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Life Insurance in Lithuania, Key Trends and Opportunities to 2021

Life Insurance in Lithuania, Key Trends and Opportunities to 2021

Synopsis

Timetric’s 'Life Insurance in Lithuania Key Trends and Opportunities to 2021' report provides a detailed outlook by product category for the Lithuanian life insurance segment, and a comparison of the Lithuanian insurance industry with its regional counterparts.

It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review period (2012–2016) and forecast period (2016–2021).

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 Timetric’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.

Summary

Timetric’s 'Life Insurance in Lithuania Key Trends and Opportunities to 2021' report provides in-depth market analysis, information and insights into the Lithuanian life insurance segment, including:

  • An overview of the Lithuanian life insurance segment
  • The Lithuanian life insurance segment’s growth prospects by category
  • A comprehensive overview of the Lithuanian economy and demographics
  • A comparison of the Lithuanian life insurance segment with its regional counterparts
  • The various distribution channels in the Lithuanian life insurance segment
  • Details of the competitive landscape in the life insurance segment in Lithuania
  • Details of regulatory policy applicable to the Lithuanian insurance industry
Scope

This report provides a comprehensive analysis of the life insurance segment in Lithuania:
  • It provides historical values for the Lithuanian life insurance segment for the report’s 2012–2016 review period, and projected figures for the 2016–2021 forecast period.
  • It offers a detailed analysis of the key categories in the Lithuanian life insurance segment, and market forecasts to 2021.
  • It provides a comparison of the Lithuanian life insurance segment with its regional counterparts.
  • It analyzes the various distribution channels for life insurance products in Lithuania.
  • It profiles the top life 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 life insurance segment, and each category within it.
  • Understand the demand-side dynamics, key market trends and growth opportunities in the Lithuanian life insurance segment.
  • Assess the competitive dynamics in the life insurance segment.
  • Identify growth opportunities and market dynamics in key product categories.
  • Gain insights into key regulations governing the Lithuanian insurance industry, and their impact on companies and the industry's future.
Key Highlights
  • The Lithuanian life segment is dominated by foreign-owned insurers. In 2016, five insurance companies with a head office and three insurance branches operated in the Lithuanian life segment.
  • On January 1, 2016, Lithuania joined the Single Euro Payments Area (SEPA) consisting of 34 countries, including the Principality of Monaco, Norway, Switzerland, San Marino, Iceland and Liechtenstein.
  • On February 2, 2017, the European Parliament and the EC published a new Insurance Distribution Directive (IDD) 2016/97 in the official journal of the EU, which came into effect on February 23, 2017, and repealed Directive 2002/92/EC.
  • As of March 2017, according to the Bank of Lithuania, the solvency ratio of life insurance companies in Lithuania stood at 2.2, in line with the Solvency II stipulation.


