"The insurance sector has stood up to the challenges posed by the pandemic, although, as we projected, motor vehicle insurance suffered the hardest blow by the quarantine last year. Its premiums declined the most out of all insurance classes," said Jekaterina GOVINA, Director of the Financial Market Supervision Service of the Bank of Lithuania.
"Despite this, the entire insurance market is projected to increase by 3 to 5% this year in terms of premiums written - to EUR 997 million", as the Central Bank representatives mentioned in a statement.
In 2020, the non-life insurance market shrank by 1.67%, to EUR 664.13 million while the life insurance market grew by 7.51%, to EUR 290.74 million. FY2021 forcast showed that nonlife segment will increased by 4 to 6% to nearly EUR 700 million, while for the life insuranc estimated figures indicates an 1 to 3% increase to EUR 298 million.
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