Lithuanian insurers can expect the non-life sector to grow by up to 7% this year owing to the increased spending power of its citizens, RSA said today.

Assuming output growth of about 3%, Lithuania's non-life insurance market will expand by at least 6% to 7%, RSA's Lithuanian unit Lietuvos Draudimas AB told Bloomberg in an emailed statement.

"This is a young market with much opportunity and room for business development," the firm is quoted as saying, adding that less than half of private homes and less than a quarter of apartments in the country have insurance.

Lithuania is the European Union's second fastest growing economy.

Private individuals in Lithuania spent an average 437 litai on insurance last year, which is forecast to grow 15% in 2013 to 501 litai per capita, according to Lietuvos Draudimas.

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LITHUANIAN insurance market to grow at least 6% in 2013