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The Insurance Industry in Lithuania, Key Trends and Opportunities to 2022

The Insurance Industry in Lithuania, Key Trends and Opportunities to 2022

Summary

GlobalData’s 'The Insurance Industry in Lithuania, Key Trends and Opportunities to 2022' report provides detailed analysis of the market trends, drivers and challenges in the Lithuanian insurance industry.

It provides key performance indicators such as written premium and claims during the review period (2013-2017) and forecast period (2017-2022).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Lithuanian economy and demographics, and provides detailed information on the competitive landscape in the country.

The report brings together GlobalData’s research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

Inside this report, we look at the top themes, its predictions and identify winners and losers.

The report provides in-depth market analysis, information and insights into the Lithuanian insurance industry, including -

  • The Lithuanian insurance industry's growth prospects by segment and category
  • A comprehensive overview of the Lithuanian economy and demographics
  • Details of the competitive landscape in the Lithuanian insurance industry
  • The various distribution channels in the Lithuanian insurance industry
  • Details of regulatory policy applicable to the Lithuanian insurance industry
  • Analysis of natural hazards in the Lithuanian insurance industry
Key Highlights
  • On July 7, 2015, EIOPA published the consultation paper on the introduction of Pan-European Pension Product (PEPP).
  • The LB implemented a draft law in 2018 for the improvement of regulations related to unit-linked policies.
  • In June 2018, the government proposed amendments to the Health Insurance Law.
Scope
  • This report provides a comprehensive analysis of the insurance industry in Lithuania.
  • It provides historical values for the Lithuanian insurance industry for the report’s 2013-2017 review period, and projected figures for the 2017-2022 forecast period.
  • It offers a detailed analysis of the key segments in the Lithuanian insurance industry, with market forecasts to 2022.
  • It covers an exhaustive list of parameters, including written premium and claims.
  • It analyzes the various distribution channels in Lithuania.
  • It profiles the top insurance companies in Lithuania, and outlines the key regulations affecting them.
Reasons to buy
  • Make strategic business decisions using in-depth historic and forecast market data related to the Lithuanian insurance industry and each segment and category within it.
  • Understand the demand-side dynamics, key market trends and growth opportunities in the Lithuanian insurance industry.
  • Assess the competitive dynamics in the Lithuanian insurance industry.
  • Identify the growth opportunities and market dynamics in key segments.
  • Gain insights into key regulations governing the Lithuanian insurance industry and their impact on companies and the industry's future.


