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, 3Q2013: On the path of stronger growth

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.




LITHUANIA: 1-5 months insurance premium income increased by 10.6%

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%.

LITHUANIA: Most drivers claim traffic safety can be increased by educating culture

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, writes LETA/ELTA.

LITHUANIA, 1Q2013: Positive trend in all market segments

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 SA for PZU LITHUANIA - new proprietary system for insurance sale

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.

LITHUANIA: Central Bank suspends insurance license of INDUSTRIJOS Garantas

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.

LITHUANIA: ERGO establishes ERGO Insurance SE

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: Insurance market grows by 13.4% in January

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.



LITHUANIANS are more satisfied with insurance services, than Latvians and Estonians

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: Insurance market growing albeit life insurance premiums written contracted in volume

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.

LITHUANIA: NORDEA set to sell the insurance business to ERGO

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.

LITHUANIA: GWP dropped 1.2% in first half year

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%.



LITHUANIA: Number of road accidents in with participation of Belarusian growing each year

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.