Lithuania
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Lithuania FY2023 Market Portfolio
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LITHUANIA: Over a half of the country's homeowners have purchased insurance in recent years
Lithuanians’ awareness of the importance of home insurance is increasing after major disasters. The head of Gjensidige's claims department for the Baltic countries, Viktorija Katiliene noticed that after every major incident, the interest in home insurance increases significantly, which indicates a change in the public's attitude from "don't care" to "necessary", draudimas.lt wrote.
25 March 2024STATISTICS: Lithuania insurers' 2023 business expanded to almost EUR 1.5 billion
During last year, the Lithuanian insurance market grew by 17.22% y-o-y (or by EUR 212 million) to EUR 1.45 billion, while the value of payments expanded by 20.70% y-o-y to EUR 632.47 million, according to the market figures published by the Bank of Lithuania – Lietuvos Bankas.
19 March 2024STATISTICS: Lithuanian market exceeded EUR 1 billion at the end of September
The Lithuania insurance market totaled EUR 1.07 billion at end-September 2023, up by 18.6% y-o-y, according to the quarterly figures published on the Central Bank's website. During the analyzed period, Lithuanian insurers paid claims from insurance losses worth EUR 474.7 million, up by 22.2% y-o-y.
29 November 2023LITHUANIA: The Bank of Lithuania to significantly strengthen protection of investment life insurance consumers
The Bank of Lithuania provided specific regulatory proposals that would prevent improper sales of investment life insurance and protect consumers from misleading, the Bank said.
4 October 2023STATISTICS: Lithuania insurance market increased by almost one fifth during the first half year
The insurance market of Lithuania totaled EUR 712.6 million at end-June 2023, up by 19.1% y-o-y, according to the quarterly market figures published on the Central Bank's website. During the analyzed period, Lithuanian insurers paid claims for insurance losses worth EUR 301.2 million, up by 21.7% y-o-y.
13 September 2023STATISTICS: Lithuanian market expanded to EUR 350 million in Q1 2023
During January-March 2023, the Lithuanian insurance market grew by 20.50% y-o-y to EUR 351.92 million, while the value of payments expanded by 24.58% y-o-y to EUR 153.77 million, according to the market figures published by the Bank of Lithuania. It is worth mentioning that the value of payments includes only claims paid for insurance losses.
7 June 2023LITHUANIA: LAA: Lithuania's insurance market is twice that of the other Baltic states
The insurance market of all three Baltic countries grew at a similar pace last year, but the Lithuanian market was twice as large as the Latvian and Estonian markets. The fastest GWP growth in 2022 was in Lithuania - 19%, reaching EUR 1.23 billion, followed by Latvia with 16% (EUR 681 million) and Estonia with 13% (EUR 551 million), according to the Latvian Association of Insurers (LAA).
20 April 2023LITHUANIA: Profit of Lietuvos draudimas last year reached EUR 24.9 million
The Baltic non-life insurance company Lietuvos draudimas ended 2022 with 30% in the country's market portfolio, the company's income grew by 24%, delfi.lt writes citing the insurer's press release.
6 April 2023STATISTICS: Lithuania insurers' 2022 business expanded by EUR 193 million to EUR 1.23 billion
During the year 2022, the Lithuanian insurance market grew by 18.57% y-o-y (or by EUR 193 million) to EUR 1.23 billion, while the value of payments expanded by 24.69% y-o-y to EUR 682.37 million, according to the market figures published by the Bank of Lithuania.
8 March 2023LITHUANIA: Bank of Lithuania: investment life insurance must be clear and meet consumer needs
The results of thethe Mystery Shoppers Survey conducted by the Bank of Lithuania show that investment life insurance is often offered without considering the customers' needs. The Bank of Lithuania is initiating a public consultation on proposals that would reduce the risk of improper sale of investment life insurance.
28 February 2023STATISTICS: Lithuanian insurers posted double-digit increase in 9 months aggregate GWP
The insurance market of Lithuania totaled EUR 905.83 million at end-September 2022, up by 19.14% y-o-y, according to the quarterly market figures published on the Central Bank's website. During the analyzed period, Lithuanian insurers paid claims and indemnities worth EUR 501.22 million, up by 28% y-o-y.
10 November 2022STATISTICS: Lithuania insurers' half-year GWP expanded by almost EUR 100 million
During H1 2022, the Lithuanian insurance market grew by 19.4% y-o-y (or by EUR 97 million) to EUR 598 million, while the value of payments expanded by 36% y-o-y to EUR 328 million, according to the market figures published by the Bank of Lithuania.
8 September 2022LITHUANIA: In the first six months Lietuvos draudimas continues to remain the market leader
Lietuvos draudimas ended the first half of 2022 with almost 29% share in the country's market portfolio. During the period, income of the company (together with the Estonian branch) reached EUR 158.8 million, which is 21.2% more y-o-y, draudimas.lt wrote.
31 August 2022LITHUANIA: Lietuvos draudimas: losses of homeowners in the Q1 exceeded EUR 6 million
According to the data of Lietuvos draudimas, homeowners already suffered insured losses that exceeded EUR 6 million in the first quarter of this year. This is exactly the amount that was paid to the customers, and is 20% less y-o-y, draudimas.lt wrote.
13 July 2022STATISTICS: LITHUANIA Q1 2022: insurers' GWP expanded to almost EUR 300 m
During Q1 2022, the Lithuanian insurance market grew by 17.13% y-o-y to EUR 292.02 million, while the value of payments expanded by more than 38% y-o-y to EUR 164.22 million, according to the market figures published by the Bank of Lithuania.
23 June 2022LITHUANIA: 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 2021