1 KEY FACTS AND HIGHLIGHTS
2 EXECUTIVE SUMMARY
3 ECONOMY AND DEMOGRAPHICS
4 INDUSTRY OUTLOOK
4.1 Industry Indicators
4.1.1 Gross written premium
4.1.2 Insurance density
4.1.3 Active policies
5 LIFE INSURANCE OUTLOOK
5.1 Segment Indicators
5.1.1 Gross written premium
5.1.2 Active policies
5.1.3 Penetration
5.2 Pension Insurance
5.2.1 Gross written premium
5.2.2 Active policies
5.2.3 Penetration
6 GENERAL INSURANCE OUTLOOK
6.1 Segment Indicators
6.1.1 Gross written premium
6.1.2 Active policies
6.1.3 Penetration
6.2 Property Insurance
6.2.1 Gross written premium
6.2.2 Active policies
6.2.3 Penetration
6.2.4 Profitability
6.3 Motor Insurance
6.3.1 Gross written premium
6.3.2 Active policies
6.3.3 Penetration
6.3.4 Profitability
6.4 Liability Insurance
6.4.1 Gross written premium
6.4.2 Active policies
6.4.3 Penetration
6.4.4 Profitability
6.5 Financial Lines Insurance
6.5.1 Gross written premium
6.5.2 Active policies
6.5.3 Penetration
6.5.4 Profitability
6.6 Marine, Aviation and Transit Insurance
6.6.1 Gross written premium
6.6.2 Active policies
6.6.3 Penetration
6.6.4 Profitability
6.7 Personal Accident and Health Insurance
6.7.1 Gross written premium
6.7.2 Active policies
6.7.3 Penetration
6.7.4 Profitability
7 REINSURANCE OUTLOOK
8 DISTRIBUTION CHANNEL OUTLOOK
9 NATURAL AND MAN-MADE HAZARDS
9.1 Flooding
9.2 Droughts
9.3 Epidemics
9.4 Exposure
10 COMPETITIVE LANDSCAPE
10.1 Company Profiles
10.1.1 Lietuvos Draudimas - company overview
10.1.2 BTA Akcinės Draudimo Bendrovės Filialas Lietuvoje - company overview
10.1.3 Ergo Insurance SE Lietuvos Filialas - company overview
10.1.4 Gjensidige - company overview
10.1.5 Swedbank Life Insurance SE - company overview
11 GOVERNANCE, RISK AND COMPLIANCE
11.1 Legislation Overview and Historical Evolution
11.2 Latest Changes in Regulation
11.3 Legislation and Market Practice by Type of Insurance
11.3.1 Life insurance
11.3.2 Property insurance
11.3.3 Motor insurance
11.3.4 Liability insurance
11.3.5 Marine, aviation and transit insurance
11.3.6 Personal accident and health insurance
11.4 Compulsory Insurance
11.4.1 Motor third-party liability insurance
11.4.2 Workers’ compensation
11.4.3 Civil liability insurance for construction designers
11.4.4 Civil liability insurance of contractors
11.4.5 Civil liability insurance on auditor firms
11.4.6 Air carriers and aircraft operators insurance
11.4.7 Professional indemnity insurance for alternative investment fund managers
11.4.8 Clinical trials liability insurance
11.4.9 Professional liability insurance for lawyers
11.4.10 Professional civil liability insurance for insurance and reinsurance intermediaries
11.4.11 Professional civil liability insurance for insurance brokers
11.4.12 Liability for ships with respect to oil pollution
11.5 Supervision and Control
11.5.1 International Association of Insurance Supervisors
11.5.2 European Insurance and Occupational Pensions Authority
11.5.3 Bank of Lithuania
11.5.4 Federation of European Risk Management Associations
11.6 Non-Admitted Insurance Regulations
11.6.1 Overview
11.6.2 Intermediaries
11.6.3 Market practices
11.6.4 Fines and Penalties
11.7 Company Registration and Operations
11.7.1 Type of insurance organization
11.7.2 Establishing a local company
11.7.3 Foreign ownership
11.7.4 Types of license
11.7.5 Capital requirements
11.7.6 Solvency margin
11.7.7 Reserve requirements
11.7.8 Investment regulations
11.7.9 Statutory return requirements
11.7.10 Fee structure
11.8 Taxation
11.8.1 Insurance premium or policy taxation
11.8.2 Withholding taxes on premium paid overseas
11.8.3 Corporate tax
11.8.4 VAT
11.8.5 Captives
11.9 Legal System
11.9.1 Introduction
11.9.2 Access to court
11.9.3 Alternative dispute resolution
12 DATABOOK
12.1 Life Insurance
12.1.1 Policies and premium
12.1.2 Claims and expenses
12.1.3 Linked vs. non-linked policies
12.2 General Insurance
12.2.1 Policies and premium
12.2.2 Claims and expenses
12.2.3 Property insurance
12.2.4 Motor insurance
12.2.5 Motor insurance by category
12.2.6 Liability insurance
12.2.7 Financial lines insurance
12.2.8 Marine, aviation and transit insurance
12.2.9 Marine aviation and transit insurance by category
12.2.10 Personal accident and health insurance
12.2.11 Personal accident and health insurance by category
13 DEFINITIONS AND METHODOLOGY
13.1 Definitions
13.2 Methodology
14 ABOUT GLOBALDATA
14.1 Contact GlobalData
14.2 About GlobalData
