STATISTICS: LITHUANIAN insurance market reaches its highest performance of GWP over the first quarter

In the first quarter of 2015, the Lithuanian insurance market grew by 6.9% in terms of premiums written year on year, and amounted to EUR 150.7 million. This is the highest performance of premiums written over the first quarter in the history of the domestic insurance market. 

The following statement was released by the Bank of Lithuania.

"Normally the year-end is the 'most fertile' for insurance undertakings. This year already the first quarter is a great success. The double-digit growth rates of life assurance premiums were driven mainly by unit-linked life assurance. With a decline in the interest rates on deposits, insurance policy holders looked for alternatives for saving, which were riskier yet likely more profitable. The growth rates of the non-life insurance market were less robust; however, in terms of premiums written, it also reached its best result", says Mindaugas SALCIUS, Deputy Director of the Prudential Supervision Department of the Supervision Service at the Bank of Lithuania.

In the life assurance market, in the first quarter of 2015, 14% more premiums were written year on year, while their amount reached record heights - EUR 50.7 million. The amount of premiums written within the unit-linked life assurance class, which accounts for the largest share of life assurance premiums written, boosted by 15.9% this year -  to EUR 34.5 million. 

The demand for conservative investment sources boosted as well: EUR 12.0 million premiums in case of survival were written, a year-on-year increase of 7.2%.  The volumes of annuities and insurance in case of death grew strongly as well, with their growth rates reaching 8.9% (EUR 1.3 million and EUR 2.7 million of premiums were written respectively).

In the non-life insurance market, over the first quarter of this year, 3.6% more premiums were written year on year; they amounted to EUR 100 million. This is EUR 1 million ahead of the best result ever, achieved in the first quarter of 2008.

Growth in the non-life insurance market was driven mainly by changes in the property and health insurance classes. The amount of premiums written in the property insurance class grew by 11.3% - to EUR 22.8 million. The health insurance class has been posting stable enduring growth and a record volume of insurance is recorded annually due to an increase in the premiums written within the additional voluntary health insurance sub-class. In the first quarter of 2015, EUR 12.1 million premiums were written within the health insurance class, a year-on-year increase of 17.8%.

During the first quarter of this year undertakings earned EUR 9.3 million in profits, a year-on-year decrease of 13%.   

Access and download the 1Q2015 Lithuanian insurance market statistics.

Market portfolio:
  • Gross written premiums
  • Paid claims
  • Growth rates
Life & non-life market rankings (GWP/Claims/Market shares/Growth rates).

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

Share |

Related articles

LITHUANIA: Property insurance disputes raised by 28% in 2018

The number of disputes between insurers and customers has raised mainly due to the low degree of customers' understanding over their insurance products, an analysis over the property insurance market recently published by Bank of Lithuania says.


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.



GENERALI Group results for year 2018

In 2018, GENERALI Group operating result reached EUR 4,857 million (+3.0%), with a net profit of EUR 2,309 mil. (+9.4%). The total gross written premiums (GWP) of the Group amounted EUR 66,691 mil. (+4.9%).


MetLife announced leadership changes as part of CEO transition

MetLife announced a series of changes to its senior leadership ranks in connection with its CEO transition, all of which are effective May 1, 2019. In January 2019, the BoD announced that Michel KHALAF, President, U.S. Business and EMEA, will become MetLife's President, CEO and Member of the Board effective May 1, replacing Steven KANDARIAN, who is retiring.


HANNOVER RE launches an insurtech innovation platform

Germany-based Hannover Re launched a platform designed to bring the insurance companies and insurtech innovators closer. Through the "hr | equarium" platform, Hannover Re wants to facilitate the connection between supply and the demand for insurtech solutions, taking advantage of its worldwide spread.



Conclusions: TBILISI - the first Georgian International Insurance Conference

Today takes place in Tbilisi the first Georgian International Insurance Conference, an event that will put under scrutiny the current status and the future development perspectives of the local market, in an attempt of identifying the main growth opportunities. The forthcoming launch of the mandatory MTPL system is the most important topic on the agenda, as this new line of business has the potential to provide for a significant growth, but also to become a market disruptor.


Motor insurance - becoming more financially efficient and consumer friendly

Under the strong pressure put by the technological evolution, the motor insurance business is rapidly changing, both in operational terms and, most visible, in the way insurers are interacting with their customers. Step by step, the insurers' relationship with customers evolves from simply indemnifying insureds for the losses suffered because of road incidents, to helping them prevent incidents and rapidly recover after the accidents that couldn't be avoided.


See all