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Latvia Insurance Report 2013 - Product Image

Latvia Insurance Report 2013

  • Published: November 2012
  • Region: Latvia
  • 78 pages
  • Business Monitor International


  • Balta
  • Baltikums
  • BTA Insurance Company SE
  • Company Profiles
  • ERGO
  • Gjensidige Baltic
  • MORE

Key Insights And Key Risks

Conditions remain fairly challenging in Latvia’s insurance sector. The life sector is chronically underdeveloped – apparently because Latvians who are able to afford life insurance do not understand its benefits. In early 2012, the regulator intervened to close LKB Life, an affiliate of Latvijas Krajbanka,
which had collapsed in November 2011. Although the life insurance company is able to meet its obligations to policyholders, this episode probably would not have helped public perceptions of life insurance. In fact, one of the strengths of the segment (like its counterparts in Lithuania and Estonia) is that is dominated by subsidiaries of very strong multinationals such as SEB Life & Pensions International, Swedbank Life Insurance, ERGO and Mandatum Life.

Meanwhile, Latvian non-life insurers have been escaping the stagnation (or worse) of premiums in their segment by expanding (aggressively) into Estonia and Lithuania. The limited data available to us as of September 2012 suggests that they have exchanged cutthroat competition in motor related lines
(especially) at home for the same in Estonia (if not in Lithuania). The READ MORE >

Executive Summary 5
Table: Total Premiums 2010-2017 5

Key Insights And Key Risks 5

SWOT Analysis 7

Latvia Insurance Industry SWOT 7

Latvia Political SWOT 8

Latvia Economic SWOT 8

Latvia Business Environment SWOT 9

Life Sector Overview 10

Central And Eastern Europe Life Sector Overview 10
Table: Central And Eastern European Life Premiums, 2010-2017 (US$mn) 10

Latvia Life Sector Update 13

Life Industry Forecast Scenario 14
Table: Life Premiums, 2010-2017 14

Growth Drivers And Risk Management Projections 15

Population 15
Table: Insurance Key Drivers, Demographics 2010-2017 15

Non-Life Sector Overview 17

Central And Eastern Europe Non-Life Sector Overview 17
Table: Central And Eastern European Non-Life Premiums, 2010-2017 (US$mn) 17

Latvia Non-Life Sector Update 20

Non- Life Industry Forecast Scenario 21
Table: Non-Life Premiums, 2010-2017 21

Growth Drivers And Risk Management Projections 22

Macroeconomic Outlook 22
Table: Latvia Macroeconomic Data And Forecasts 2010-2017 24

Political Stability Outlook 25

Healthcare 27

Epidemiology 28
Table: Latvia Insurance Key Drivers – Disease Adjusted Life Years, 2010-2017 29

Insurance Risk/Reward Ratings 31
Table: Latvia’s Insurance Risk/Reward Ratings 31
Table: Central And Eastern Europe Insurance Risk/Reward Ratings 32

Competitive Landscape 33

Competitive Landscape Analysis 33

Major Players In Latvia’s Insurance Sector 34

Company Profiles 36

Balta 36

Baltikums 38

BTA Insurance Company SE 40


Gjensidige Baltic 45

MetLife ALICO 47

Powszechny Zaklad Ubezpieczen (PZU) 50

RSA 54

Sampo Group (P&C and Mandatum Life) 57

SEB Life & Pension International 60

Seesam 62

Swedbank Life Insurance 64

Vienna Insurance Group 66

Demographic Outlook 70

Latvia's Population By Age Group, 1990-2020 ('000) 71

Latvia's Population By Age Group, 1990-2020 (% of total) 72

Latvia's Key Population Ratios, 1990-2020 73

Latvia's Rural And Urban Population, 1990-2020 73

BMI Methodology 74

Insurance Risk/Reward Ratings 75
Table: Insurance Risk/Reward Indicators And Rationale 76
Table: Weighting Of Indicators 77

Company Profiles
BTA Insurance Company SE
Gjensidige Baltic
Powszechny Zaklad Ubezpieczen (PZU)
Sampo Group (P&C and Mandatum Life)
SEB Life & Pension International
Swedbank Life Insurance
Vienna Insurance Group

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