Boston, MA -- (SBWIRE) -- 04/30/2014 -- The Latvian non-life insurance segment declined during the review period (2008-2012) at a compound annual growth rate (CAGR) of 3.8%. This was primarily due to the contraction in the economy as a result of the global financial crisis. The crisis significantly affected the segment's largest category, motor insurance, as demand for automobiles fell, although the category's decline was largely offset by robust growth in the marine, aviation and transit insurance category.
The Latvian business environment is more favorable for foreign companies than in other Central and Eastern European countries. Latvia's membership of international organizations such as the World Trade Organization (WTO), NATO and the European Union (EU) also gives it a strong standing in global trade. Latvia's accession to the eurozone in January 2014 is expected to bring significant foreign participation in the country. As the business environment continues to grow, with developing regulatory frameworks under the governance of the European Central Bank (ECB), the overall Latvian insurance industry is expected to benefit. The non-life segment is expected to grow significantly at a forecast-period CAGR of 10.3%.
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- The Latvian non-life segment declined during the review period at a CAGR of -3.8%.
- Motor insurance, the largest category in the segment, registered a significant decline during the review period.
- Rising motor vehicle thefts in Latvia and other Baltic countries and compulsory motor third-party liability insurance in the country, supported the growth of non-life insurance segment during the review period.
- Direct marketing was the leading distribution channel in the non-life segment.
- At the end of 2012, a total of nine domestic companies operated in the Latvian insurance industry, of which two were life insurers and the remaining seven were involved in non-life business.
This report provides a comprehensive analysis of the non-life insurance segment in Latvia:
- It provides historical values for Latvia's non-life 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 categiories in Latvia's non-life 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 non-life insurance products in Latvia.
- Using Porter's industry-standard "Five Forces" analysis, it details the competitive landscape in Latvia for the non-life insurance segment.
- It provides a detailed analysis of the reinsurance segment in Latvia and its growth prospects.
Companies Mentioned in this Report: BTA Insurance Company SE, If P&C Insurance AS Latvia, AAS Gjensidige Baltic, Seesam Insurance AS Latvia, AAS Balta, Ergo Insurance SE Latvian Branch, Baltikums, Swedbank P&C Insurance AS, Baltijas Apdrosin?sanas Nams
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