14.3 GlobalData’s Services
14.4 Disclaimer
List of Tables
Table 1: Lithuanian Insurance Industry - Key Facts, 2017
Table 2: Lithuanian Insurance Industry - Industry Shares of the Top Insurers, 2017
Table 3: Lithuanian Government Credit Ratings
Table 4: Lithuanian Insurance Industry - Gross Written Premium (EUR Million and US$ Million), 2013-2017
Table 5: Lithuanian Insurance Industry - Gross Written Premium (EUR Million and US$ Million), 2017-2022
Table 6: Lithuanian Insurance Industry - Density (EUR), 2013-2017
Table 7: Lithuanian Insurance Industry - Density (EUR), 2017-2022
Table 8: Lithuanian Insurance Industry - Number of Active Policies (Million), 2013-2017
Table 9: Lithuanian Insurance Industry - Number of Active Policies (Million), 2017-2022
Table 10: Lithuanian Life Insurance - Gross Written Premium (EUR Million and US$ Million), 2013-2017
Table 11: Lithuanian Life Insurance - Gross Written Premium (EUR Million and US$ Million), 2017-2022
Table 12: Lithuanian Life Insurance - Number of Active Policies (Thousand), 2013-2017
Table 13: Lithuanian Life Insurance - Number of Active Policies (Thousand), 2017-2022
Table 14: Lithuanian Pension - Gross Written Premium (EUR Million and US$ Million), 2013-2017
Table 15: Lithuanian Pension - Gross Written Premium (EUR Million and US$ Million), 2017-2022
Table 16: Lithuanian Pension - Number of Active Policies (Thousand), 2013-2017
Table 17: Lithuanian Pension - Number of Active Policies (Thousand), 2017-2022
Table 18: Lithuanian General Insurance - Gross Written Premium (EUR Million and US$ Million), 2013-2017
Table 19: Lithuanian General Insurance - Gross Written Premium (EUR Million and US$ Million), 2017-2022
Table 20: Lithuanian General Insurance - Number of Active Policies (Million), 2013-2017
Table 21: Lithuanian General Insurance - Number of Active Policies (Million), 2017-2022
Table 22: Lithuanian Property Insurance - Gross Written Premium (EUR Million and US$ Million), 2013-2017
Table 23: Lithuanian Property Insurance - Gross Written Premium (EUR Million and US$ Million), 2017-2022
Table 24: Lithuanian Property Insurance - Number of Active Policies (Thousand), 2013-2017
Table 25: Lithuanian Property Insurance - Number of Active Policies (Thousand), 2017-2022
Table 26: Lithuanian Property Insurance - Loss Ratio (%), 2013-2017
Table 27: Lithuanian Property Insurance - Loss Ratio (%), 2017-2022
Table 28: Lithuanian Motor Insurance - Gross Written Premium (EUR Million and US$ Million), 2013-2017
Table 29: Lithuanian Motor Insurance - Gross Written Premium (EUR Million and US$ Million), 2017-2022
Table 30: Lithuanian Motor Insurance - Number of Active Policies (Million), 2013-2017
Table 31: Lithuanian Motor Insurance - Number of Active Policies (Million), 2017-2022
Table 32: Lithuanian Motor Insurance - Loss Ratio (%), 2013-2017
Table 33: Lithuanian Motor Insurance - Loss Ratio (%), 2017-2022
Table 34: Lithuanian Liability Insurance - Gross Written Premium (EUR Million and US$ Million), 2013-2017
Table 35: Lithuanian Liability Insurance - Gross Written Premium (EUR Million and US$ Million), 2017-2022
Table 36: Lithuanian Liability Insurance - Number of Active Policies (Thousand), 2013-2017
Table 37: Lithuanian Liability Insurance - Number of Active Policies (Thousand), 2017-2022
Table 38: Lithuanian Liability Insurance - Loss Ratio (%), 2013-2017
Table 39: Lithuanian Liability Insurance - Loss Ratio (%), 2017-2022
Table 40: Lithuanian Financial Lines Insurance - Gross Written Premium (EUR Million and US$ Million), 2013-2017
Table 41: Lithuanian Financial Lines Insurance - Gross Written Premium (EUR Million and US$ Million), 2017-2022
Table 42: Lithuanian Financial Lines Insurance - Number of Active Policies (Thousand), 2013-2017
Table 43: Lithuanian Financial Lines Insurance - Number of Active Policies (Thousand), 2017-2022
Table 44: Lithuanian Financial Lines Insurance - Loss Ratio (%), 2013-2017
Table 45: Lithuanian Financial Lines Insurance - Loss Ratio (%), 2017-2022
Table 46: Lithuanian Marine, Aviation and Transit Insurance - Gross Written Premium (EUR Million and US$ Million), 2013-2017
Table 47: Lithuanian Marine, Aviation and Transit Insurance - Gross Written Premium (EUR Million and US$ Million), 2017-2022
Table 48: Lithuanian Marine, Aviation and Transit Insurance - Number of Active Policies (Million), 2013-2017
