latvian Travel Insurance - Loss Ratio (%), 2012-2017
Table 47: Latvian Health Insurance - Written Premium by Sub-Category (LVL Million), 2008-2012
Table 48: Latvian Health Insurance - Written Premium by Sub-Category (US$ Million), 2008-2012
Table 49: Latvian Health Insurance - Written Premium by Sub-Category (LVL Million), 2012-2017
Table 50: Latvian Health Insurance - Written Premium by Sub-Category (US$ Million), 2012-2017
Table 51: Latvian Non-Life Health Insurance - Number of Policies Sold (Thousand), 2008-2012
Table 52: Latvian Non-Life Health Insurance - Number of Policies Sold (Thousand), 2012-2017
Table 53: Latvian Non-Life Health Insurance - Written Premium (LVL Million), 2008-2012
Table 54: Latvian Non-Life Health Insurance - Written Premium (LVL Million), 2012-2017
Table 55: Latvian Non-Life Health Insurance - Loss Ratio (%), 2008-2012
Table 56: Latvian Non-Life Health Insurance - Loss Ratio (%), 2012-2017
Table 57: Latvian Life Health Insurance - Number of Policies Sold (Thousand), 2008-2012
Table 58: Latvian Life Health Insurance - Number of Policies Sold (Thousand), 2012-2017
Table 59: Latvian Life Health Insurance - Written Premium (LVL Million), 2008-2012
Table 60: Latvian Life Health Insurance - Written Premium (LVL Million), 2012-2017
Table 61: Latvian Life Health Insurance - Loss Ratio (%), 2008-2012
Table 62: Latvian Life Health Insurance - Loss Ratio (%), 2012-2017
Table 63: Latvian Persol Accident and Health Insurance - Direct Marketing Commission Paid (LVL Million), 2008-2012
Table 64: Latvian Persol Accident and Health Insurance - Direct Marketing Commission Paid (LVL Million), 2012-2017
Table 65: Latvian Persol Accident and Health Insurance - Written Premium Through Direct Marketing (LVL Million), 2008-2012
Table 66: Latvian Persol Accident and Health Insurance - Written Premium Through Direct Marketing (LVL Million), 2012-2017
Table 67: Latvian Persol Accident and Health Insurance - Policies Sold Through Direct Marketing (Thousand), 2008-2012
Table 68: Latvian Persol Accident and Health Insurance - Policies Sold Through Direct Marketing (Thousand), 2012-2017
Table 69: Latvian Persol Accident and Health Insurance - Number of Direct Marketing Distributors, 2008-2012
Table 70: Latvian Persol Accident and Health Insurance - Number of Direct Marketing Distributors, 2012-2017
Table 71: Latvian Persol Accident and Health Insurance - Bancassurance Commission Paid (LVL Million), 2008-2012
Table 72: Latvian Persol Accident and Health Insurance - Bancassurance Commission Paid (LVL Million), 2012-2017
Table 73: Latvian Persol Accident and Health Insurance - Written Premium Through Bancassurance (LVL Million), 2008-2012
Table 74: Latvian Persol Accident and Health Insurance - Written Premium Through Bancassurance (LVL Million), 2012-2017
Table 75: Latvian Persol Accident and Health Insurance - Policies Sold Through Bancassurance (Thousand), 2008-2012
Table 76: Latvian Persol Accident and Health Insurance - Policies Sold Through Bancassurance (Thousand), 2012-2017
Table 77: Latvian Persol Accident and Health Insurance - Number of Bancassurance Distributors, 2008-2012
Table 78: Latvian Persol Accident and Health Insurance - Number of Bancassurance Distributors, 2012-2017
Table 79: Latvian Persol Accident and Health Insurance - Commission Paid to Agencies (LVL Million), 2008-2012
Table 80: Latvian Persol Accident and Health Insurance - Commission Paid to Agencies (LVL Million), 2012-2017
Table 81: Latvian Persol Accident and Health Insurance - Written Premium Through Agencies (LVL Million), 2008-2012
Table 82: Latvian Persol Accident and Health Insurance - Written Premium Through Agencies (LVL Million), 2012-2017
Table 83: Latvian Persol Accident and Health Insurance - Policies Sold Through Agencies (Thousand), 2008-2012
Table 84: Latvian Persol Accident and Health Insurance - Policies Sold Through Agencies (Thousand), 2012-2017
Table 85: Latvian Persol Accident and Health Insurance - Number of Agencies, 2008-2012
Table 86: Latvian Persol Accident and Health Insurance - Number of Agencies, 2012-2017
Table 87: Latvian Persol Accident and Health Insurance - E-Commerce Commission Paid (LVL Million), 2008-2012
Table 88: Latvian Persol Accident and Health Insurance - E-Commerce Commission Paid (LVL Million), 2012-2017
