Lithuania
Statistics
Lithuania FY2021 Market Portfolio
Lithuania FY2021 Insurance Companies Rankings
See all statistics
Latest news
LITHUANIA: the insurance market has overcome the pandemic effects, but new challenges may affect its development
According to the Bank of Lithuania, in 2021 the insurance market was profitable, but the trends were different: profits of life insurance companies were growing, while those of non-life companies were declining. The entire insurance market grew by about 9% last year.
27 April 2022STATISTICS: Lithuanian insurance market exceeded EUR 1bn at the end of 2021
According to the year-end insurance market figures published by Lithuanian Central Bank, last year the local insurance market grew by 8.9% to EUR 1.04 billion. At the same time, total paid claims exceeded EUR 547 million, up by 9.3% y-o-y. "Last year, one of the engines of growth of the insurance market was the country's growing economy", as the representatives of Lithuanian Central Bank mentioned in a statement.
17 February 2022LITHUANIA: Lietuvos Draudimas: Due to the raging storm, losses have already reached EUR 120 thousand
According to the data of Lietuvos Draudimas, EUR 120 thousand have already been reserved to compensate losses of very strong wind gusts and thunderstorms recorded in Lithuania on Friday. The company's experts say that the numbers will definitely grow - it is expected to reach EUR 300 thousand, delfi.lt reports.
17 January 2022LITHUANIA: The fire caused twice as much damage last year
BTA insurance companies estimated that losses caused by fire last year are twice as high as in 2020. In total, over EUR 1 million was paid in 2021.
17 January 2022STATISTICS: Lithuanian market posted Q3 GWP worth EUR 760 m, EUR 50 m more vs. 3Q2020
The insurance market of Lithuania totaled EUR 760 million at end-September 2021, about EUR 50 million more (or by 7% y-o-y) vs. Q3 2020, according to the quarterly market figures published on the Central Bank's website.
The life insurance segment expanded by 8% y-o-y to EUR 228 million due the 12.6% increase generated by the index-linked and unit-linked products. At the same time, Lithuanian non-life insurers posted a 6.8% y-o-y increase in Q3 GWP, except the MTPL LoB (-3.7% y-o-y), all other main non-life subclasses reporting positive rates.
The life insurance segment expanded by 8% y-o-y to EUR 228 million due the 12.6% increase generated by the index-linked and unit-linked products. At the same time, Lithuanian non-life insurers posted a 6.8% y-o-y increase in Q3 GWP, except the MTPL LoB (-3.7% y-o-y), all other main non-life subclasses reporting positive rates.
16 November 2021LITHUANIA: Lietuvos DRAUDIMAS: Scammers are illegally trying to profit from traffic accidents, the amount of illegally attempted payments exceeded EUR 1.7 million
Insurers are seeing an increase in fraudsters trying to illegally benefit from road accidents. According to Lietuvos DRAUDIMAS, the insurance market leader in Lithuania and the largest insurance company in the Baltic States, this year is already breaking records - from the beginning of the year to the mid-October, almost 900 fraud events have already been recorded, and the amount of illegally attempted payments exceeds EUR 1.7 million, delfi.lv said.
19 October 2021Lithuanian Central Bank: Local insurers posted H1 profits of EUR 27.7 million: 6 insurers were profitable, 2 suffered losses
At the end of June 2021, Lithuanian domestic insurers posted aggregate profits of EUR 27.7 million (vs. EUR 27.5 million in June 2020), while the assets managed by domestic insurers remained stable at ~ EUR 1.7 billion. Life insurers reported net profits of EUR 9.3 million (vs. EUR 8.5 million a year before), the remaining EUR 18.4 million being accounted by non-life insurance companies (vs. EUR 19 million).
14 October 2021STATISTICS: Lithuania insurers' business exceed EUR 500 m in First Half of 2021
Lithuanian insurers posted GWP of EUR 501 million in 1H 2021, 6.5% more y-o-y, according to the half-year figures published on the Central Bank's website.