  • Key Facts and Highlights
    • Table Lithuanian Life Insurance - Key Facts, 2016
    • Table Lithuanian Life Segment - Market Shares of Leading Insurers (%), 2016
  • Executive Summary
  • Economy and Demographics
    • Table Lithuanian Government Credit Ratings
  • Segment Outlook
    • Segment Indicators
      • Gross written premium and penetration
        • Table Lithuanian Life Insurance - Gross Written Premium (EUR Million and US$ Million), 2012-2016
        • Table Lithuanian Life Insurance - Gross Written Premium (EUR Million and US$ Million), 2016-2021
        • Table Lithuanian Life Insurance - New Business Direct Written Premium (EUR Million and US$ Million), 2012-2016
        • Table Lithuanian Life Insurance - New Business Direct Written Premium (EUR Million and US$ Million), 2016-2021
      • Active policies
        • Table Lithuanian Life Insurance - Number of Active Policies (Thousand), 2012-2016
        • Table Lithuanian Life Insurance - Number of Active Policies (Thousand), 2016-2021
      • Claims
        • Table Lithuanian Life Insurance - Paid Claims (EUR Million and US$ Million), 2012-2016
        • Table Lithuanian Life Insurance - Paid Claims (EUR Million and US$ Million), 2016-2021
      • Assets and investments
        • Table Lithuanian Life Insurance - Total Assets (EUR Million and US$ Million), 2012-2016
        • Table Lithuanian Life Insurance - Total Assets (EUR Million and US$ Million), 2016-2021
        • Table Lithuanian Life Insurance - Total Investment Income (EUR Million and US$ Million), 2012-2016
        • Table Lithuanian Life Insurance - Total Investment Income (EUR Million and US$ Million), 2016-2021
        • Table Lithuanian Life Insurance - Investment Portfolio (EUR Million), 2012-2016
        • Table Lithuanian Life Insurance - Investment Portfolio (EUR Million), 2016-2021
  • Outlook by Sub-Segment
    • Premium
      • Table Lithuanian Life Insurance - Gross Written Premium by Sub-Segment (EUR Million), 2012-2016
      • Table Lithuanian Life Insurance - Gross Written Premium by Sub-Segment (EUR Million), 2016-2021
    • Active policies
      • Table Lithuanian Life Insurance - Number of Active Policies by Segment (Thousand), 2012-2016
      • Table Lithuanian Life Insurance - Number of Active Policies by Segment (Thousand), 2016-2021
  • Distribution Channel Outlook
    • Analysis by Distribution Channel
      • Table Lithuanian Life Insurance - New Business Direct Written Premium by Distribution Channel (EUR Million), 2012-2016
      • Table Lithuanian Life Insurance - New Business Direct Written Premium by Distribution Channel (EUR Million), 2016-2021
      • Table Lithuanian Life Insurance - Percentage of New Business Direct Written Premium, by Distribution Channel, 2012-2021
  • Competitive Landscape
    • Table Lithuanian Life Segment - Market Shares of Leading Insurers (%), 2016
    • Company Profiles
      • SEB Gyvybes Draudimas - company overview
        • Table SEB Gyvybes Draudimas - Key Facts
        • Table SEB Gyvybes Draudimas - Key Financials (EUR Million), 2012-2016
      • Swedbank Life Insurance - company overview
        • Table Swedbank Life Insurance - Key Facts
        • Table Swedbank Life Insurance - Key Financials (EUR Million), 2012-2016
      • PZU Lietuva gyvybes draudimas, UAB - company overview
        • Table PZU Lietuva gyvybes draudimas, UAB - Key Facts
        • Table PZU Lietuva gyvybes draudimas, UAB - Key Financials (EUR Million), 2012-2016
      • Bonum Publicum, Gyvybes Draudimo UAB - company overview
        • Table Bonum Publicum, Gyvybes Draudimo UAB - Key Facts
        • Table Bonum Publicum, Gyvybes Draudimo UAB - Key Financials (EUR Million), 2012- 2016
      • Aviva Lietuva - company overview
        • Table Aviva Lietuva - Key Facts
        • Table Aviva Lietuva - Key Financials (EUR Million), 2012-2016
      • Compensa Life Insurance - company overview
        • Table Compensa Life Insurance - Key Facts
        • Table Compensa Life Insurance - Key Financials (EUR Million), 2012-2016
      • Ergo Life - company overview
        • Table Ergo Life - Key Facts
        • Table Ergo Life- Key Financials (EUR Million), 2012-2016
  • Governance, Risk and Compliance
    • Table Lithuania - Insurance Regulatory Framework Key Features
    • Legislation Overview and Historical Evolution
    • Latest Changes in Regulation
    • Legislation and Market Practice by Type of Insurance
      • Life insurance
        • Table Lithuania - Life Insurance Regulatory Framework
      • Property insurance
        • Table Lithuania- Property Insurance Regulatory Framework
