Lithuania's insurance market totaled EUR 792.60 million at the end of 2017, 11.66% more y-o-y according to the year-end market statistics provided by Lietuvos bankas.
Non-life GWP was up by 21.20% y-o-y to EUR 561.25 million (70.81% of total GWP), while the life insurance segment decreased by 6.23% y-o-y to EUR 231.35 million.
In terms of payments, the aggregate value of insurance claims was up by 22.18% y-o-y to EUR 455.33 million, fueled by the 33% growth rate reported by life indemnities. Thus, the share of life insurance payments was 33% of total claims, while in case of non-life subclasses, the largest shares were accounted by the two motor business lines - MoD - 19% and MTPL - 25%, and property policies - 13% of total paid claims.
SWEDBANK Life Insurance (21.47% market share) was the largest life insurer as GWP, while LIETUVOS draudimas (31.01%) reported the largest non-life GWP volume.
Access www.xprimm.com and download the FY2017 Lithuanian insurance market statistics.
Market portfolio:
- Gross written premiums
- Paid claims
- Growth rates
- Gross written premiums
- Paid claims
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