Latvians are the most passive insurance consumers in the Baltic countries

27 September 2012 — Olesea ADONEV
jelena_alfejeva"In average, 80% of the population in the Baltic countries is using different insurance services, while Latvians - are the most passive insurance consumers - 76%, as compared to Lithuania (85%) and Estonia (84%)", mentioned Jelena ALFEJEVA, Vice-president of Latvian Association of Insurers, at the Financial Forum in Yalta.

Baltic countries were ahead of other European countries in terms of economic growth before global crisis hit (they were also called "Baltic tigers"). But in 2008, the year when crisis hit everyone, the situation became critical for the insurance industry in Baltic countries. Thus, global financial crisis along with other local economic problems had a negative impact on the insurance sector development.

According to Jelena ALFEJEVA, financial crisis influenced in different ways the entire insurance market in the Baltic countries and its segments.

Thus, in 2010, leading positions in GWP volume were taken by Lithuania - EUR 449 million (Life - 35% and Non-life - 65%) and Estonia - EUR 425 million (Life - 43% and Non-life - 57%), while the last place was taken by Latvia - EUR 323 million (Life - 19%, Non-life - 81%).

"Analyzing the insurance density in the Baltic countries for 2010, it comes up that Estonia had the highest result - 317 EUR/capita. In Lithuania and Latvia this index was respectively of 139 EUR/capita and 114 EUR/capita", added Jelena ALFEJEVA.

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