At the beginning of December 2019, the Bank of Lithuania appointed Jekaterina GOVINA as Director of the Supervision Service.
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.
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).
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.
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.
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.
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.
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.
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.
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).
In February, 2019 the international credit rating agency FITCH Ratings, based on the country's sound public finances and strong economic situation, affirmed Lithuania's long-term credit rating at A- with a positive outlook, as the Ministry of Finance of the Republic of Lithuania announced.
In 3Q2018, prices of compulsory MTPL insurance scaled down, while the entire insurance market grew by 13%. Having come into force in October, significant amendments have strengthened consumer protection within the insurance market, Bank of Lithuania stated in a press release.
Lithuania's insurance market increased by almost 13% y-o-y totaling EUR 655 million at the end of September 2018, according to the Lietuvos bankas's 3Q figures.
SEB - one of the largest life insurers in Baltic region announced is planning to merge its units in the Baltic States, "into one legal entity to further improve our operational efficiency and deliver improved customer services. The merger will not affect our services to the customers".
Lithuanian insurers reported GWP of EUR 440 million in 1H 2018, 13.4% more y-o-y, according to the half-year figures published on the Central Bank's website.
In the first quarter of this year, the Lithuanian insurance market grew by 18.3%, the premiums amounted to almost EUR 220 million, and claims paid - EUR 115 million, according to the figures published by the Bank of Lithuania.
In the non-life insurance market of Lithuania, in the first quarter of this year, Lithuania's insurance belonged to the Polish PZU group, while at that time the Swedbank Life Insurance Branch was the leader in the life insurance market in Lithuania.
In 2017 the Bank of Lithuania settled more than 500 disputes between consumers and providers of financial services. Most disagreement (over two-thirds) was in the field of insurance, while disputes with banks accounted for a fifth.