Insurance market growth strengthened even more this year and life insurance segment was characterized by the largest volume of premiums written in six years, according to the January-September 2013 market data, recently published by the Bank of Lithuania.
In the first half-year the insurance market grew by almost one tenth — insurers registered in Lithuania and local branches of insurance companies from other European Union member states written LTL 940.1 million (or EUR 242 million) in premiums - 9.9% more than in the same period last year.
Insurance payments arising from the recent storms that hit some parts of
Lithuania is expected to total at least 1 - 1.5 million Lithuanian
litas (USD 385,514 - USD 578,271), Lithuanian news website Vz.lt
The biggest insurance company in Lithuania Lietuvos Draudimas estimated
that, due to the stormy weather in Lithuania, the company lost LTL 700
thousand (EUR 202 thousand), reported LETA/ELTA.
According to the Baltic communication Club 625 reported, Lithuania
Central Bank data show that 1-5 parts of this legislation Insurance
industry (including branches of foreign insurance companies in
elevation) written premium income of 7.82786 billion cubic special, an
increase of 10.6%.
Regardless of the age or driving experience, more than half of
Lithuania's drivers believe that education of driving culture would
improve traffic safety more than stricter penalties for violations of
road traffic rules (KET) or greater number of patrol officers, says
country's largest insurance company Lietuvos Draudimas after conducting
the online pole. 10,000 of respondents participated in the survey,
According to the data of the Bank of Lithuania, the amount of gross written premiums over the first quarter of 2013 totaled LTL 441.3 million (EUR 127.8 million), which was 11% more than over the same period last year. At the same time, in the analyzed period, insurers paid claims of LTL 315.7 million (EUR 91.4 million) or 28% more y-o-y.
MakoLab - a company specializing in development and deployment of
complex online solutions for business - has designed, developed and
deployed the dedicated LICOSS (Life Insurance Contract Sales System)
system which supports selling of life insurance. The goal of the project
is to increase these sales and reduce their costs by providing agents
and brokers with an easy to use system which simplifies and automates
processes of offering insurance policies, their calculation and
verification; as well as cancelling of contracts.
The Board of the Bank of Lithuania terminated the insurance activities
license of the closed joint stock insurance company Industrijos
Garantas. This license was issued to the company under the Republic of
Lithuania's Insurance Supervisory Commission's resolution of 15 March
2005, Lithuania's central bank said in a statement, writes LETA/ELTA.
The joint stock insurance company ERGO Lietuva, as well as its companies
operating in Latvia and Estonia, have joined the new European company
ERGO Insurance SE; therefore, the Board of the Bank of Lithuania
terminated the insurance activities license of ADB ERGO Lietuva, the
Bank of Lithuania said in a statement, writes LETA/ELTA.
Lithuania's insurance market went up by 13.4% in January 2013 as
compared to previous year's corresponding month, Lithuanian business
portal Verslo Zinios reports on February 20, 2013, writes LETA/ELTA.
After shrinking in the first quarters of 2012, Lithuania's life insurance sector gained momentum and recorded an annual increase of 2.5% towards the end of the year. Last year the entire insurance market grew by 5.2%.
Lithuanian insurers can expect the non-life sector to grow by up to 7%
this year owing to the increased spending power of its citizens, RSA
According to the study done by the independent research company EPSI
Baltic in 2012, the satisfaction of Estonian (+3 points) and Lithuanian
(+2.7 points) respondents with their insurance companies increased this
year. Same time, the evaluations of Latvian inhabitants almost did not
change this year in comparison to results of 2011.
Lithuania's insurance market picked up by 1.3% in volume over three quarters of this year - insurance companies registered in the country and branches established in Lithuania by other European Union Member States wrote LTL 1.28 billion of insurance premiums. As in the previous quarters of this year, the extent of growth of written non-life insurance premiums outpaced significantly the volume of written life assurance premiums, which continued to contract.
NORDEA Life Assurance, a Finland-based provider of life insurance and private pension, part of the financial group NORDEA, is planning to sell its insurance business in Lithuania to the Germany-based insurance group ERGO Versicherungsgruppe.
Gross written insurance premiums in Lithuania dropped by 1.2% in the first six months, led by an 11.2% decrease in life insurance policies, according to the financial figures recently published by the Central Bank of the Republic of Lithuania. The premiums reached LTL 855.3 million (EUR 247.7 million), with non-life premiums accounting for 70.2% and life policies for 29.8% of the total, show the statistics published by the central bank. A year earlier, the proportion was 60.9% against 33.1%.
According to the data of Bank of Lithuania, in the first half of the year 2012 insurance contracts for LTL 855.3 million (EUR 247.7 million) were signed, 1.2% less than year-on-year.
License of an insurance brokerage company was issued to the Lithuania-based company Benitas, the national bank of Lithuania said in a statement.
The number of accidents involving Belarusians in Lithuania is growing
every year. For example, there were 58 accidents by the fault of
Belarusians in 2007, while in 2008 - 72, in 2009 - 81, in 2010 - 130 and
in 2011 - 155. "It was when our green card was active and our insurance
companies paid for an accident committed by Belarusians in Lithuania,"
informed the Belarusian Transport Insurance Bureau.