Latvia Insurance Industry – Key Trends and Opportunities to 2027
Powered by
All the vital news, analysis, and commentary curated by our industry experts.
Latvia Insurance Market Report Overview
The direct written premium of the Latvia insurance market was EUR679.5 million ($715.6 million) in 2022. The market is expected to achieve a CAGR of more than 6% during 2023-2027.
Latvia Insurance Market Outlook, 2022-2027 (EUR Million)
For more insights into the Latvia insurance market forecast, download a free report sample
The Latvia insurance market research report provides in-depth market analysis, information, and insights into the Latvia insurance industry. It provides values for key performance indicators such as direct written premium, penetration, premium accepted and ceded, profitability ratios, and premium by line of business, during the review period and forecast period.
The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Latvia economy and demographics, and provides detailed information on the competitive landscape in the country. The report gives insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.
Market Size (2022) | EUR679.5 million ($715.6 million) (DWP) |
CAGR (2023-2027) | >6% |
Forecast Period | 2023-2027 |
Historical Period | 2018-2022 |
Key Segments | · Life Insurance
· General Insurance |
Leading Players | · Compensa Life Vienna Insurance Group
· ERGO Life Insurance · Swedbank Life Insurance · CBL Life · SEB · Mandatum |
Enquire & Decide | Discover the perfect solution for your business needs. Enquire now and let us help you make an informed decision before making a purchase. |
Latvia Insurance Market Trends
Digitalization is one of the key trends impacting the Latvia insurance market. For example, Citadele Bank offers CBL life insurance to its customers via its banking app. The app helps facilitate a quicker insurance purchasing process while also simplifying processes such as claims and premium payments.
Latvia Insurance Market by Segments
The key segments in the Latvia insurance market are life insurance and general insurance. The general insurance segment dominated the market in 2022.
Life Insurance: Pensions accounted for more than 34% of total life insurance GWPin 2022. Growth in this space can be attributed to an increase in people opting for pension products. The median age in the country is 44, meaning individuals are at least starting to think about their retirement.
General Insurance: Motor insurance was the largest line of business in 2022. Property insurance was the second-largest segment. Growth can be attributed to increased purchases of agricultural insurance among farmers to manage risks.
Latvia Insurance Market Analysis by Segments, 2022 (%)
For more segment insights into the Latvia insurance market, download a free report sample
Latvia Insurance Market – Competitive Landscape
The key companies in the Latvia insurance market are Compensa Life Vienna Insurance Group, ERGO Life Insurance, Swedbank Life Insurance, CBL Life, SEB, and Mandatum. In 2022, Compensa Life Vienna Insurance Group was the largest life insurer, followed by ERGO Life Insurance and Swedbank Life Insurance.
Latvia Insurance Market Analysis by Players, 2022 (%)
For more players’ insights into the Latvia insurance market, download a free report sample
Segments Covered in the Report
Latvia Insurance Market Segments Outlook (Value, EUR Million, 2018-2027)
- Life Insurance
- General Insurance
Scope
This report provides a comprehensive analysis of the Latvia insurance industry –
- It provides historical values for the Latvia insurance industry for the report’s 2018–22 review period and projected figures for the 2023–27 forecast period.
- It offers a detailed analysis of the key categories in the Latvia insurance industry and market forecasts for 2027.
- It profiles the top life insurance companies in Latvia and outlines the key regulations affecting them.
Key Highlights
- Key insights and dynamics of the Latvia insurance industry.
- A comprehensive overview of the Latvia economy, government initiatives, and investment opportunities.
- The Latvia insurance regulatory framework’s evolution, key facts, taxation regime, licensing, and capital requirements.
- The Latvia insurance industry’s market structure gives details of lines of business.
- Latvia’s reinsurance business’s market structure gives details of premium ceded along with cession rates.
Reasons to Buy
- Make strategic business decisions using in-depth historic and forecast market data related to the Latvia insurance industry, and each category within it.
- Understand the demand-side dynamics, key market trends, and growth opportunities in the Latvia insurance industry.
- Assess the competitive dynamics in the Latvia insurance industry.
- Identify growth opportunities and market dynamics in key product categories.
AAS BTA Baltic Insurance Co
ERGO Life Insurance SE Latvijas Filiale
Compensa Vienna Insurance Group ADB Latvijas Filiale
Compensa Life Vienna Insurance Group SE Latvijas Filiale
ERGO Insurance SE Latvijas Filiale
SEB DZIVIBAS APDROSINASANA AS
Swedbank Life Insurance SE Latvijas Filiale
Table of Contents
Frequently asked questions
-
What was the Latvia insurance market direct written premium in 2022?
The direct written premium of the Latvia insurance market was EUR679.5 million ($715.6 million) in 2022.
-
What is the growth rate of the Latvia insurance market?
The insurance market in Latvia is expected to achieve a CAGR of more than 6% during 2023-2027.
-
Which segment dominated the Latvia insurance market in 2022?
The general insurance segment dominated the Latvia insurance market in 2022.
-
Who are the major players operating in the Latvia insurance market?
The key companies in the Latvia insurance market are Compensa Life Vienna Insurance Group, ERGO Life Insurance, Swedbank Life Insurance, CBL Life, SEB, and Mandatum.
Get in touch to find out about multi-purchase discounts
reportstore@globaldata.com
Tel +44 20 7947 2745
Every customer’s requirement is unique. With over 220,000 construction projects tracked, we can create a tailored dataset for you based on the types of projects you are looking for. Please get in touch with your specific requirements and we can send you a quote.