STATISTICS: LITHUANIA, FY2018: CB forecasts the market will be close to EUR 1 billion at year end following the 2018 results

The entire Lithuanian insurance market totaled about EUR 880 million at the end of 2018, 11% more y-o-y, according to the year-end figures recently published on the Central Bank website.

According to Bank of Lithuania projections, 2019 growth in the local insurance market should be moderate compared to the previous year, while life assurance and non-life insurance markets are anticipated to grow at an even pace, even though their growth rates have varied significantly over the last few years.

"Having grown at a double-digit rate last year, the insurance market will grow at a slightly slower pace in 2019, reflecting objective factors related to economic development. The upward trends in the life assurance market are expected to be driven by the customer-friendly legal changes regarding insurance contract fees that came into force at the beginning of the year," said Vytautas VALVONIS, Director of the Supervision Service at the Bank of Lithuania.

Overall, the local insurance market is projected to grow by 5-7% this year, to reach EUR 932 million.

Last year, non-life insurance comprises more than 70% of the entire insurance market. The portfolio rose by a tenth, to EUR 630 million, due to an increase in motor insurance premiums, and is estimated to grow by 5-7% (to EUR 670 million) in 2019.

Transport insurance premiums account for almost two thirds of the non-life insurance portfolio.

In terms of GWP, the life insurance market grew by 7.3% to almost EUR 250 million and is expected to grow by 5-7% this year, to reach EUR 262 million.

Access www.xprimm.com and download the FY2018 Lithuanian insurance market statistics.

Market portfolio:
  • Gross written premiums
  • Paid claims
  • Growth rates
Life & non-life market rankings:
  • Gross written premiums
  • Paid claims

Follow XPRIMM Publications on LinkedIn, for more data on the insurance and financial industry.

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