Personal Accident and Health Insurance in Latvia, Key Trends and Opportunities to 2017

Date: 2015-09

“The Latvian personal accident and health segment declined significantly during the review period (2008โ€“2012), at a compound annual growth rate (CAGR) of -6.4%, primarily due to economic contraction following the global financial crisis. This affected the segmentโ€™s largest category, health insurance, causing reduced government spending on healthcare. However, in November 2013, the Latvian government made health insurance mandatory.

This is anticipated to increase awareness of health insurance in the country, thereby increasing demand for health insurance products over the forecast period (2012โ€“2017). The growing business environment, the tax benefits associated with life and health insurance products, Latviaโ€™s entry into the eurozone, and rising demand for personal accident, travel and health insurance are all anticipated to support the growth of Latvian personal accident and health insurance. The segment is anticipated to record a forecast-period CAGR of 10.3%.”

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