Analysis and current trends of the insurance market in Latvia

Nadezhda Novozhilova, Marina Pliss

Abstract


This paper considers and analyses current trends of the global, European and Latvian insurance markets. Insurance constitutes the most important way to minimize and eliminate economic losses in a company resulting from unfavourable events. Insurance is one of the most efficient methods of enterprise risk management. The entrepreneur must be informed regarding the offered insurance services, the insurance market participants and the insurance market state for the insurance coverage implementation. This information will enable to provide reliable insurance coverage in order to ensure the enterprise’s financial stability. The authors analyse the financial activity index and conduct its comparative analysis, establish general trends and existing differences in the insurance market development in the world, the EU and in Latvia. The paper highlights the insurance market structure and differences in the scope of the life insurance sector existing in the EU and in Latvia. Moreover, description of insurance types, participants of the insurance market in Latvia and the insurance market’s state are also provided. The findings can be used by insurers and entrepreneurs for insurance coverage implementation in Latvia.

KEYWORDS: insurer, life insurance, non-life insurance, real premium growth.

JEL codes: G22

DOI: http://dx.doi.org/10.15181/rfds.v27i1.1868


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