Latvia Insurance Report - Business Monitor International - Industry Reports

Latvia Insurance Report

Latvia Insurance Report - Business Monitor International - Industry Reports
Latvia Insurance Report
Published Sep 24, 2016
51 pages — Published Sep 24, 2016
Price US$ 1,295.00  |  Buy this Report Now

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Abstract:

The main development going forward is the introduction of mandatory health insurance by the government with three models under consideration, two of which involve the private sector as a provider of health insurance products either as the sole issuer or as part of a hybrid with state involvement. This will determine the nature and rate of market activity over the next five years. Life insurance remains underdeveloped in Latvia, accounting for just over -- of premiums written in the market. After a short-term contraction, we do expect premiums to grow over the remainder of the forecast period to reach EUR--mn in ----, up from EUR--mn in ----; this is better than the EUR--mn we had forecast in the previous quarter, reflecting our confidence in Latvia s economic growth. The non-life market is considerably larger, with gross premiums written of EUR---mn in ----. Pricing competition and slow economic growth could dampen short-term prospects in the non-life sector, though strong growth is expected from ---- onwards, leading to total premiums of EUR---mn by ----, an upward revision from the EUR---mn previously forecast. Expansion in the product offering in the motor vehicle segment will be key to higher rates of growth.

...Disposable income from wages and salaries is still about -- below pre-crisis levels. Furthermore, social transfers from the state now represent a much higher proportion of disposable income (-- ) than during the pre-crisis period (-- ). ...In ----, life premiums should grow -.- to EUR--mn (USD---mn), supported by broader macroeconomic trends. From a cyclical perspective, the recent rise in economic confidence and industrial production point to a growth pick up in H---, supported by recovering exports. Medium term, the solid business environment should ensure economic growth outperformance in a European context, in spite of the ongoing demographic decline. ...Medium term, the solid business environment should ensure economic growth outperformance in a European context, in spite of the ongoing demographic decline. That said, over the forecast period we see a greater number of Latvian households moving into a middle and high-income bracket, with the number of families earning in excess of USD--,--- a year growing from

...� Business Monitor International Ltd Page - about ---,--- in ---- to around ---,--- in ----. Growth in disposable income should prove a catalyst for spending on life insurance and other savings and investments products. ...

  
Source:
Document ID
1752-8291
Country
Industry
Format:
PDF Adobe Acrobat
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Business Monitor International - Industry Reports—Established in 1984, Business Monitor International is a leading online publisher of specialist business information on global emerging markets. Business Monitor's range of quarterly services covers political risk, finance, macroeconomic performance, outlook and forecast, industry sectors and the business operating environment. Each Industry Report has been researched at source, and features latest-available data covering production, sales, imports and exports; 5-year industry forecasts through end-2012; company rankings and competitive landscapes for multinational and local manufacturers and suppliers; and analysis of latest industry developments, trends and regulatory changes.

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MLA:
Business Monitor International - Industry Reports. "Latvia Insurance Report" Sep 24, 2016. Alacra Store. Dec 08, 2016. <http://www.alacrastore.com/storecontent/Business-Monitor-International-Industry-Reports/Latvia-Insurance-Report-2026-1062>
  
APA:
Business Monitor International - Industry Reports. (2016). Latvia Insurance Report Sep 24, 2016. New York, NY: Alacra Store. Retrieved Dec 08, 2016 from <http://www.alacrastore.com/storecontent/Business-Monitor-International-Industry-Reports/Latvia-Insurance-Report-2026-1062>
  
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