      • Motor insurance
        • Table Lithuania - Motor Insurance Regulatory Framework
      • Liability insurance
        • Table Lithuania - Liability Insurance Regulatory Framework
      • Marine, aviation and transit insurance
      • Personal accident and health insurance
    • Compulsory Insurance
      • Motor third-party liability insurance
      • Workers' compensation
      • Civil liability insurance for construction designers
      • Civil liability insurance of contractors
      • Civil liability insurance on auditor firms
      • Air carriers and aircraft operators insurance
        • Table Lithuania - Minimum Coverage for Aircraft Third-Party Liability Per Accident per Aircraft
      • Professional indemnity insurance for alternative investment fund managers
      • Clinical trials liability insurance
      • Professional liability insurance for lawyers
      • Professional civil liability insurance for insurance and reinsurance intermediaries
      • Professional civil liability insurance for insurance brokers
      • Liability for ships with respect to oil pollution
    • Supervision and Control
      • International Association of Insurance Supervisors
      • European Insurance and Occupational Pensions Authority
      • Bank of Lithuania
      • Federation of European Risk Management Associations
    • Non-Admitted Insurance Regulations
      • Overview
      • Intermediaries
      • Market practices
      • Fines and Penalties
    • Company Registration and Operations
      • Type of insurance organization
      • Establishing a local company
      • Foreign ownership
      • Types of license
      • Capital requirements
      • Solvency margin
      • Reserve requirements
      • Investment regulations
      • Statutory return requirements
      • Fee structure
    • Taxation
      • Insurance premium or policy taxation
      • Withholding taxes on premium paid overseas
      • Corporate tax
        • Table Lithuania - Corporate Tax Rates for the Financial Year 2017
      • VAT
      • Captives
    • Legal System
      • Introduction
      • Access to court
      • Alternative dispute resolution
  • Databook
    • Policies and Premium
      • Table Lithuanian Life Insurance - Policies and Premium, 2012-2016
      • Table Lithuanian Life Insurance - Policies and Premium, 2016-2021
    • Claims and Expenses
      • Table Lithuanian Life Insurance - Claims and Expenses, 2012-2016
      • Table Lithuanian Life Insurance - Claims and Expenses, 2016-2021
    • Assets and Investments
      • Table Lithuanian Life Insurance - Assets and Investments, 2012-2016
      • Table Lithuanian Life Insurance - Assets and Investments, 2016-2021
    • Direct Marketing and E-Commerce
      • Table Lithuanian Life Insurance - Direct Marketing and E-Commerce, 2012-2016
      • Table Lithuanian Life Insurance - Direct Marketing and E-Commerce, 2016-2021
    • Insurance Brokers and Agencies
      • Table Lithuanian Life Insurance - Insurance Brokers and Agencies, 2012-2016
      • Table Lithuanian Life Insurance - Insurance Brokers and Agencies, 2016-2021
    • Bancassurance and Other Distribution Channels
      • Table Lithuanian Life Insurance - Insurance Brokers and Agencies, 2012-2016
      • Table Lithuanian Life Insurance - Insurance Brokers and Agencies, 2016-2021
    • Individual Life Insurance
      • Table Lithuanian Life Insurance - Individual Life Insurance, 2012-2016
      • Table Lithuanian Life Insurance - Individual Life Insurance, 2016-2021
    • Group Life Insurance
      • Table Lithuanian Life Insurance - Group Life Insurance, 2012-2016
      • Table Lithuanian Life Insurance - Group Life Insurance, 2016-2021
    • Individual Life - Single vs Non-Single Premium
      • Table Lithuanian Life Insurance - Individual Life Insurance by Premium, 2012-2016
      • Table Lithuanian Life Insurance - Individual Life Insurance by Premium, 2016-2021
    • Group Life - Single vs Non-Single Premium
      • Table Lithuanian Life Insurance - Group Life Insurance by Premium, 2012-2016
      • Table Lithuanian Life Insurance - Group Life Insurance by Premium, 2016-2021
    • Linked vs Non-Linked Policies
      • Table Lithuanian Life Insurance - Linked vs Non-Linked Policies, 2012-2016
      • Table Lithuanian Life Insurance - Linked vs Non-Linked Policies, 2016-2021
  • Definitions and Methodology
    • Definitions
      • Table Insurance Industry Definitions
    • Methodology
  • About Timetric
    • Contact Timetric
    • About Timetric
    • Timetric's Services
    • Disclaimer

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