The Bank of Lithuania processed a record number of consumer disputes last year. The number of disputes with insurers recorded an increase, while the number of disputes with banks was significantly decreasing, the Bank said.

Almost half of the disputes resolved (49%) were consumer disputes with insurance companies (371 disputes). Compared to 2023, their number increased by 35%. The parties most often argued about property, compulsory motor vehicle and comprehensive insurance products. The number of disputes regarding insurance of vehicles was the highest in the past five years.

The overall growth in the number of disputes with insurers was influenced by the increasing number of contracts and economic, weather and other factors.

According to Arūnas Raišutis, Director of the Legal and Licensing Department of the Bank of Lithuania, in response to the increasing number of disputes with insurers, the Bank of Lithuania regularly organizes meetings with the sector representatives to discuss problems and make recommendations.