Table 49: Lithuanian Marine, Aviation and Transit Insurance - Number of Active Policies (Million), 2017-2022
Table 50: Lithuanian Marine, Aviation and Transit Insurance - Loss Ratio (%), 2013-2017
Table 51: Lithuanian Marine, Aviation and Transit Insurance - Loss Ratio (%), 2017-2022
Table 52: Lithuanian Personal Accident and Health Insurance - Gross Written Premium (EUR Million and US$ Million), 2013-2017
Table 53: Lithuanian Personal Accident and Health Insurance - Gross Written Premium (EUR Million and US$ Million), 2017-2022
Table 54: Lithuanian Personal Accident and Health Insurance - Number of Active Policies (Thousand), 2013-2017
Table 55: Lithuanian Personal Accident and Health Insurance - Number of Active Policies (Thousand), 2017-2022
Table 56: Lithuanian Personal Accident and Health Insurance - Loss Ratio (%), 2013-2017
Table 57: Lithuanian Personal Accident and Health Insurance - Loss Ratio (%), 2017-2022
Table 58: Lithuanian Insurance Industry - Market Shares of Leading Insurers (%), 2017
Table 59: Lithuanian Life Insurance Segment - Market Shares of Leading Insurers (%), 2017
Table 60: Lithuanian General Insurance Segment - Market Shares of Leading Insurers (%), 2017
Table 61: Lietuvos Draudimas - Key Facts
Table 62: BTA Akcinės Draudimo Bendrovės Filialas Lietuvoje - Key Facts
Table 63: Ergo Insurance SE Lietuvos Filialas - Key Facts
Table 64: Gjensidige - Key Facts
Table 65: Swedbank Life Insurance SE - Key Facts
Table 66: Lithuania - Insurance Regulatory Framework Key Features
Table 67: Lithuania - Life Insurance Regulatory Framework
Table 68: Lithuania- Property Insurance Regulatory Framework
Table 69: Lithuania - Motor Insurance Regulatory Framework
Table 70: Lithuania - Liability Insurance Regulatory Framework
Table 71: Lithuania - Minimum Coverage for Aircraft Third-Party Liability Per Accident per Aircraft
Table 72: Lithuania - Corporate Tax Rates for the Financial Year 2017
Table 73: Lithuanian Life Insurance - Policies and Premium, 2013-2017
Table 74: Lithuanian Life Insurance - Policies and Premium, 2017-2022
Table 75: Lithuanian Life Insurance - Claims and Expenses, 2013-2017
Table 76: Lithuanian Life Insurance - Claims and Expenses, 2017-2022
Table 77: Lithuanian Life Insurance - Linked vs. Non-Linked Policies, 2013-2017
Table 78: Lithuanian Life Insurance - Linked vs. Non-Linked Policies, 2017-2022
Table 79: Lithuanian General Insurance - Policies and Premium, 2013-2017
Table 80: Lithuanian General Insurance - Policies and Premium, 2017-2022
Table 81: Lithuanian General Insurance - Claims and Expenses, 2013-2017
Table 82: Lithuanian General Insurance - Claims and Expenses, 2017-2022
Table 83: Lithuanian General Insurance - Property Insurance, 2013-2017
Table 84: Lithuanian General Insurance - Property Insurance, 2017-2022
Table 85: Lithuanian General Insurance - Motor Insurance, 2013-2017
Table 86: Lithuanian General Insurance - Motor Insurance, 2017-2022
Table 87: Lithuanian General Insurance - Motor Insurance by Category, 2013-2017
Table 88: Lithuanian General Insurance - Motor Insurance by Category, 2017-2022
Table 89: Lithuanian General Insurance - Liability Insurance, 2013-2017
Table 90: Lithuanian General Insurance - Liability Insurance, 2017-2022
Table 91: Lithuanian General Insurance - Financial Lines Insurance, 2013-2017
Table 92: Lithuanian General Insurance - Financial Lines Insurance, 2017-2022
Table 93: Lithuanian General Insurance - Marine, Aviation and Transit Insurance, 2013-2017
Table 94: Lithuanian General Insurance - Marine, Aviation and Transit Insurance, 2017-2022
Table 95: Lithuanian General Insurance - Marine Aviation and Transit Insurance by Category, 2013-2017
Table 96: Lithuanian General Insurance - Marine Aviation and Transit Insurance by Category, 2017-2022
Table 97: Lithuanian General Insurance - Personal Accident and Health Insurance, 2013-2017
Table 98: Lithuanian General Insurance - Personal Accident and Health Insurance, 2017-2022
Table 99: Lithuanian General Insurance - Personal Accident and Health Insurance by Category, 2013-2017
Table 100: Lithuanian General Insurance - Personal Accident and Health Insurance by Category, 2017-2022
Table 101: Insurance Industry Definitions
List of Figures
Figure 1: Lithuanian Real GDP (US$ Billion), 2013-2022
Figure 2: Lithuanian Exchange Rate (EUR per US$), 2013-2022
Figure 3: Lithuanian Consumer Price Inflation (%), 2013-2022
Figure 4: Lithuanian Current Account Balance as Percentage of GDP (%), 2013-2022
