LITHUANIA: Lietuvos draudimas: losses of homeowners in the Q1 exceeded EUR 6 million

13 July 2022 —
According to the data of Lietuvos draudimas, homeowners already suffered insured losses that exceeded EUR 6 million in the first quarter of this year. This is exactly the amount that was paid to the customers, and is 20% less y-o-y, wrote.

At the same time, it is noted that homeowners' losses have been increasing for the fifth year in a row. New records are set every year. According to Arturas Juodeikis, head of the Operations Department of Lietuvos draudimas, in 2020 paid claims in this class amounted to EUR 15 million. Last year, this amount exceeded EUR 18 million. He emphasized that in the first three months of 2022, the population suffered more than EUR 2 million losses due to natural disasters.

The representative of Lietuvos draudimas reminds that civil liability insurance provides additional protection. Liability coverage comes in handy when home is flooded. Such cases are quite common and cause losses to both apartment owners and neighbors. In 2021 compensations for losses caused by flooding exceeded EUR 6 million. During the first quarter of this year, Lietuvos draudimas already allocated around EUR 2 million for flood compensation.

Lietuvos draudimas is the largest insurer, the leader of the insurance market in Lithuania and the largest insurance company in the Baltic States.