During 2024, the Lithuanian insurance market grew by 8.96% y-o-y (or by EUR 130.25 million) to EUR 1.58 billion, while the value of payments expanded by 11.4% y-o-y to EUR 704.67 million, according to the market figures published by the Bank of Lithuania – Lietuvos Bankas.

The amount of non-life GWP increased by 10.40% y-o-y to EUR 1.21 billion, while the life insurance market grew by 4.51% to ~EUR 370.43 million.

Non-life insurance was the market driver, providing for most of the market growth in absolute GWP figures. Within the category, property insurance and the motor insurance lines were the main growth sources.

According to the Central Bank's statistics, Compensa Life Insurance VIG (22.85% market share) is the largest life insurer in the country as GWP volume ahead of the former leader - SWEDBANK Life Insurance (20.7% market share), while Lietuvos draudimas (~EUR 365.7 million, 30.15% market share) is the top non-life insurer out of 13 active market players.

Access XPRIMM Database and download the latest Lithuanian insurance market statistics.