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.

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.

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.

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.

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).

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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).