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BMI's Executive Summary[TOP]
The Sector At A Glance Key Insights On Latvia's Insurance Sector Latvia's Insurance sector, like its counterparts in the other Baltic states, will never be large. The life segment, in particular, is at an embryonic state of development. What is also undeniable, though, is that premiums will grow quickly. As is the case in neighbouring Estonia, this is in part because of brutal competition - particularly in the non-life segment. Latvians are getting good deals from their non-life insurers or, more precisely, the insurers' shareholders. This situation cannot continue indefinitely. At some stage, there will be a change to the competitive landscape of Latvia's insurance sector. As we explain in the Analysis of Competitive Conditions, this will almost certainly involve rationalisation of a market that is distinguished by a surprisingly high number of small local firms. Earlier this year, Parekss was bought by the much larger Norwegian group Gjensidige. We envisage that there will be other departures from Latvia. Indeed, some of the major cross-border groups may decide that Latvia is a market that they do not need to be in. Key
Features Of This Report - And Likely Future
Changes As we envisaged earlier this year, this report includes a completely new and updated Analysis of Competitive Conditions. We have looked at the corporate websites of around 60 companies to assess where they are active in the non-life and/or the life segments. We have also considered the likely growth in absolute premiums, both for the 36 countries that we survey, and for 24 others. A key observation is that there are many countries where the numbers of cross-border insurance companies are surprisingly large, given the scale of the market opportunity: conversely, there is a number of countries where the cross-border insurance companies that are present are surprisingly small. In the third quarter of 2006, we hope to improve the Analysis of Competitive Conditions and to include actual premium statistics for the end of 2005. |
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Contents[TOP] Chapter 1 - The Sector At A GlanceTable: Latvia Overview Key Features Of This Report - And Likely Future Changes Chapter 2 - Latest NewsEvolution Since The Mid-1990s Table: Latvia Evolution of the Insurance Sector (in millions of currency specified) Chapter 3 - Projections And ForecastsTable: Latvia BMI Projections (in millions of currency specified) Projections And Drivers Of Growths Chapter 4 - Macroeconomic OutlookTable: Latvia - Economic Activity Chapter 5 - Country UpdatePolitical Risk - Sense and Sensibility Economic Risk - Growth Accelerates Business Environment - Infrastructure Weakness Chapter 6 - Analysis of Competitive ConditionsTable: Non-Life Segment - Rankings of Markets Table: Presence of Non-Life Cross-Border Insurers Table: Selected Local Non-Life Insurers Country Overview - Latvia - Life Segment Table: Life Segment - Rankings of Markets Table: Presence of Life Cross-Border Insurers Table: Selected Local Life Insurers Who's who in the Central and Eastern European region? Chapter 7 - Regional contextTable: Regional Context - premiums Table: Regional Context - Total premiums Chapter 8 - Methodology And ObjectivesIntroduction Background Chapter 9 - AppendixTable: Latest Estimates / Actual Figures For 2005 Table: Latest Estimates For 2010 Table: Latest Estimates For 2005-2010 (Growth In US Dollar Terms)
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Competitive Landscape for Europe Insurance Reports: Sample of
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* Adriatic * Aegon * Agrotiki * AIG * AKU Garant * Allianz * Alpha * AMS * Ardaf * Argosz * Asiban * Asirom * Aura * Avantyeh * Aviva * Balta * Baltic Polis * Baltikums * Balva * BTA * Bul Insurance * Bulstrad * Cardif * Ceska Poistovna * Compensa * CPP * CSOB * DDOR Novi Sad * Dunav * DZI * Etalon * ETIF * Ethniki * Euler Hermes * Eureko/PZU * Euroherc * Generali * Gerling * Grawe |
* Health Insurance Mutual * If/Sampo * ING Group * Ingosstrakh * International Union * Jadransko * Komunalna Poistovna * Lemma * Lovcen * Maribor * MetLife * Munich Re/ERGO * Old Mutual/Skandia * Orel * OTP Garancia * Union * Parex Group * Phoenix Metrolife Emporiki * Prudential Financial (US) * Reso Garantiya * Rosgosstrakh * Rosno * Samopoc * Seesam/Suomi Mutual * Salva * SIM * Slovenica * Sogaz * Sunce * Triglav * UNIQA * Unita * Vitosha * Warta * Wiener Staedtische * Winterthur (to be sold to AXA late 2006) * Wuestenrot * Zagreb |
[TOP]
BMI's European Insurance Reports are based on an extensive network of multilateral organisations, government departments, insurance industry associations, chambers of commerce and company reports. Information sources include:
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* All Russia Insurance Association * Association of Bulgarian Insurers (ABZ) * Association of Insurance Companies - Greece * Ceská asociace pojistoven (CAP) * Comisiei de Supraveghere a Asigurarilor (CSA), Romania * Comité Européen des Assurances * Department of Insurance Supervision, Russia * Direkcija za Nadzor Drustava za Osiguranje (Dinados), Croatia * Eesti Kindlustusseltside Liit (EKL), Estonia * Financial Supervisory Commission, Bulgaria |
* Komisja Nadzoru Ubezpieczen i Funduszy Emerytalnych (KNUiFE), Poland * Finantsinspektioon (FI) , Estonia * Hrvatski Ured Za Osiguranje, Croatia * Hungarian Financial Supervisory Authority (PSZAF) * Insurance Supervision Agency, Slovenia * Insurance Supervision Inspectorate, Latvia * Latvijas Apdrođinataju Asociacija, Latvia * Lietuvos draudiku asociacija, Lithuania * Magyar Biztositók Szövetsége (MABISZ), Hungary * National Union of Insurance and Reinsurance Companies of Romania |
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