"Increased savings of the population have encouraged them to choose unit-linked life insurance products as one of the ways to save. The increase in the volume of property insurance, including housing, shows that residents or businesses tend not only to invest in the property they are acquiring, but also to protect it. With the end of quarantine and the release of traffic restrictions, the demand for motor hull insurance grew again. The volume of compulsory motor insurance was still shrinking last year, but this year is expected the growth of premiums", says Renata BAGDONIENE, Director of the Banking and Insurance Supervision Department of the Bank of Lithuania.
In terms of GWP, non-life insurance market grew 8.5% y-o-y to EUR 721 million. Payments amounted to EUR 408 million up by 9% y-o-y.
One third of non-life GWP portfolio consisted of compulsory motor third party liability insurance -1.3% y-o-y to EUR 234 million. Paid claims for this type of insurance decreased by 1.2%. to EUR 144 million.
MoD GWP grew by 9.5% to EUR 170 million, while the value of paid claims for this insurance product increased by 9.4% to EUR 110 million.
The property insurance portfolio posted one of the largest growth-rate of all non-life subclasses (+16.4 y-o-y to EUR 152 million and claims of EUR 81 million, up by 18.6% y-o-y.
Life insurance market increased by almost a tenth to EUR 319 million. Investment life insurance accounts for the largest share of this market - 68%, the equivalent of EUR 218 million, up by 15% y-o-y. Benefits grew by 9.7 percent to EUR 93 million.
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