The Property Insurance market in Latvia has been experiencing notable developments in recent years. Customer preferences in the Latvian Property Insurance market are shifting towards comprehensive coverage that not only protects against traditional risks like fire and theft, but also includes coverage for natural disasters and other unforeseen events. Customers are increasingly seeking customized insurance solutions that cater to their specific needs and offer additional benefits such as liability protection and alternative accommodation coverage. Trends in the market show a growing demand for digital insurance services and online platforms that streamline the insurance purchasing process. Insurers in Latvia are investing in technology to offer more convenient and efficient services to customers, such as online policy management, instant claims processing, and personalized insurance recommendations based on data analytics. Local special circumstances in Latvia, such as the country's geographical location and exposure to extreme weather conditions, have led to an increased awareness of the importance of property insurance among residents. The high incidence of natural disasters like floods and storms has prompted more property owners to seek adequate insurance coverage to protect their assets against potential risks. Underlying macroeconomic factors, including steady economic growth and increasing disposable incomes in Latvia, have contributed to the expansion of the Property Insurance market. As the country's economy continues to develop, more individuals and businesses are investing in real estate properties, driving the demand for property insurance to safeguard their investments against various risks and uncertainties.
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.
Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)
