During the same period, new insurance contracts were made for LTL 2.52 million (EUR), by 2.2% more than in 2011. In the first half of this year, insurers paid a total of nearly LTL 0.5 billion (EUR) payments, by 8.6% less than year-on-year, informs LETA/ELTA.
According to Deputy Director of Lithuanian Banking Supervisory Authority of Prudential Supervision Mindaugas Salcius, the shrink of the market is due to the contraction of the amount of life insurance payments.
For the first half of this year compared to last year the amount of life insurance payments shrank by 11.2%, to LTL 254.6 million (EUR 73.7 million), while the number of contracts decreased by 9.6%, up to 26,137 units.
However, a moderate growth continues in a non-life insurance market. Data of Bank of Lithuania shows in H1, 2012 that this type of insurance business amounted to LTL 600.7 million (EUR 173.97 million), by 3.8% more than year-on-year.
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LITHUANIA: Lithuanian insurance market still shrinking, but number of contracts increased in H1
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