Lithuanian insurers reported GWP of EUR 709.8 million in 2016, while growth within the entire insurance market was 10%. The amount of insurance premiums within the non-life insurance sector stood at EUR 463.1 million last year, an increase of 13.2% y-o-y, mostly driven by the motor insurance classes.
Lithuania's insurance market totalled EUR 498 million after 3Q, up by 7.4% y-o-y. Non-life segment grew by 12.6% to EUR 345 million (69.2 of total GWP), while life insurance market was down by 2.6 % to EUR 153 million, according to the Lietuvos bankas's 3Q figures.
Lithuania's foreign direct investments in Estonia shrank by 58.8% y-o-y
to 89.4 mln euros in the first half of 2016, while investments in Cyprus
soared by 43% to 277.6 mln euros, the Verslo Zinios business daily said
on Friday, writes LETA/BNS. According to the report, Lithuania's
corporate investment grew in vocational, research and technical
operations in Cyprus, mainly business headquarters, while investments in
Estonia declined in financial and insurance operations.
Lithuania's insurance market (including branches of foreign companies), totalled EUR 330.20 million at the end of June 2016, up by 5.74% y-o-y, according to data published by the Central Bank of Lithuania. Non-life insurance market grew by 11.85% to EUR 230.08 million (69.68 of total GWP), while life insurance market lost 6.05 % to EUR 100.12 million (30.32% of total market).
Mobile operator Bite Lithuania has introduced insurance for mobile handset screens. According to a poll carried out by the operator, customers usually don't use handset screen repair services due to the high price. The operator offers the insurance to all customers buying handsets in its shops. The service is free during the first month and then costs EUR 1.99 per month. Subscribers choosing some new tariffs from the operator are offered the insurance free for three to 12 months.
Since early 2016, insurance undertakings in Lithuania, as those across the European Union (EU), working in a new legal environment, have managed to maintain strong, albeit weaker, market growth rate.
Gjensidige non-life insurer is merging its companies in the Baltic
States and plans to finish the process by this fall, informs LETA. After
the merger is completed, Gjensidige Group in the Baltics will be
operating as Gjensidige insurance company with branches in Latvia and
The total value of insurance contracts of ERGO in the Baltic countries in 2015 was 186 million euros, almost 14% more than in 2014; the insurer's net income for the period totaled 4.3 million euros, informs LETA/BNS.
In 2015, Lithuania's insurance market grew by 7.4% in terms of GWP, amounting to EUR 645.1 million. The result was in line with the Bank of Lithuania projections, according to which "the development of the insurance market should amount to 6-7% this year."
Lithuania's insurance market, in terms of premiums written over the three quarters of 2015, grew 6.9%, to amount to EUR 463.5 million. Life assurance premiums continue growing fast, although the development of this insurance branch is slower than last year. The non-life insurance branch recorded sustainable growth.
Statistics Lithuania informs that, after the revision of gross value added and employment indicators, labour productivity estimates were recalculated. In 2014, the value added per hour actually worked in the whole economy amounted to, on average, EUR 13.62 at current prices, which is by EUR 0.31 more than in 2013. The gross value added per person employed amounted to EUR 24 975.
On September 30th, following the final approval of the relevant authorities, the transaction by which the Norwegian GJENSIDIGE bought 99.88% of the in UAB DK "PZU Lietuva" ("PZU Lietuva") shares was finalized.
The insurance market recorded a year-on-year 6.4% increase over the first half of this year in terms of premiums written, with its volumes reaching record heights - EUR 312.3 million. "Growth in life insurance was less robust than a year ago, but this branch remains the main engine of growth within the entire insurance market. The non-life insurance market boosted as well, although the most numerous in terms of contracts concluded, the motor third party liability (MTPL) insurance class did not avoid a decline", says Mindaugas SALCIUS, Deputy Director of the Prudential Supervision Department of the Supervision Service at the Bank of Lithuania.
The Board of the Bank of Lithuania decided to issue an insurance business license for the private limited liability insurance undertaking COMPENSA Vienna Insurance Group, UADB in the process of foundation, which entitles to engage in the activities of insurance classes within the non-life insurance branch and of compulsory insurance, states a press release of the Lithuanian central bank.
In the first quarter of 2015, the Lithuanian insurance market grew by 6.9% in terms of premiums written year on year, and amounted to EUR 150.7 million. This is the highest performance of premiums written over the first quarter in the history of the domestic insurance market.
Latvia's non-life insurer Balta, controlled by the Polish insurance group since last November, will be able to take over the local business of PZU Lietuva.
American International Group (AIG), one of the world's biggest insurance companies, has opened a service center in Vilnius to service insurance policies, manage claims and oversee payouts.
In 2014, insurance undertakings registered in Lithuania, according to unaudited data, earned EUR 24.1 million (LTL 83.2 million) of profits, a year-on-year increase of 36$. The highest profits were generated by the insurance activity; however, the overall result was significantly enhanced by profits from the investing activity. "The result of the previous year is almost record high - higher profits were only earned in 2007. The results varied significantly across insurance branches though - the return on the insurance activity within non-life insurance was almost 6 times lower than that of life assurance undertakings," says Mindaugas SALCIUS, Deputy Director of the Prudential Supervision Department of the Supervision Service at the Bank of Lithuania.
"ERGO Insurance" signed a long-term cooperation agreement with the
Venture Capital Fund Nextury Ventures in Lithuania, which invests in
business start-ups and high-potential business ideas. With the help of
the Nextury Ventures team, ERGO will search for ideas, which could turn
into innovation in the insurance field. According to ERGO
representatives, the decision to use start-ups were determined by a
general need for fresh winds of change and progress in the insurance
business in Lithuania.
The results of the Lithuanian Branch of the life insurance company COMPENSA Life Vienna Insurance Group SE have been steadily growing for three years consecutively. Compared to 2013, the total sum of underwritten life insurance and health insurance premiums increased by 35% and amounted to EUR 24 million (LTL 83 million).