Personal Accident and Health Insurance in Latvia, Key Trends and Opportunities to 2020

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Published: September 12, 2017 Report Code: GD-IS1570MR-ST

Report Overview
Key Players
Table of Contents
Table
Figures

GlobalData’s 'Personal Accident and Health Insurance in Latvia, Key Trends and Opportunities to 2020' report provides a detailed outlook by product category for the Latvian personal accident and health insurance segment, and a comparison of the Latvian insurance industry with its regional counterparts.

It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions during the review period (2011–2015) and forecast period (2015–2020).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Latvian economy and demographics, and provides detailed information on the competitive landscape in the country.

The report brings together GlobalData’s research, modeling and analysis expertise, giving 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.

Scope

This report provides a comprehensive analysis of the personal accident and health insurance segment in Latvia:

• It provides historical values for the Latvian personal accident and health insurance segment for the report’s 2011–2015 review period, and projected figures for the 2015–2020 forecast period.

• It offers a detailed analysis of the key categories in the Latvian personal accident and health insurance segment, and market forecasts to 2020.

• It provides a comparison of the Latvian personal accident and health insurance segment with its regional counterparts

• It provides an overview of the various distribution channels for personal accident and health insurance products in Latvia.

• It profiles the top personal accident and health insurance companies in Latvia, and outlines the key regulations affecting them.

Key Highlights

• The personal accident and health segment accounted for 14.4% of the Latvian insurance industry’s gross written premium in 2015.

• In 2016, 16 companies – both domestic and foreign branches – were members of the Latvian Insurance Association (LIA). All companies provided accident insurance, and 12 provided health cover.

• On August 1, 2017, VIG announced the merger of its Latvian subsidiaries, InterRisk and BTA Baltic, with BTA Baltic being the merged entity. The merger is pending regulatory approval.

Reasons to Buy

• Make strategic business decisions using in-depth historic and forecast market data related to the Latvian personal accident and health insurance segment, and each category within it.

• Understand the demand-side dynamics, key market trends and growth opportunities in the Latvian personal accident and health insurance segment.

• Assess the competitive dynamics in the personal accident and health insurance segment.

• Identify growth opportunities and market dynamics in key product categories.

• Gain insights into key regulations governing the Latvian insurance industry, and their impact on companies and the industry's future.

BTA Insurance Company SE,AAS Balta ,AAS Gjensidige Baltic,BTA Baltic Insurance Company AAS,Baltikums Vienna Insurance Group,Baltijas Apdrošināšanas Nams

