Boston, MA -- (ReleaseWire) -- 05/05/2014 -- During the review period (2008-2012), Latvia's insurance industry was affected by the global financial crisis. The overall insurance industry in Latvia recorded a decline in written premium at a review-period compound annual growth rate (CAGR) of 3.1%. The life insurance segment registered a positive CAGR of 6.8% during the review period . This was due to growth in private consumption, investments and exports. Life insurance is expected to benefit from an increase in the Latvian population's disposable income and growth in life expectancy over the forecast period. The growing economy is anticipated to have a positive impact on the segment by creating favorable economic conditions for growth. The Latvian life segment is expected to grow at a CAGR of 11.6% over the forecast period (2012-2017).
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- The endowment category led the life segment with 62.5% of the segment's total written premium in 2012.
- The life segment is expected to adopt better practices as major foreign insurers such as Swedbank Life, SEB Life, Sampo Group's Mandatum Life and SEB Life establish presences.
- Latvia's growing economy is anticipated to positively impact the life segment as private consumption, investments and exports increase.
- The segment is expected to benefit from an increase in disposable income and life expectancy, although falling employment and a declining population will limit growth in the 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 life insurance segment in Latvia:
- It provides historical values for the Latvian 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 categories in the Latvian 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 life insurance products in Latvia.
- Using Porter's industry-standard "Five Forces" analysis, it details the competitive landscape in Latvia for the life insurance business.
- It provides a detailed analysis of the reinsurance segment in Latvia and its growth prospects.
- It profiles the top life insurance companies in Latvia and outlines the key regulations affecting them.
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Companies Mentioned in this Report: Citadele Life, Compensa Life Vienna Insurance Group SE, Ergo Latvija dz?v?ba, Mandatum Life Insurance Baltic SE, MetLife Amplico, SEB Dz?v?bas Apdrosin?sana, Swedbank Life Insurance SE
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