16 August 2021STATISTICS: Lithuania: Q1 insurers' business expanded to almost a quarter billion euro
In the first quarter of the year, the Lithuanian insurance market grew by almost 4% y-o-y to EUR 249 million, while the value of payments decreased by 12% y-o-y to EUR 119 million, according to figures published by the Bank of Lithuania.
27 May 2021Lithuanian insurers posted EUR 50 million in profit last year
"The insurance sector successfully withstood the challenges caused by the pandemic and operated profitably last year", as the Lithuanian Central Bank reported in a statement published on its website. Thus, the net profit earned by Lithuanian insurers amounted to EUR 50 million, whereas that of insurance brokers totaled almost EUR 7 million.
11 May 2021STATISTICS: Subunit increase for Lithuanian insurance market in 2020
Last year, the Lithuaian insurance market totalled EUR 954.87 million, which is 0.95% up, compared to 2019 results, as the figures published by the local insurance market regulator - The Lithuanian Central Bank - showed.
25 February 2021Lithuania: market regulator expects a moderate GWP growth in 2021
The Bank of Lithuania expects a moderate growth of the insurance market this year, by 3% to 5%, up to a total EUR 997 million in GWP. While the non-life business is expected to recover from the 2020 fall, life insurance will grow at a slower pace than last year.
18 February 2021STATISTICS: LITHUANIA, 3Q2020: Life insurers maintained the market in positive area
Lithuanian insurers reported GWP of EUR 710 million at end-September 2020, 0.6% more y-o-y, according to the quarterly market figures published on the Central Bank's website.
26 November 2020LITHUANIA: Central Bank conducted industry checks using secret shopping
This year, the Bank of Lithuania — the single supervisory authority for the whole financial sector in Lithuania, including the insurance market — conducted a mystery shopping exercise to evaluate the practices of certain companies and persons offering training and consultation on savings and investment.
16 November 2020STATISTICS: LITHUANIA, 1H2020: Life segment has offset the decline in non-life insurance
Lithuanian insurers reported GWP of EUR 470.48 million in 1H 2020, 0.29% more y-o-y, according to the half-year figures published on the Central Bank's website.
27 August 2020LITHUANIA: Unit-linked insurance more transparent - after the Central Bank declares its position, consumers receive greater benefits
Most insurance undertakings operating in Lithuania and providing unit-linked insurance services considered the Bank of Lithuania's position on the recovery of management fees (rebates). As a result, unit-linked insurance clients already benefit more and can accumulate more capital.
17 August 2020STATISTICS: LITHUANIA, 1Q2020: Non-life GWP remained at the 2019 level while the life LoB expanded by more than 12% y-o-y
In the first quarter of the year, the Lithuanian insurance market grew by 3.55% y-o-y to EUR 240 million, while the value of payments expanded by more than 8% y-o-y to EUR 135 million, according to figures published by the Bank of Lithuania.
9 July 2020LITHUANIA: Bonum Publicum life insurer changes its name to SB Draudimas
From 1 July 2020, life insurance company Bonum Publicum changes its name to SB Draudimas. The change was driven by the closer integration with Siauliu Bankas and based on a group-wide image strategy of being closer to the customer.
2 July 2020VIG subsidiaries in the Baltics, COMPENSA VIG and SEESAM Insurance, will fully merge after July 1st
Starting July 1st, COMPENSA Vienna Insurance Group and SEESAM Insurance will complete the merger and become one insurance company. SEESAM, one of oldest insurers in the Baltics, entered the VIG family in 2008, with its life insurance unit, followed in 2018 by the acquisition of the non-life company.
11 June 2020Bank of Lithuania: FY2019 good results will help deal with COVID-19 challenges
This year, the development of Lithuania's insurance market will depend on the impact of the coronavirus (COVID-19) outbreak on transport, health and unit linked life assurance. While the country's insurance market grew by almost 8% in 2019, this year its growth is expected to moderate.
23 April 2020