Figure 5: Lithuanian Unemployment Rate, 2013-2022
Figure 6: Lithuanian Population by Age Group, 2013-2022
Figure 7: Lithuanian Insurance Industry - Gross Written Premium (EUR Million), 2013-2022
Figure 8: Lithuanian Insurance Industry - Density (EUR), 2013-2022
Figure 9: Lithuanian Insurance Industry - Number of Active Policies (Million), 2013-2022
Figure 10: Lithuanian Life Insurance - Gross Written Premium (EUR Million), 2013-2022
Figure 11: Lithuanian Life Insurance - Number of Active Policies (Thousand), 2013-2022
Figure 12: Lithuanian Life Insurance - Penetration (%), 2013-2017
Figure 13: Lithuanian Life Insurance - Penetration (%), 2017-2022
Figure 14: Lithuanian Pension - Gross Written Premium (EUR Million), 2013-2022
Figure 15: Lithuanian Pension - Number of Active Policies (Thousand), 2013-2022
Figure 16: Lithuanian Pension - Penetration (%), 2013-2017
Figure 17: Lithuanian Pension - Penetration (%), 2017-2022
Figure 18: Lithuanian General Insurance - Gross Written Premium (EUR Million), 2013-2022
Figure 19: Lithuanian General Insurance - Number of Active Policies (Million), 2013-2022
Figure 20: Lithuanian General Insurance - Penetration (%), 2013-2017
Figure 21: Lithuanian General Insurance - Penetration (%), 2017-2022
Figure 22: Lithuanian Property Insurance - Gross Written Premium (EUR Million), 2013-2022
Figure 23: Lithuanian Property Insurance - Number of Active Policies (Thousand), 2013-2022
Figure 24: Lithuanian Property Insurance - Penetration (%), 2013-2017
Figure 25: Lithuanian Property Insurance - Penetration (%), 2017-2022
Figure 26: Lithuanian Property Insurance - Loss Ratio (%), 2013-2022
Figure 27: Lithuanian Motor Insurance - Gross Written Premium (EUR Million), 2013-2022
Figure 28: Lithuanian Motor Insurance - Number of Active Policies (Million), 2013-2022
Figure 29: Lithuanian Motor Insurance - Penetration (%), 2013-2017
Figure 30: Lithuanian Motor Insurance - Penetration (%), 2017-2022
Figure 31: Lithuanian Motor Insurance - Loss Ratio (%), 2013-2022
Figure 32: Lithuanian Liability Insurance - Gross Written Premium (EUR Million), 2013-2022
Figure 33: Lithuanian Liability Insurance - Number of Active Policies (Thousand), 2013-2022
Figure 34: Lithuanian Liability Insurance - Penetration (%), 2013-2017
Figure 35: Lithuanian Liability Insurance - Penetration (%), 2017-2022
Figure 36: Lithuanian Liability Insurance -Loss Ratio (%), 2013-2022
Figure 37: Lithuanian Financial Lines Insurance - Gross Written Premium (EUR Million), 2013-2022
Figure 38: Lithuanian Financial Lines Insurance - Number of Active Policies (Thousand), 2013-2022
Figure 39: Lithuanian Financial Lines Insurance - Penetration (%), 2013-2017
Figure 40: Lithuanian Financial Lines Insurance - Penetration (%), 2017-2022
Figure 41: Lithuanian Financial Lines Insurance - Loss Ratio (%), 2013-2022
Figure 42: Lithuanian Marine, Aviation and Transit Insurance - Gross Written Premium (EUR Million), 2013-2022
Figure 43: Lithuanian Marine, Aviation and Transit Insurance - Number of Active Policies (Million), 2013-2022
Figure 44: Lithuanian Marine, Aviation and Transit Insurance - Penetration (%), 2013-2017
Figure 45: Lithuanian Marine, Aviation and Transit Insurance - Penetration (%), 2017-2022
Figure 46: Lithuanian Marine, Aviation and Transit Insurance - Loss Ratio (%), 2013-2022
Figure 47: Lithuanian Personal Accident and Health Insurance - Gross Written Premium (EUR Million), 2013-2022
Figure 48: Lithuanian Personal Accident and Health Insurance - Number of Active Policies (Thousand), 2013-2022
Figure 49: Lithuanian Personal Accident and Health Insurance - Penetration (%), 2013-2017
Figure 50: Lithuanian Personal Accident and Health Insurance - Penetration (%), 2017-2022
Figure 51: Lithuanian Personal Accident and Health Insurance - Loss Ratio (%), 2013-2022
Figure 52: Lithuanian Insurance Industry - Market Shares of Leading Insurers (%), 2017
Figure 53: Lithuanian Life Insurance Segment - Market Shares of Leading Insurers (%), 2017
Figure 54: Lithuanian General Insurance Segment - Market Shares of Leading Insurers (%), 2017
Figure 55: Lithuania - The Three Pillars of Solvency II
Figure 56: Lithuania - Insurance Supervision and Control at Various Levels
Figure 57: Lithuania - Insurance Regulatory Frameworks for Company Registration and Operation

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