In 3Q2018, prices of compulsory MTPL insurance scaled down, while the entire insurance market grew by 13%. Having come into force in October, significant amendments have strengthened consumer protection within the insurance market, Bank of Lithuania stated in a press release.
Lithuania's insurance market increased by almost 13% y-o-y totaling EUR 655 million at the end of September 2018, according to the Lietuvos bankas's 3Q figures.
SEB - one of the largest life insurers in Baltic region announced is planning to merge its units in the Baltic States, "into one legal entity to further improve our operational efficiency and deliver improved customer services. The merger will not affect our services to the customers".
Lithuanian insurers reported GWP of EUR 440 million in 1H 2018, 13.4% more y-o-y, according to the half-year figures published on the Central Bank's website.
In the first quarter of this year, the Lithuanian insurance market grew by 18.3%, the premiums amounted to almost EUR 220 million, and claims paid - EUR 115 million, according to the figures published by the Bank of Lithuania.
In the non-life insurance market of Lithuania, in the first quarter of this year, Lithuania's insurance belonged to the Polish PZU group, while at that time the Swedbank Life Insurance Branch was the leader in the life insurance market in Lithuania.
In 2017 the Bank of Lithuania settled more than 500 disputes between consumers and providers of financial services. Most disagreement (over two-thirds) was in the field of insurance, while disputes with banks accounted for a fifth.
The Lithuanian arm of British insurer Aviva <AV.L> will return 349,000 euros (£) to customers after the Baltic country's central bank ruled it had not acted in their best interests.
Lithuania's insurance market totaled EUR 792.60 million at the end of 2017, 11.66% more y-o-y according to the year-end market statistics provided by Lietuvos bankas.
Inreal is to act as agent in the sale of 23 properties across the country by insurance company Ergo.
Insurance company Ergo has paid EUR 2.4 million to a farm in Lithuania to cover losses from putting down 24,000 pigs because of swine fever. This is the largest insurance claim paid by Ergo to cover losses in agriculture in Baltic States in the past couple of years, BNN was told by Ergo.
Lithuania's insurance market increased in absolute value by EUR 82 million totalling EUR 580 million at the end of September 2017, according to the Lietuvos bankas's 3Q figures.
Bank of Lithuania announced it issued a warning to ERGO Insurance SE - which operates in the country through a branch -, because as a result of an investigation, it identified that in administering insured events the insurer was not duly following the procedure for payment of the insurance benefit established in Article 98 of the Insurance Law.
Lithuanian insurers reported GWP of EUR 387.7 million in 1H 2017, the growth rate within the entire insurance market being 17.4%, according to the half-year figures published on the Central Bank's website.
The Bank of Lithuania and Statistics Lithuania publish the provisional data on direct investment for Q1 2017. Direct investment statistics was supplemented with the indicators of income from equity instruments (dividends), excluding reinvestment, and income from debt instruments (interest), calculated by applying the directional principle.
AIG - American International Group announced it is closing its service center operations from Vilnius, Lithuania. The service center was opened in April 2015 to service insurance policies, manage claims and oversee payouts, wrote "The Baltic Course".
Lithuanian insurers reported GWP of EUR 184.7 million in Q1 2017, while growth within the entire insurance market was 16%, according to the figures published on the Central Bank's website.
Mobile operator Telia Lithuania has started offering a travel insurance service for customers taking trips to foreign countries. The offer was launched in cooperation with insurance company Compensa and insurance broker Edrauda.