Lithuania
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Lithuania 3Q2020 Insurance Companies Rankings
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Lithuania: 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 2020STATISTICS: LITHUANIA, FY2019: insurance market exceeded the 2019 CB projection by more than EUR 10 million
The Lithuanian insurance market totaled EUR 945.2 million at the end of 2019, 7.6% more y-o-y. At the same time, insurance companies paid EUR 499.3 million in claims, or 10.3% more y-o-y, according to the market data published by the Central Bank.
5 March 2020LITHUANIA: Jekaterina GOVINA appointed as Director of the Supervision Service of the Bank of Lithuania
At the beginning of December 2019, the Bank of Lithuania appointed Jekaterina GOVINA as Director of the Supervision Service.
12 December 2019STATISTICS: LITHUANIAN market is on track to achieve the FY2019 CB projection
The Lithuanian insurance market totaled EUR 706.35 million at the end of September 2019 with an 7.87% increase y-o-y. At the same time, insurance companies paid EUR 369.35 million in claims, or 11.41% more y-o-y, according to the market data published by the Central Bank.
14 November 2019STATISTICS: Lithuanian insurers' H1 GWP increased by 6.7% y-o-y
The Lithuanian insurance market totaled EUR 469 million at the end of June 2019 with an 6.7% increase y-o-y. At the same time, insurance companies paid EUR 245 million in claims (8.7% more y-o-y).
26 September 2019STATISTICS: The Lithuanian insurance market reported robust growth at the end of March
In the first quarter of this year, the Lithuanian insurance market grew by 6% y-o-y to almost EUR 232 million, while the value of payments expanded by more than 8% to EUR 125 million, according to figures published by the Bank of Lithuania.
4 July 2019LITHUANIA: P2P platform to be tested in the regulatory sandbox
UAB Workpower has become the first company allowed by the Board of the Bank of Lithuania to enter the Bank of Lithuania's regulatory sandbox and test a peer-to-peer (P2P) insurance platform.
24 June 2019LITHUANIA: Board of Aviva Lietuva approved for a new term
The Board of Supervisors of the Bank of Lithuania in June approved the Board of Life Insurance and Pension Company Aviva Lietuva, according to the Company's official statement.
13 June 2019LITHUANIA: Ukrainian insurer GUARDIAN gets new shareholder from Lithuania
In March 2019, Ukrainian insurer GUARDIAN announced in a press release that Lithuania citizen, Arunas SIKSTA, was about to acquire the company as a new shareholder, the insurer said.
21 March 2019STATISTICS: LITHUANIA, FY2018: CB forecasts the market will be close to EUR 1 billion at year end following the 2018 results
The entire Lithuanian insurance market totaled about EUR 878 million at the end of 2018, 11% more y-o-y, according to the year-end figures recently published on the Central Bank website.
27 February 2019LITHUANIA: Property insurance disputes rose by 28% in 2018
The number of disputes between insurers and customers has raised mainly due to the low degree of customers' understanding over their insurance products, an analysis over the property insurance market recently published by Bank of Lithuania says.
21 February 2019STATISTICS: BALTICS, 2008-2017 timeline: evolution of the regional consolidated results is in line with the CEE average
The Baltic countries - Estonia, Latvia and Lithuania -, have recorded between 2008-2017 a trend similar to the other CEE markets. The same main pattern can be distinguished, splitting the evolution of the market in three periods: decline (2008-2010), recovery (2010-2013) and growth (2013-2017).
14 February 2019XPRIMM Newsletter
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