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Follow on Google News | "Latvia Insurance Report 2011" is now available at Fast Market ResearchRecently published research from Business Monitor International, "Latvia Insurance Report 2011", is now available at Fast Market Research
The data for the organisations regulated by the FKTK (a majority of the total, which also includes Latvian incorporated companies and subsidiaries of multinationals, but not branches of foreign companies) make grim reading. Premiums for compulsory motor third-party liability (CMTPL) insurance - the most basic of lines in the non-life segment - that were written by these companies dropped by over a third in 2009. Voluntary land vehicle insurance (CASCO) slumped by over a half. Claims paid by credit insurers soared by 1,200%. At this stage, we expect that the economy will remain reasonably stable from late 2010 and into 2011. However, as we discuss in this report, the political environment remains uncertain given that the government following October's election is a weak coalition. It is fortunate for Latvia that the insurance sector is dominated by the local subsidiaries or branches of multinationals such as the Vienna Insurance Group, ERGO, Swedbank, SEB and Sampo. These are all companies that have the financial strength and commitment to developing regional businesses, whether in the Baltic countries or across Central and Eastern Europe. However, it appears that the smaller local operators have also weathered the economic and financial storm, with all non-life players reporting falls in premiums of 20-40% year-on-year (y-o-y) in H110. In mid-2010, the country's largest non-life insurer, BTA, announced plans to complete reorganisation by merging BTA Draudimas in Lithuania and a branch in Estonia with the Latvian company's headquarter operations by the end of the year. BTA plans to unite its Baltic operations into a single European company and register it with the European Business Register. BTA will have a central office in the Latvian capital Riga and branch offices in Estonia and Lithuania. We forecast a revival in the fortunes of the life segment from 2010 and of the non-life segment from 2011. Total premiums in 2010 were LVL220mn. This includes non-life premiums of LVL170mn and life premiums of LVL50mn. In 2015, the corresponding figures are forecast to be LVL446mn, LVL371mn and LVL75mn. In terms of the key drivers that underpin our forecasts, we expect non-life penetration to rise from 1.29% of GDP in 2010 to 2.03% in 2015. We anticipate that life density will rise from US$35 per capita in 2010 to US$45 in 2015. BMI's proprietary Insurance Business Environment Rating for Latvia is 51.7. Key Features Of This Report The structure of this report is substantially similar to that of its predecessors. We have updated comments and data using information made available by regulators, trade associations and insurance companies over the course of 2010. For more information or to purchase this report, go to: - http://www.fastmr.com/ Report Table of Contents: The Sector At A Glance - Table: Latvia's Insurance Sector At A Glance - Key Insights On The Latvian Insurance Sector - Key Features Of This Report SWOT Analysis - Latvia Insurance Industry SWOT - Latvia Political SWOT - Latvia Economic SWOT - Latvia Business Environment SWOT Central And Eastern European Markets Overview - Table: Non-Life Segment Premiums In Central And Eastern Europe - Table: Life Segment Premiums In Central And Eastern Europe MetLife's Acquisition Of ALICO - Table: ALICO At A Glance - Table: ALICO's Pre-Tax Profits By Segment And Region Contribution, Year To November 30 2009 (%) - Table: ALICO - A Market Leader In Japan - Table: MetLife's Acquisition Of ALICO - Table: MetLife And ALICO Combined Projections And Forecasts - Table: Insurance Data And Projections, 2007-2015 - Projections And Drivers Of Growth - Table: Growth Drivers, 2007-2015 Country Update - Macroeconomic Outlook - Table: Latvia Economic Activity, 2006-2015 - Political Outlook Insurance Business Environment Rating - Table: Latvia's Insurance Business Environment - Table: Central And Eastern Europe Insurance Business Environment Ratings Regional Context - Table: Non-Life Premiums In A Regional Context, 2009 - Table: Life Premiums In A Regional Context, 2009 Analysis Of Competitive Conditions - Non-Life Segment - Life Segment Company Profiles - AIG - Allianz - Ergo - Eureko - RSA - Vienna Insurance Group Country Snapshot: Latvia Demographic Data - Section 1: Population - Table: Demographic Indicators, 2005-2030 - Table: Rural/Urban Breakdown, 2005-2030 - Section 2: Education And Healthcare - Table: Education, 2002-2005 - Table: Vital Statistics, 2005-2030 - Section 3: Labour Market And Spending Power - Table: Employment Indicators, 2001-2006 - Table: Consumer Expenditure, 2000-2012 (US$) - Table: Average Annual Wages, 2000-2012 BMI Methodology - Insurance Business Environment Ratings - Table: Insurance Business Environment Indicators And Rationale - Table: Weighting Of Indicators About Business Monitor International Business Monitor International (BMI) offers a comprehensive range of products and services designed to help senior executives, analysts and researchers assess and better manage operating risks, and exploit business opportunities, across 175 markets. BMI offers three main areas of expertise: Country Risk BMI's country risk and macroeconomic forecast portfolio includes weekly financial market reports, monthly regional Monitors, and in-depth quarterly Business Forecast Reports. Industry Analysis BMI covers a total of 17 industry verticals through a portfolio of services, including in-depth quarterly Country Forecast Reports. View more research from Business Monitor International at http://www.fastmr.com/ About Fast Market Research Fast Market Research is an online aggregator and distributor of market research and business information. We represent the world's top research publishers and analysts and provide quick and easy access to the best competitive intelligence available. For more information about these or related research reports, please visit our website at http://www.fastmr.com or call us at 1.800.844.8156. # # # Fast Market Research is an online aggregator and distributor of market research and business information. We represent the world's top research publishers and analysts and provide quick and easy access to the best competitive intelligence available. End
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