The amount of non-life GWP expanded by more than a fifth - to EUR 160 million, while the life insurance market - by a tenth, to EUR 59 million.
In terms of claims, about 70% of total claims paid - EUR 80.5 million (14% more year on year) was comprised of non-life insurance claims paid. Over the first quarter of this year, almost EUR 35 million were paid out in life insurance, a year-on-year decrease of 6.5%.
The following was released by the Bank of Lithuania:
"Robust growth of the domestic economy was reflected in the insurance market results for the first quarter: a one-fourth increase in the sales of new motor vehicles pushed up the non-life insurance market, while the life assurance market grew by a tenth, following a last year's decline," said Mindaugas SALCIUS, Director of the Financial Services and Markets Supervision Department of the Banking Service at the Bank of Lithuania.
The profits of insurance undertakings amounted to EUR 11 million over the initial three months, an increase of 43% year on year. The profits of life assurance undertakings amounted to EUR 4.7 million, of non-life insurance undertakings - EUR 6.3 million. Over the first quarter of this year, insurance brokerage firms earned EUR 2.3 million in profits, an increase of nearly 30% year on year.
The assets and investment of insurance undertakings posted moderate growth in the first quarter of 2018: at the end of March, they managed assets worth EUR 1.5 billion - a year-on-year increase of 1%. At the end of September, the assets of insurance brokerage firms stood at EUR 33.3 million, growing by almost 19.2% over the year.
All insurance undertakings met the required solvency capital ratios: the solvency ratio of life assurance undertakings was 2.42, of non- life insurance undertakings - 1.42 (the required minimum is 1).
In the first quarter of 2018, 20 insurers provided insurance services in Lithuania, of which 9 undertakings and 11 branches of undertakings registered in other EU countries. 97 insurance brokerage firms mediated insurers in concluding insurance contracts.
Over the first three months of this year, about 140 people applied to the Bank of Lithuania regarding insurers' actions - 30% more year on year. Most disputes with insurers traditionally arose over motor third party liability compulsory insurance, property, and Casco insurance. In one instance, upon investigation by the Bank of Lithuania of the dispute over the application of travel insurance policy terms and conditions, the insurer paid out to the client EUR 22 thousand in the insurance claim.
Access www.xprimm.com and download the 1Q2018 Lithuanian insurance market statistics.
Market portfolio:
- Gross written premiums
- Paid claims
- Growth rates
- Gross written premiums
- Paid claims
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