STATISTICS: Bank of Lithuania: Insurance market will grow by 6-7% this year

In 2015, Lithuania's insurance market grew by 7.4% in terms of GWP, amounting to EUR 645.1 million. The result was in line with the Bank of Lithuania projections, according to which "the development of the insurance market should amount to 6-7% this year."

"Currently the growth of the insurance market is mostly driven by the recovering private sector. Given the slower growth of transport-related insurance type premiums written, this year the development of the non-life insurance branch will be somewhat more moderate compared to its strong growth last year, while the life assurance sector should grow at a similar pace", said Mindaugas SALCIUS, Deputy Director of the Prudential Supervision Department of the Supervision Service at the Bank of Lithuania.

The Bank of Lithuania forecasts that the growing domestic economy will have a positive impact on the development of the insurance market, which is estimated to amount to 6-7% this year. "The life assurance market volumes are likely to expand by 9-10%, while those of the non-life insurance market, by 4-5%".

At the end of December, 2015, the life insurance market totaled EUR 236 million, up by 9.7% y-o-y. "The amount of premiums written within the largest life insurance class - unit-linked, increased by 12.3%, to EUR 170.2 million".

At the same time, non-life GWP increased by 6% y-o-y to EUR 409.1 million: "Growth in the non-life insurance market was mainly driven by property, Casco, and health insurance classes, while the negative impact on volume growth stemmed from the compulsory vehicle and suretyship insurance classes".

Access www.xprimm.com and download the FY2015 Lithuanian insurance market statistics.

Market portfolio:
  • Gross written premiums
  • Paid claims
  • Growth rates
Life & non-life market rankings:
  • Gross written premiums
  • Paid claims
  • Market shares

Follow XPRIMM Publications on LinkedIn, for more data on the insurance and financial industry.

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