Lithuania's insurance market (including branches of foreign companies), totalled EUR 330.20 million at the end of June 2016, up by 5.74% y-o-y, according to data published by the Central Bank of Lithuania. Non-life insurance market grew by 11.85% to EUR 230.08 million (69.68 of total GWP), while life insurance market lost 6.05 % to EUR 100.12 million (30.32% of total market).
Mobile operator Bite Lithuania has introduced insurance for mobile handset screens. According to a poll carried out by the operator, customers usually don't use handset screen repair services due to the high price. The operator offers the insurance to all customers buying handsets in its shops. The service is free during the first month and then costs EUR 1.99 per month. Subscribers choosing some new tariffs from the operator are offered the insurance free for three to 12 months.
Gjensidige non-life insurer is merging its companies in the Baltic
States and plans to finish the process by this fall, informs LETA. After
the merger is completed, Gjensidige Group in the Baltics will be
operating as Gjensidige insurance company with branches in Latvia and
The total value of insurance contracts of ERGO in the Baltic countries in 2015 was 186 million euros, almost 14% more than in 2014; the insurer's net income for the period totaled 4.3 million euros, informs LETA/BNS.
In 2015, Lithuania's insurance market grew by 7.4% in terms of GWP, amounting to EUR 645.1 million. The result was in line with the Bank of Lithuania projections, according to which "the development of the insurance market should amount to 6-7% this year."
Lithuania's insurance market, in terms of premiums written over the three quarters of 2015, grew 6.9%, to amount to EUR 463.5 million. Life assurance premiums continue growing fast, although the development of this insurance branch is slower than last year. The non-life insurance branch recorded sustainable growth.
Statistics Lithuania informs that, after the revision of gross value added and employment indicators, labour productivity estimates were recalculated. In 2014, the value added per hour actually worked in the whole economy amounted to, on average, EUR 13.62 at current prices, which is by EUR 0.31 more than in 2013. The gross value added per person employed amounted to EUR 24 975.
On September 30th, following the final approval of the relevant authorities, the transaction by which the Norwegian GJENSIDIGE bought 99.88% of the in UAB DK "PZU Lietuva" ("PZU Lietuva") shares was finalized.
The insurance market recorded a year-on-year 6.4% increase over the first half of this year in terms of premiums written, with its volumes reaching record heights - EUR 312.3 million. "Growth in life insurance was less robust than a year ago, but this branch remains the main engine of growth within the entire insurance market. The non-life insurance market boosted as well, although the most numerous in terms of contracts concluded, the motor third party liability (MTPL) insurance class did not avoid a decline", says Mindaugas SALCIUS, Deputy Director of the Prudential Supervision Department of the Supervision Service at the Bank of Lithuania.
The Board of the Bank of Lithuania decided to issue an insurance business license for the private limited liability insurance undertaking COMPENSA Vienna Insurance Group, UADB in the process of foundation, which entitles to engage in the activities of insurance classes within the non-life insurance branch and of compulsory insurance, states a press release of the Lithuanian central bank.
In the first quarter of 2015, the Lithuanian insurance market grew by 6.9% in terms of premiums written year on year, and amounted to EUR 150.7 million. This is the highest performance of premiums written over the first quarter in the history of the domestic insurance market.