1 Key Facts and Highlights

2 Executive Summary

3 Economy and Demographics

4 Segment Outlook

4.1 Regional Comparison

4.2 Segment Indicators

4.2.1 Gross written premium and penetration

4.2.2 Profitability

4.2.3 Assets and investments

5 Outlook by Category

5.1 Personal Accident Insurance

5.1.1 Premium

5.1.2 Policies

5.2 Health Insurance

5.2.1 Premium

5.2.2 Policies

5.3 Travel Insurance

5.3.1 Premium

6 Distribution Channel Outlook

7 Competitive Landscape

7.1 Company Profiles

7.1.1 BTA Insurance Company SE – company overview

7.1.2 AAS Balta – company overview

7.1.3 AAS Gjensidige Baltic – company overview

7.1.4 BTA Baltic Insurance Company AAS – company overview

7.1.5 Baltikums Vienna Insurance Group – company overview

7.1.6 Baltijas Apdrošināšanas Nams – company overview

8 Governance, Risk and Compliance

8.1 Legislation Overview and Historical Evolution

8.2 Latest Changes in Regulation

8.3 Legislation and Market Practice by Type of Insurance

8.3.1 Life insurance

8.3.2 Property insurance

8.3.3 Motor insurance

8.3.4 Liability insurance

8.3.5 Marine, aviation and transit insurance

8.3.6 Personal accident and health insurance

8.4 Compulsory Insurance

8.4.1 Motor third-party liability insurance

8.4.2 Air carriers and aircraft operators insurance

8.4.3 Professional indemnity insurance for alternative investment fund managers

8.4.4 Liability for ships with respect to oil pollution

8.4.5 Third party liability insurance for bailiffs

8.4.6 Clinical trial liability

8.4.7 Professional liability insurance for insurance intermediaries

8.5 Supervision and Control

8.5.1 International Association of Insurance Supervisors

8.5.2 European Insurance and Occupational Pensions Authority

8.5.3 Federation of European Risk Management Associations

8.5.4 Federation of European Risk Management Associations

8.6 Non-Admitted Insurance Regulations

8.6.1 Overview

8.6.2 Intermediaries

8.6.3 Market practices

8.6.4 Fines and Penalties

8.7 Company Registration and Operations

8.7.1 Type of insurance organization

8.7.2 Establishing a local company

8.7.3 Foreign ownership

8.7.4 Types of license

8.7.5 Capital requirements

8.7.6 Solvency margin

8.7.7 Reserve requirements

8.7.8 Investment regulations

8.7.9 Statutory return requirements

8.7.10 Fee structure

8.8 Taxation

8.8.1 Insurance premium or policy taxation

8.8.2 Withholding taxes on premium paid overseas

8.8.3 Corporate tax

8.8.4 VAT

8.8.5 Captives

8.9 Legal System

8.9.1 Introduction

8.9.2 Access to court

8.9.3 Alternative dispute resolution

9 Databook

9.1 Policies and Premium

9.2 Claims and Expenses

9.3 Assets and Investments

9.4 Personal Accident Insurance

9.5 Health Insurance

9.6 Travel Insurance

10 Definitions and Methodology

10.1 Definitions

10.2 Methodology

11 About GlobalData

11.1 Contact GlobalData

11.2 About GlobalData

11.3 GlobalData’s Services

11.4 Disclaimer

Table

Table 1: Latvian Personal Accident and Health Insurance – Key Facts, 2015

Table 2: Latvian Personal Accident and Health Insurance – Top Insurers, 2015

Table 3: Latvian Government Credit Ratings

Table 4: Latvian Marine, Aviation and Transit Insurance – Passenger Traffic (Million), 2012–2016

Table 5: Latvian Personal Accident and Health Insurance – Gross Written Premium (EUR Million and US$ Million), 2011–2015

Table 6: Latvian Personal Accident and Health Insurance – Penetration (%), 2011–2015

Table 7: Latvian Personal Accident and Health Insurance – Gross Written Premium (EUR Million and US$ Million), 2015–2020

Table 8: Latvian Personal Accident and Health Insurance – Penetration (%), 2015–2020

Table 9: Latvian Personal Accident and Health Insurance – Premium per Capita (EUR and US$), 2011–2015

Table 10: Latvian Personal Accident and Health Insurance – Premium per Capita (EUR and US$), 2015–2020

Table 11: Latvian Personal Accident and Health Insurance – Profitability Ratio (%), 2011–2015

Table 12: Latvian Personal Accident and Health Insurance – Profitability Ratio (%), 2015–2020

Table 13: Latvian Personal Accident and Health Insurance – Total Assets (EUR Million and US$ Million), 2011–2015

Table 14: Latvian Personal Accident and Health Insurance – Total Assets (EUR Million and US$ Million), 2015–2020

Table 15: Latvian Personal Accident and Health Insurance – Total Investment Income (EUR Thousand and US$ Thousand), 2011–2015

Table 16: Latvian Personal Accident and Health Insurance – Total Investment Income (EUR Thousand and US$ Thousand), 2015–2020

Table 17: Latvian Personal Accident and Health Insurance – Direct Written Premium by Category (EUR Million), 2011–2015

Table 18: Latvian Personal Accident and Health Insurance – Direct Written Premium by Category (EUR Million), 2015–2020

Table 19: Latvian Personal Accident Insurance – Direct Written Premium (EUR Million and US$ Million), 2011–2015

Table 20: Latvian Personal Accident Insurance – Direct Written Premium (EUR Million and US$ Million), 2015–2020

Table 21: Latvian Personal Accident Insurance – Number of Policies Sold (Thousand), 2011–2015

Table 22: Latvian Personal Accident Insurance – Number of Policies Sold (Thousand), 2015–2020

Table 23: Latvian Health Insurance – Direct Written Premium by Sub-Category (EUR Million), 2011–2015

Table 24: Latvian Health Insurance – Direct Written Premium by Sub-Category (EUR Million), 2015–2020

Table 25: Latvian Health Insurance – Number of Policies Sold by Sub-Category (Thousand), 2011–2015

Table 26: Latvian Health Insurance – Number of Policies Sold by Sub-Category (Thousand), 2015–2020

Table 27: Latvian Travel Insurance – Direct Written Premium (EUR Million), 2011–2015

Table 28: Latvian Travel Insurance – Direct Written Premium (EUR Million), 2015–2020

