Lithuania's insurance brokers boosted significantly their activity volumes; 1.024 million of insurance and pension accumulation funds were concluded in 2011 (19.2% more than in 2010), the bank of Lithuania said in a statement.

Agreements concluded through brokers augmented from 18.2% to 21%.

Income from the insurance earned by insurance brokers increased by 22.3%, i.e. to 89.9 million litas, writes LETA/ELTA.

Last year, same as two years ago, insurance brokerages were most active in the non-life insurance market. Upon mediation of the latter, 1.023 million of agreements were concluded (21.2% of all agreements concluded in this branch of the insurance market.

Results of the mediation of insurance brokers in the field of life insurance are less impressive. In 2011, making use of the services of insurance broker companies, 1.59 thousand of life assurance (excluding pension accumulation) agreements were concluded, i.e. 2.8% of all life assurance contracts concluded.

Structure of agreements concluded through insurance brokers last year was much like that in the previous year. The bulk of agreements accounts for the group of civil liability of the holders of vehicles, i.e. 61.4% of all agreements.

Second in popularity among the agreements concluded upon mediation of insurance brokers stayed the property insurance (encompassing risk groups of property insurance from fire or acts of God and property insurance from other risks). The said insurance accounted for 10.8% of the total number of all the agreements concluded through the insurance brokers. Health insurance (encompassing groups of accident insurance and health insurance) ranked the third place.

Last years, almost a half (45%) of all the life assurance contracts accounted for the investment life assurance treaties while 37.8% accounted for the traditional life assurance contracts.

Last year, revenue from sales earned by the ten biggest insurance brokerage firms accounted for 52.5% of the total sales revenues.

Nearly a half of all the insurance contracts concluded through the mediation of insurance brokerage enterprises accounted for the insurance provided by three insurers: the bulk of the contracts accounts for insurance contracts issued by BTA Insurance Company SE branch in Lithuania (17.5%); AB Lietuvos Draudimas ranked second (14.1%), and the third place went to UAB Ergo Lietuva (13.7%).

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LITHUANIA: Number of insurance contracts exceeds 1 mln in 2011