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General Liability Insurance - Latvia

Latvia

The General Liability Insurance market market in Latvia is expected to reach a projected market size of US$37.53m in 2024.
In the same year, the average spending per capita in the General Liability Insurance market market is estimated to be US$20.73.
The gross written premium is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 5.07%, resulting in a market volume of US$48.07m by 2029.
When compared globally, the United States is projected to generate the highest gross written premium, amounting to US$178.4bn in 2024.
Recent changes in the Latvian General Liability Insurance market have seen an increase in demand for coverage among small businesses.

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Analyst Opinion

The General Liability Insurance market in Latvia is experiencing steady growth and development. Customer preferences in the market are shifting towards comprehensive coverage that not only protects businesses from third-party claims but also includes additional features such as cyber liability and professional indemnity insurance. Trends in the market show an increasing demand for General Liability Insurance among small and medium-sized enterprises (SMEs) in Latvia. This can be attributed to the growing awareness among businesses about the risks they face and the need for adequate insurance coverage to protect their assets and reputation. Local special circumstances, such as the rising number of businesses operating in the digital space and the increasing focus on data protection and privacy regulations, are driving the demand for specialized General Liability Insurance products in Latvia. Insurers are adapting their offerings to cater to these specific needs of businesses in the country. Underlying macroeconomic factors, including the overall economic stability and growth in Latvia, are also contributing to the development of the General Liability Insurance market. As businesses expand and diversify their operations, the need for comprehensive insurance coverage becomes more apparent, driving the growth of the market. Overall, the General Liability Insurance market in Latvia is evolving to meet the changing needs of businesses in the country. Insurers are offering more tailored products and services to cater to the specific requirements of different industries, ensuring that businesses are adequately protected against a wide range of risks and liabilities.

Methodology

Data coverage:

Data encompasses B2B and B2C enterprises. Figures are based on gross written premium, gross written premium per capita, gross claim payments, loss ratio, and distribution channels.

Modeling approach / Market size:

Market sizes are determined by a Bottom-Up approach, based on a specific rationale for each market layer. As a basis for evaluating markets, we use industry associations, national statistic offices, and international organizations, such as OECD. Next we use relevant key market indicators and data from country-specific associations such as insurance consumer spending, gross domestic product, insurance - consumer price index (CPI), population growth. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing and HOLT-linear. The main drivers are insurance consumer spending and insurance - consumer price index (CPI).

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.