Gross written insurance premiums in Lithuania dropped by 1.2% in the first six months, led by an 11.2% decrease in life insurance policies, according to the financial figures recently published by the Central Bank of the Republic of Lithuania. The premiums reached LTL 855.3 million (EUR 247.7 million), with non-life premiums accounting for 70.2% and life policies for 29.8% of the total, show the statistics published by the central bank. A year earlier, the proportion was 60.9% against 33.1%. At the same time, in the first half of 2012, insurers paid claims for the total amount of LTL 499.4 million (EUR 144.6 million), or 8.7% less than over the same period a year ago. Life insurance claims grew by 10.1% to LTL 155.2 million, whereas non-life insurance claims declined by 15.2% to LTL 344.1 million. The growth of life insurance claims paid was affected by the increase of traditional insurance claims by 44% (to LTL 60 million). The decline in non-life insurance claims was determined by the contraction of the amounts of Motor hull (-10%) and property insurance claims paid (-57%).
On life insurance segment, SWEDBANK Life Insurance SE - 25% market share, SEB Gyvybes draudimas - 19.4% (member of SEB Bank Group - the largest commercial bank in Lithuania) and AVIVA Lietuva - 18,5% - are the top three biggest among 11 life insurers on the market, said the central bank which supervises entire financial industry including commercial bank and other credit and payment institutions, securities and insurance companies.
LIETUVOS draudimas (part of RSA Group) is the leader on the general insurance market with a 30.6% share. BTA Insurance Company comes in second with underwritings of around EUR 23.6 million, while PZU Lietuva completes the podium with business worth almost EUR 23.4 million.
Access www.xprimm.com and download the 1H2012 Lithuanian insurance market statistics.
Market portfolio (in EUR and LTL):
- Gross written premiums
- Paid claims
- Growth rates
- Life insurance ranking
- Non-life insurance ranking
5543 views
