Financial Services, Good for Business, Insurance, Latvia

"Investments in national economy will increase, the number of motor vehicles is also likely to rise, and people will be able to put more money aside. 2019 will be an interesting year in health insurance as this is when the compulsory state health insurance will become operational," said Abasins.

The insurance business may see a number of acquisitions and mergers next year, added Abasins. Because of the protracted government formation process, the Law on Insurance and Reinsurance, which should have come into force last October to transpose the Directive on Insurance Distribution in Latvia, has thus far only been supported in the first reading by Saeima.

Work on amendments to the Construction Law will also continue next year in order to develop a new civil liability insurance system for the construction industry, and new amendments to the Criminal Law will be proposed in order to better deal with the increasing number of thefts.

As reported, growth of over 10 percent was achieved in four major types of insurance in January-September this year: vehicle owners' civil liability insurance, health insurance, property insurance and vehicle insurance, as Abasins said earlier today.