Table 89: Latvian Persol Accident and Health Insurance - Written Premium Through E-Commerce (LVL Million), 2008-2012
Table 90: Latvian Persol Accident and Health Insurance - Written Premium Through E-Commerce (LVL Million), 2012-2017
Table 91: Latvian Persol Accident and Health Insurance - Policies Sold Through E-Commerce (Thousand), 2008-2012
Table 92: Latvian Persol Accident and Health Insurance - Policies Sold Through E-Commerce (Thousand), 2012-2017
Table 93: Latvian Persol Accident and Health Insurance - Number of E-Commerce Distributors, 2008-2012
Table 94: Latvian Persol Accident and Health Insurance - Number of E-Commerce Distributors, 2012-2017
Table 95: Latvian Persol Accident and Health Insurance - Commission Paid to Brokers (LVL Million), 2008-2012
Table 96: Latvian Persol Accident and Health Insurance - Commission Paid to Brokers (LVL Million), 2012-2017
Table 97: Latvian Persol Accident and Health Insurance - Written Premium Through Brokers (LVL Million), 2008-2012
Table 98: Latvian Persol Accident and Health Insurance - Written Premium Through Brokers (LVL Million), 2012-2017
Table 99: Latvian Persol Accident and Health Insurance - Policies Sold Through Brokers (Thousand), 2008-2012
Table 100: Latvian Persol Accident and Health Insurance - Policies Sold Through Brokers (Thousand), 2012-2017
Table 101: Latvian Persol Accident and Health Insurance - Number of Brokers, 2008-2012
Table 102: Latvian Persol Accident and Health Insurance - Number of Brokers, 2012-2017
Table 103: Latvian Persol Accident and Health Insurance - Commission Paid to Other Channels (LVL Million), 2008-2012
Table 104: Latvian Persol Accident and Health Insurance - Commission Paid to Other Channels (LVL Million), 2012-2017
Table 105: Latvian Persol Accident and Health Insurance - Written Premium Through Other Channels (LVL Million), 2008-2012
Table 106: Latvian Persol Accident and Health Insurance - Written Premium Through Other Channels (LVL Million), 2012-2017
Table 107: Latvian Persol Accident and Health Insurance - Policies Sold Through Other Channels (Thousand), 2008-2012
Table 108: Latvian Persol Accident and Health Insurance - Policies Sold Through Other Channels (Thousand), 2012-2017
Table 109: Latvian Persol Accident and Health Insurance - Number of Distributors in Other Channels, 2008-2012
Table 110: Latvian Persol Accident and Health Insurance - Number of Distributors in Other Channels, 2012-2017
Table 111: Reinsurance in Latvia by Category (LVL Million), 2008-2012
Table 112: Reinsurance in Latvia by Category (US$ Million), 2008-2012
Table 113: Reinsurance in Latvia by Category (LVL Million), 2012-2017
Table 114: Reinsurance in Latvia by Category (US$ Million), 2012-2017
Table 115: Latvian Premium Ceded to Reinsurance by Type of Insurance (LVL Million), 2008-2012
Table 116: Latvian Premium Ceded to Reinsurance by Type of Insurance (US$ Million), 2008-2012
Table 117: Latvian Premium Ceded to Reinsurance by Type of Insurance (LVL Million), 2012-2017
Table 118: Latvian Premium Ceded to Reinsurance by Type of Insurance (US$ Million), 2012-2017
Table 119: Latvian Persol Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2008-2012
Table 120: Latvian Persol Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2012-2017
Table 121: Latvia - Life Insurance Regulatory Framework
Table 122: Latvia - Property Insurance Regulatory Framework
Table 123: Latvia - Motor Insurance Regulatory Framework
Table 124: Latvia - Minimum Cover for Aircraft Third-Party Liability Per Accident Per Aircraft
Table 125: Latvia - Corporate Tax Rates for the Fincial Year 2013
Table 126: Companies Operating in the Latvian Persol Accident and Health Insurance Segment
Table 127: Ergo Latvija Dz?v?ba, Key Facts
Table 128: Ergo Latvija Dz?v?ba, Key Fincials (LVL Million), 2008-2012
Table 129: AAS Balta, Key Facts
Table 130: AAS Balta, Key Fincials (LVL Million), 2008-2012
Table 131: BTA Insurance Company SE, Key Facts
Table 132: BTA Insurance Company SE, Key Fincials (LVL Million), 2008-2012
Table 133: Baltikums, Key Facts
Table 134: AAS Gjensidige Baltic, Key Facts
Table 135: AAS Gjensidige Baltic, Key Fincials (LVL Million), 2008-2012
Table 136: Compensa Life Vien Insurance Group SE, Key Facts
Table 137: Mandatum Life Insurance Baltic SE, Key Facts
Table 138: MetLife Amplico, Key Facts
Table 139: SEB Dz?v?bas Apdro�in?�a, Key Facts