Table 29: Latvian Personal Accident and Health Insurance – Top Insurers, 2015

Table 30: BTA Insurance Company SE – Key Facts

Table 31: AAS Balta – Key Facts

Table 32: AAS Gjensidige Baltic – Key Facts

Table 33: BTA Baltic Insurance Company AAS – Key Facts

Table 34: Baltikums Vienna Insurance Group – Key Facts

Table 35: Baltijas Apdrošināšanas Nams – Key Facts

Table 36: Latvia – Insurance Regulatory Framework Key Features

Table 37: Latvia – Life Insurance Regulatory Framework

Table 38: Latvia – Property Insurance Regulatory Framework

Table 39: Latvia– Motor Insurance Regulatory Framework

Table 40: Latvia – Liability Insurance Regulatory Framework

Table 41: Latvia – Minimum Coverage for Aircraft Third-Party Liability Per Accident Per Aircraft

Table 42: Latvia – Corporate Tax Rates for the Financial Year 2017

Table 43: Latvian Personal Accident and Health Insurance Industry – Policies and Premium, 2011–2015

Table 44: Latvian Personal Accident and Health Insurance Industry – Policies and Premium, 2015–2020

Table 45: Latvian Personal Accident and Health Insurance – Claims and Expenses, 2011–2015

Table 46: Latvian Personal Accident and Health Insurance – Claims and Expenses, 2015–2020

Table 47: Latvian Personal Accident and Health Insurance – Assets and Investments, 2011–2015

Table 48: Latvian Personal Accident and Health Insurance – Assets and Investments, 2015–2020

Table 49: Latvian Personal Accident and Health Insurance – Personal Accident Insurance, 2011–2015

Table 50: Latvian Personal Accident and Health Insurance – Personal Accident Insurance, 2015–2020

Table 51: Latvian Personal Accident and Health Insurance – Health Insurance, 2011–2015

Table 52: Latvian Personal Accident and Health Insurance – Health Insurance, 2015–2020

Table 53: Latvian Personal Accident and Health Insurance – Travel Insurance, 2011–2015

Table 54: Latvian Personal Accident and Health Insurance – Travel Insurance, 2015–2020

Table 55: Insurance Industry Definitions

Figures

Figure 1: Latvian Real GDP (EUR Billion), 2011–2020

Figure 2: Latvian Current Account Balance as Percentage of GDP (%), 2011–2015

Figure 3: Latvian Consumer Price Inflation (%),2011–2020

Figure 4: Latvian Unemployment Rate, 2011–2020

Figure 5: Latvian Population by Age Group, 1990–2025

Figure 6: Latvian Personal Accident and Health Insurance – Injuries in Traffic Accidents (%), 2015 and 2016

Figure 7: Latvian Personal Accident and Health Insurance – Deaths in Traffic Accidents (%), 2015 and 2016

Figure 8: Latvian Personal, Health and Accident Insurance Penetration – Regional Comparison (%), 2015

Figure 9: Latvian Insurance Segment Direct Written Premium Shares – Regional Comparison (%), 2015

Figure 10: Latvian Personal Accident and Health Insurance – Gross Written Premium (EUR Million), 2011–2020

Figure 11: Latvian Personal Accident and Health Insurance – Penetration (%), 2011–2020

Figure 12: Latvian Personal Accident and Health Insurance – Premium per Capita (EUR), 2011–2020

Figure 13: Latvian Personal Accident and Health Insurance – Profitability Ratio (%), 2011–2020

Figure 14: Latvian Personal Accident and Health Insurance – Total Assets (EUR Million), 2011–2020

Figure 15: Latvian Personal Accident and Health Insurance – Total Investment Income (EUR Thousand), 2011–2020

Figure 16: Latvian Personal Accident and Health Insurance – Direct Written Premium by Category (EUR Million), 2011–2020

Figure 17: Latvian Personal Accident and Health Insurance – Direct Written Premium Dynamics by Category, 2011–2020

Figure 18: Latvian Personal Accident Insurance – Direct Written Premium (EUR Million), 2011–2020

Figure 19: Latvian Personal Accident Insurance – Number of Policies Sold (Thousand), 2011–2020

Figure 20: Latvian Health Insurance – Direct Written Premium by Sub-Category (EUR Million), 2011–2020

Figure 21: Latvian Health Insurance – Number of Policies Sold by Sub-Category (Thousand), 2011–2020

Figure 22: Latvian Travel Insurance – Direct Written Premium (EUR Million), 2011–2020

Figure 23: Latvia – The Three Pillars of Solvency II

Figure 24: Latvia – Insurance Supervision and Control at Various Levels

Figure 25: Latvia – Insurance Regulatory Frameworks for Company Registration and Operation

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