Lithuania

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Location map
author: OCHA/ ReliefWeb


Location:
- Eastern Europe, bordering the Baltic Sea;
- Neighbours: Latvia, Poland, Belarus, Russia.

Climate: - transitional, between maritime and continental;
- wet, moderate winters and summers.

Macro indicators
* 2018 estimates
Surface:65,300km2
Population*:2.8million
Pop. density*:42.7people/km2
GDP*:45.1EUR billion
GDP/capita*:16,203.3EUR

European Union:
EU member, since 2004

Currency: Euro
Code: EUR
Since: 2015
- replaced Lithuanian litas (LTL)


Insurance market portfolio
* 2018 estimates
TOTAL LIFE*:28%
TOTAL NON-LIFE*:72%
Overall Property*:12%
Overall Motor*:45%


Sources:
Starting January 1st, 2012, the Bank of Lithuania took over the functions of the liquidated DPK



 


Statistics

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Lithuania 1H2020 Insurance Companies Rankings

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Lithuania 1H2020 Market Portfolio


See all statistics

Latest news

LITHUANIA's H1 direct investments to Estonia fall 59%

Lithuania's foreign direct investments in Estonia shrank by 58.8% y-o-y to 89.4 mln euros in the first half of 2016, while investments in Cyprus soared by 43% to 277.6 mln euros, the Verslo Zinios business daily said on Friday, writes LETA/BNS. According to the report, Lithuania's corporate investment grew in vocational, research and technical operations in Cyprus, mainly business headquarters, while investments in Estonia declined in financial and insurance operations.

STATISTICS: LITHUANIA's H1 market grows 5.74% to EUR 330.20 million

Lithuania's insurance market (including branches of foreign companies), totalled EUR 330.20 million at the end of June 2016, up by 5.74% y-o-y, according to data published by the Central Bank of Lithuania. Non-life insurance market grew by 11.85% to EUR 230.08 million (69.68 of total GWP), while life insurance market lost 6.05 % to EUR 100.12 million (30.32% of total market).

BITE LITHUANIA offers insurance for handset screens

Mobile operator Bite Lithuania has introduced insurance for mobile handset screens. According to a poll carried out by the operator, customers usually don't use handset screen repair services due to the high price. The operator offers the insurance to all customers buying handsets in its shops. The service is free during the first month and then costs EUR 1.99 per month. Subscribers choosing some new tariffs from the operator are offered the insurance free for three to 12 months.


LITHUANIA: Gjensidige to merge its Baltic companies

Gjensidige non-life insurer is merging its companies in the Baltic States and plans to finish the process by this fall, informs LETA. After the merger is completed, Gjensidige Group in the Baltics will be operating as Gjensidige insurance company with branches in Latvia and Estonia.

ERGO's insurance operations in Baltics grow 14% in 2015

The total value of insurance contracts of ERGO in the Baltic countries in 2015 was 186 million euros, almost 14% more than in 2014; the insurer's net income for the period totaled 4.3 million euros, informs LETA/BNS.



LITHUANIA, 2014: The gross value added per person employed amounted to EUR 24 975

Statistics Lithuania informs that, after the revision of gross value added and employment indicators, labour productivity estimates were recalculated. In 2014, the value added per hour actually worked in the whole economy amounted to, on average, EUR 13.62 at current prices, which is by EUR 0.31 more than in 2013. The gross value added per person employed amounted to EUR 24 975.


STATISTICS: Bank of Lithuania, 1H2015: Insurance market reaches record volumes, although the growth rates of the insurance branches vary

The insurance market recorded a year-on-year 6.4% increase over the first half of this year in terms of premiums written, with its volumes reaching record heights - EUR 312.3 million. "Growth in life insurance was less robust than a year ago, but this branch remains the main engine of growth within the entire insurance market. The non-life insurance market boosted as well, although the most numerous in terms of contracts concluded, the motor third party liability (MTPL) insurance class did not avoid a decline", says Mindaugas SALCIUS, Deputy Director of the Prudential Supervision Department of the Supervision Service at the Bank of Lithuania.

Bank of Lithuania issues new license to COMPENSA VIG for non-life insurance

The Board of the Bank of Lithuania decided to issue an insurance business license for the private limited liability insurance undertaking COMPENSA Vienna Insurance Group, UADB in the process of foundation, which entitles to engage in the activities of insurance classes within the non-life insurance branch and of compulsory insurance, states a press release of the Lithuanian central bank.




Bank of Lithuania: Profits of insurers boosted by more than a third in 2014

In 2014, insurance undertakings registered in Lithuania, according to unaudited data, earned EUR 24.1 million (LTL 83.2 million) of profits, a year-on-year increase of 36$. The highest profits were generated by the insurance activity; however, the overall result was significantly enhanced by profits from the investing activity.  "The result of the previous year is almost record high - higher profits were only earned in 2007. The results varied significantly across insurance branches though - the return on the insurance activity within non-life insurance was almost 6 times lower than that of life assurance undertakings," says Mindaugas SALCIUS, Deputy Director of the Prudential Supervision Department of the Supervision Service at the Bank of Lithuania.  

LITHUANIA: ERGO cooperate with Nextury Ventures in the creation of innovation in the insurance field

"ERGO Insurance" signed a long-term cooperation agreement with the Venture Capital Fund Nextury Ventures in Lithuania, which invests in business start-ups and high-potential business ideas. With the help of the Nextury Ventures team, ERGO will search for ideas, which could turn into innovation in the insurance field. According to ERGO representatives, the decision to use start-ups were determined by a general need for fresh winds of change and progress in the insurance business in Lithuania.

LITHUANIA: COMPENSA Life showed steady growth in 2014

The results of the Lithuanian Branch of the life insurance company COMPENSA Life Vienna Insurance Group SE have been steadily growing for three years consecutively. Compared to 2013, the total sum of underwritten life insurance and health insurance premiums increased by 35% and amounted to EUR 24 million (LTL 83 million).


LITHUANIA's pension funds paid out EUR 14.3 mln in 2014

Payouts to participants of pension funds are increasing every year in Lithuania. Participants of pension funds, or their relatives who inherited the rights to payouts, were paid EUR 14.3 million in 2014, reports LETA/ELTA.