Lithuania

1000px-Flag_of_Lithuania
Flag



ltu_ocha_1000px
Location map
author: OCHA/ ReliefWeb


Location:
- Eastern Europe, bordering the Baltic Sea;
- Neighbours: Latvia, Poland, Belarus, Russia.

Climate: - transitional, between maritime and continental;
- wet, moderate winters and summers.

Macro indicators
* 2018 estimates
Surface:65,300km2
Population*:2.8million
Pop. density*:42.7people/km2
GDP*:45.1EUR billion
GDP/capita*:16,203.3EUR

European Union:
EU member, since 2004

Currency: Euro
Code: EUR
Since: 2015
- replaced Lithuanian litas (LTL)


Insurance market portfolio
* 2018 estimates
TOTAL LIFE*:28%
TOTAL NON-LIFE*:72%
Overall Property*:12%
Overall Motor*:45%


Sources:
Starting January 1st, 2012, the Bank of Lithuania took over the functions of the liquidated DPK



 

STATISTICS: Lithuania 3Q2024: motor insurance had the most significant impact bith on GWP and paid claims figures

The Lithuanian insurance market totaled EUR 1.17 billion at end-September 2024, up by 9.57% y-o-y, according to the quarterly figures published on the Central Bank's website. During the analyzed period, Lithuanian insurers paid claims from insurance losses worth EUR 526 million, up by 10.8% y-o-y.

The life insurance line of business expanded by 3.76% y-o-y to EUR 269.9 million mostly due to traction exercised by the index-linked and unit-linked products.

At the same time, Lithuanian non-life insurers posted a 11.4% y-o-y increase in 3Q2024 GWP to EUR 907.2 million due to the double-digit growth rates reported on main subclasses as share in total GWP: MoD (13.6%), property (15.74%) and medical expenses (18.5%). Paid claims for non-life insurance increased by 11.25%, to EUR 508 million, mostly because of the increasing value of the motor insurance claims.

The largest life insurer in the country is Compensa Life Insurance filialas (23 % market share), while Lietuvos draudimas (29.5%) reported the largest GWP amount on NL segment.






STATISTICS: Lithuanian market exceeded EUR 1 billion at the end of September

The Lithuania insurance market totaled EUR 1.07 billion at end-September 2023, up by 18.6% y-o-y, according to the quarterly figures published on the Central Bank's website. During the analyzed period, Lithuanian insurers paid claims from insurance losses worth EUR 474.7 million, up by 22.2% y-o-y.



STATISTICS: Lithuanian market expanded to EUR 350 million in Q1 2023

During January-March 2023, the Lithuanian insurance market grew by 20.50% y-o-y to EUR 351.92 million, while the value of payments expanded by 24.58% y-o-y to EUR 153.77 million, according to the market figures published by the Bank of Lithuania. It is worth mentioning that the value of payments includes only claims paid for insurance losses.