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 3Q2021 Insurance Companies Ranking

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Lithuania 3Q2021 Market Portfolio


See all statistics

Latest news



STATISTICS: Lithuanian market posted Q3 GWP worth EUR 760 m, EUR 50 m more vs. 3Q2020

The insurance market of Lithuania totaled EUR 760 million at end-September 2021, about EUR 50 million more (or by 7% y-o-y) vs. Q3 2020, according to the quarterly market figures published on the Central Bank's website.

The life insurance segment expanded by 8% y-o-y to EUR 228 million due the 12.6% increase generated by the index-linked and unit-linked products. At the same time, Lithuanian non-life insurers posted a 6.8% y-o-y increase in Q3 GWP, except the MTPL LoB (-3.7% y-o-y), all other main non-life subclasses reporting positive rates.

LITHUANIA: Lietuvos DRAUDIMAS: Scammers are illegally trying to profit from traffic accidents, the amount of illegally attempted payments exceeded EUR 1.7 million

Insurers are seeing an increase in fraudsters trying to illegally benefit from road accidents. According to Lietuvos DRAUDIMAS, the insurance market leader in Lithuania and the largest insurance company in the Baltic States, this year is already breaking records - from the beginning of the year to the mid-October, almost 900 fraud events have already been recorded, and the amount of illegally attempted payments exceeds EUR 1.7 million, delfi.lv said.

Lithuanian Central Bank: Local insurers posted H1 profits of EUR 27.7 million: 6 insurers were profitable, 2 suffered losses

At the end of June 2021, Lithuanian domestic insurers posted aggregate profits of EUR 27.7 million (vs. EUR 27.5 million in June 2020), while the assets managed by domestic insurers remained stable at ~ EUR 1.7 billion. Life insurers reported net profits of EUR 9.3 million (vs. EUR 8.5 million a year before), the remaining EUR 18.4 million being accounted by non-life insurance companies (vs. EUR 19 million).



Lithuanian insurers posted EUR 50 million in profit last year

"The insurance sector successfully withstood the challenges caused by the pandemic and operated profitably last year", as the Lithuanian Central Bank reported in a statement published on its website. Thus, the net profit earned by Lithuanian insurers amounted to EUR 50 million, whereas that of insurance brokers totaled almost EUR 7 million.


Lithuania: market regulator expects a moderate GWP growth in 2021

The Bank of Lithuania expects a moderate growth of the insurance market this year, by 3% to 5%, up to a total EUR 997 million in GWP. While the non-life business is expected to recover from the 2020 fall, life insurance will grow at a slower pace than last year.


LITHUANIA: Central Bank conducted industry checks using secret shopping

This year, the Bank of Lithuania — the single supervisory authority for the whole financial sector in Lithuania, including the insurance market — conducted a mystery shopping exercise to evaluate the practices of certain companies and persons offering training and consultation on savings and investment.