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

PZU sold its LITHUANIAN unit for EUR 54 million

The Polish PZU, one of the largest CEE insurance groups, announced, on February 3rd, that it agreed to sell 99.88% shares in its Lithuanian subsidiary PZU Lietuva to Norway 's GJENSIDIGE Forsikring for EUR 54 million, to complete last year's EUR 360 million takeover of RSA Group's assets in Baltic States. PZU said that the final price may change and will be adjusted for a difference between from the valuation date (September 30, 2014) to the transaction closing.

US insurance giant to create hundreds jobs in LITHUANIA

According to website vz.lt, US insurance giant AIG is going to establish 400 new jobs in Vilnius by the end of 2015. AIG customer service centre in Vilnius will provide services to foreign markets, reports LETA/ELTA.

STATISTICS: Bank of Lithuania, 3Q2014: Rapid life-assurance growth, moderate non-life insurance expansion and record-high profits

Over the three quarters of 2014, the Lithuanian insurance market, in terms of premiums written, increased by 6.3% and amounted to almost LTL 1.5 billion (EUR 433 million). Such growth was driven by rapid expansion of the life assurance sector. The non-life insurance sector was distinguished by high competition and more modest growth, the Bank of Lithuania reported.

Polish Business Awards handed out in LITHUANIA

On November 17th, Polish Business Awards were handed out for the third time in Lithuania in 2014. Trade and Investment Promotion Section of the Polish Embassy is organising Polish Business Awards, informs LETA/ELTA.

LITHUANIA's best employers 2014: Lietuvos Draudimas

For the third year in a row, the winners of Best Employers in Lithuania were announced. In 2014, the Best Employers awards went to the digital advertising software company Adform, Cramo, a service company specialising in equipment rental services, and the insurance company Lietuvos Draudimas, informs LETA/ELTA.


STATISTICS: LITHUANIA 1H2014: EUR 294 million in GWP and expecting a 6% increase for year end

In the first half of 2014, the Lithuanian insurers wrote insurance premiums amounting to LTL 1,013.7 million (EUR 293.6 million), a year-on-year increase of 7.8%, but still 2.9% less than in the first half of 2008, when the volume of Lithuania's insurance market was the highest, Bank of Lithuania informed. According to the half-year review published by the market authority, the life insurance market grew by even 18.3% (to LTL 331.0 million / EUR 95.9 million), while the non-life insurance market was up by 3.4% (to LTL 682.8 million / EUR 197.7 million) over the year.


LITHUANIA: Insurance company IF joins list of Lithuanian League partners

The Lithuanian League ( LKL ) and insurance company IF have become partners ahead of the 2014-15 season. Both companies signed a cooperation agreement under which the League will receive assistance. LKL President Remigijus Milasius is glad that If joined the League, as the insurance company has earned international recognition, and says he's convinced this will be a fruitful cooperation. "I am glad that there are companies, such as IF, which are willing to contribute to the promotion of sports".

PZU has problems obtaining clearance to buy LITHUANIA's top insurer

Poland's insurance group PZU, which has reached a 360-million-euro deal to buy RSA's business in the Baltics and Poland, so far failed to convince the Lithuanian Competition Council that its planned takeover of the country's leading non-life insurer Lietuvos Draudimas (Lithuanian Insurance) will have no negative effects on the market, the business daily Verslo Zinios reported on Wednesday.


BTA: in LITHUANIA, more motorcycles are involved in accidents in July

Based on the data of non-life insurance company BTA, July is the most dangerous month for Lithuania's motorcycle drivers. Statistics for the last three years show that the number of accidents caused by motorcycle drivers in July increases three times compared to other warm-season months, informs LETA/ELTA.



POLAND's PZU close to buying RSA's Lithuanian insurer

PZU, eastern Europe's biggest insurer, is close to acquiring Lithuanian rival Lietuvos draudimas from British group RSA in a deal valued at around 100 million euros ($139 million), sources with knowledge of the matter said on Monday. Last month Lithuanian media reports said that the PZU, the Polish state-controlled group, was bidding in competition with Austria's Vienna Insurance Group but PZU offered better conditions.

PZU and VIG, in race for the Lithuanian insurance market's leader

The largest insurer of the Central and Eastern Europe, the Polish company PZU, and the Austrian group VIENNA Insurance Group are the main competitors in the race for acquisition of DRAUDIMAS Lietuva, the top insurer in Lithuania, in a deal estimated at around EUR 100 million, informs REUTERS, quoting local press.

Most vehicles in LITHUANIA are stolen in Vilnius and Palanga

A study by non-life insurance company BTA revealed that each year thefts account for 2% of all CASCO (full-coverage car insurance) insured events in Lithuania. According to the data of the Police Department, 3,166 thefts were registered in Lithuania in 2013, or by 7% less year-on-year, informs LETA/ELTA.

LITHUANIAN market totaled more than half a billion euro in 2013

Lithuanian insurance market increased to EUR 563 million (LTL 1.95 billion) in 2013 from the previous year, as reported by the Bank of Lithuania. Non-life insurance accounted for 68% of all market, increasing by 8.7% to EUR 382 million (LTL 1.32 billion). The number of policyholders increased by 4% to around 5.25 million, due to the 4% increase in the non-life insurance segment to around 5.2 million.

LITHUANIA: State-owned housing mortgage insurer gets government aid

The Lithuanian Cabinet approved on February 12th, a loan of EUR 2.9 million for the state-owned housing mortgage insurance company, BUSTO PASKOLU Draudimas. The loan is necessary for helping the insurer to fulfill its obligations and continue to pay claims, informs LETA/ELTA.

BTA, LITHUANIA: Property insurance market growth expected in the near future

A recent survey made by the non-life insurer BTA showed that Lithuanian citizens are mostly interested in the accident insurance products, perceived by about a third of the respondents as providing the highest sense of security. The following top choices expressed were health insurance, property and Motor Hull insurance.