STATISTICS:

STATISTICS: LITHUANIA, FY2014: Insurance market development is likely to surpass the growth rate of the domestic economy

Driven by a recovery in the economy and an almost 7% increase over 2014, the insurance market this year is likely to maintain a similar growth rate, forecasts the Bank of Lithuania.

"Growth is projected across the insurance market; however, the strong growth in life assurance last year will be somewhat moderate this year, while the non-life insurance sector, in 2014 affected by falls in prices and strong competition, is likely to grow faster," says Mindaugas SALCIUS, Deputy Director of the Prudential Supervision Department of the Supervision Service at the Bank of Lithuania.

The following report was released by the Bank of Lithuania.

The Bank of Lithuania predicts that, if the trends in the development of the domestic economy remain similar, in 2015 the entire insurance market will grow by 7-8%. The economists at the Bank of Lithuania predict the country's economic development this year to be 3.1%. The life assurance market volumes are likely to expand by 14-15%, while the non-life insurance market - by 4-5%.

The insurance undertakings registered in Lithuania and the branches of insurance undertakings of other EU countries established in Lithuania wrote insurance premiums in the amount of LTL 2,079.4 million (EUR 602.2 million), while the growth in the entire insurance market was 6.9% in 2014.

The amount of written life assurance premiums rose by 18.6%, to LTL 742.5 million (EUR 215 million). The amount of premiums written within the largest life assurance class - unit-linked life assurance - increased by 19.2%, to LTL 523.3 million (EUR 151.6 million). Within this group, particularly strong growth of single insurance premiums was distinguished; their amount boosted by 40.6% - to LTL 31.0 million (EUR 9 million).

Due to particularly strong competition in the non-life insurance market in 2014, the fees on a number of non-life insurance types declined, this being the reason why the insurance volumes within this of class developed at a far slower rate than in life assurance. The amount of premiums written in the non-life insurance sector last year stood at LTL 1,336.9 million (EUR 387.2 million), an increase of 1.3% year on year. The major contribution to moderate growth in non-life insurance volumes stemmed from a decline in transport-related insurance type premiums written. The growth rate of the premiums written within the property insurance class continued to be the highest in the non-life insurance market - 7.8%.

Access www.xprimm.com and download the FY2014 Lithuanian insurance market statistics.

Market portfolio (in EUR and LTL):
  • Gross written premiums
  • Paid claims
  • Growth rates
Market rankings (GWP/Claims/Market shares/Growth rates - in EUR and LTL):
  • Life insurance ranking
  • Non-life insurance ranking

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

Share |

Related articles

LITHUANIA: decreasing prices for all types of transport insurance

In 3Q2018, prices of compulsory MTPL insurance scaled down, while the entire insurance market grew by 13%. Having come into force in October, significant amendments have strengthened consumer protection within the insurance market, Bank of Lithuania stated in a press release.

2018-12-13

ON THE MOVE

ALLIANZ announced three executives appointments

German insurance Group ALLIANZ announced three senior leadership appointments at ALLIANZ DIGITAL Health, ALLIANZ Private Krankenversicherung and Allianz Global Corporate & Specialty SE.

18.01.2019

Lloyd's of London announced new members to the Council

Lloyd's of London announced that Albert BENCHIMOL and Victoria CARTER have been appointed respectively External member and Working member of the Lloyd's Council with effect from 1 February 2019. Michael WATSON, currently on the council, has been re-elected as External member.

15.01.2019

TOP EVENT

Inclusive insurance on the agenda of the second CEE & SEE - Regional Actuarial Insurance Conference in Skopje, Macedonia

Insurance should be accessible to all social classes, regardless of their wealth and income status. Products offered today are conventional insurance products, largely inspired from the developed markets as "one-size-fits-all" solutions, affordable to only middle- and high-income clients in the Eastern Europe's emerging & developing markets. The low insurance penetration rates across the region show the need for another approach.

10.01.2019

Reducing the risks in agriculture by using insurance means, discussed in Skopje

On November 1st, an Agricultural insurance conference took place in Skopje, Macedonia, organized by the Insurance Supervision Agency in cooperation with the Ministry of Agriculture, Forestry and Water Economy. Drawing attention to the necessity of reducing the risks in agriculture by using insurance was the event's main purpose.

06.11.2018

IIF 2018 - Insurance in a DIGITAL WORLD

Emmanuel DJENGUE, Innovation Director, Europe - RGAX, Spain is the Keynote Speaker at IIF 2018 - Insurance in a DIGITAL WORLD Conference in Bucharest, on November 27.

05.11.2018

See all