Non-Life Insurance in Latvia, Key Trends and Opportunities to 2017

Date: 2015-09

“The Latvian non-life insurance segment declined during the review period (2008โ€“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 segmentโ€™s largest category, motor insurance, as demand for automobiles fell, although the categoryโ€™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. Latviaโ€™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. Latviaโ€™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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