STATISTICS: LITHUANIAN market is on track to achieve the FY2019 CB projection

The Lithuanian insurance market totaled EUR 706.35 million at the end of September 2019 with an 7.87% increase y-o-y. At the same time, insurance companies paid EUR 369.35 million in claims, or 11.41% more y-o-y, according to the market data published by the Central Bank.

Per business lines, 27.58 % of the total GWP were written by life insurers (EUR 194.82 million), the rest were written by general insurers (EUR 511.53 million, or 72.42% of total GWP).

CB forecasted that the local insurance market will increase by 5-7% this year, to EUR 932 million. Non-life portfolio was estimated to grow by 5-7% (to EUR 670 million), while the life insurance market was expected to grow by 5-7% this year, to reach EUR 262 million.

14 non-life and 8 life insurers were active in the Latvian insurance market- including branches of foreign insurers.

Of all eight life insurers, the market leader in terms of GWP was a branch of the foreign insurer, Swedbank Life Insurance filialas (23.28% market share), followed by AVIVA Lietuva (19.20%). The market leader in non-life was the domestic insurer Lietuvos draudimas - 29.28% market share followed by BTA Insurance Company SE filialas - 15.95%.

Access www.xprimm.com and download the 3Q2019 Lithuanian insurance market statistics.

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