Lithuania Insurance Report

Published 26 May 2015

  • 61 pages
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  • Includes 3 free updated quarterly reports
$1,295.00
Lithuania Insurance Report

BMI View: Strong multi-national companies that can easily deal with the rising capital and regulatory requirements associated with the EU ' s Solvency II regime completely dominate both the non-life segment and the life segment of Lithuania ' s insurance sector. In the life segment, those households who can afford to save have been attracted to single premium and unit-linked products offered by the insurers. These households should continue to increase their demand for life insurance over the course of the forecast period. The life insurers have the capacity to develop and distribute attractive products. Changes in the competitive landscape of the non-life segment mean that the local subsidiaries of Polish major PZU (Lietuvos Draudimas) and Norway ' s Gjensidige Baltic (through its own subsidiary and the former PZU Lietuva) should account for about half of all non-life premiums written in 2015. Growth of the non-life market will continue to be constrained by competitive conditions (falling prices) in the motor vehicle and property insurance sub-sectors. We think that prospects are good for health insurance and, thanks to both rising volumes and prices, transport insurance during the forecast period .

The competitive landscape in Lithuania's non-life segment has changed dramatically in recent months. A reorientation of the global priorities of RSA meant that its subsidiary Codan has sold its interests in the Baltic States. In Lithuania, this means that Lietuvos Draudimas, the former state owned monopoly which still accounts for just under one third of the premiums written in the non-life segment, has been sold to Polish major PZU. PZU had had a significant presence in Lithuania through its subsidiary PZU Lietuva. Lithuania's competition regulator made the purchase by PZU of Lietuvos Draudimas conditional on the divestment of the motor vehicle and property insurance businesses of PZU Lietuva. However, PZU decided instead to sell PZU Lietuva in its entirety...

BMI Industry View
7
SWOT
10
Political
11
Economic
12
Operational Risk
13
Industry Forecast
14
Life Premiums Forecast
14
Life Premiums
14
Table: Gross Life Premiums Written (Lithuania 2012-2019)
16
Life Claims
16
Table: Life Insurance Claims (Lithuania 2007-2014)
16
Life Insurers' Assets
16
Table: Assets (Lithuania 2007-2014)
17
Insurance Drivers
17
Table: Life Expectancy by Gender (Lithuania 2012-2019)
17
Table: Demographic Breakdown (Lithuania 2012-2019)
18
Non-Life Premiums Forecast
19
Non-Life Premiums
19
Table: Gross Non-Life Premiums Written (Lithuania 2012-2019)
21
Table: Non-Life Insurance Claims (Lithuania 2007-2014)
21
Table: Non-Life Insurance Claims by Line (Lithuania 2007-2014)
22
Non-Life Insurers' Assets
22
Table: Assets (Lithuania 2007-2014)
23
Non-Life Sub-Sector Forecast
24
Table: Non-Life % Breakdown (Lithuania 2012-2019)
25
Motor and Transport Insurance
25
Table: Motor Vehicle Insurance (Lithuania 2012-2019)
26
Table: Insurance Key Drivers, Autos (Lithuania 2012-2019)
26
Table: Transport Insurance (Lithuania 2012-2019)
27
Table: Insurance Key Drivers, Freight Tonnage (Lithuania 2012-2019)
28
Property Insurance
28
Table: Property Insurance (Lithuania 2012-2019)
29
Health Insurance
29
Table: Health Insurance (Lithuania 2012-2019)
29
Table: Insurance Key Drivers, Private Health Expenditure (Lithuania 2012-2019)
30
General Liability and Credit Insurance
30
Table: General Liability Insurance (Lithuania 2012-2019)
31
Table: Credit/Financial Guarantee Insurance (Lithuania 2012-2019)
31
Industry Risk Reward Ratings
32
Lithuania Insurance Report Q3 2015
Lithuania Insurance Report Q3 2015
- Business Monitor International Ltd Page 4
- Business Monitor International Ltd Page 4
Emerging Europe Risk/Reward Index
32
Table: Emerging Europe Insurance Risk/Reward Index
33
Market Overview
34
Life Market Overview
34
Table: Life Market Share, USDmn, 2008-2013
35
Table: Life Market Share (%), 2008-2013
36
Non-Life Market Overview
37
Table: Non-Life Market Share, USDmn, 2008-2013
39
Table: Non-Life Market Share (%), 2008-2013
39
Company Profile
41
Gjensidige Baltic
41
Lietuvos Draudimas
43
SEB Life & Pensions International
45
Swedbank Life Insurance
47
Demographic Forecast
50
Table: Population Headline Indicators (Lithuania 1990-2025)
51
Table: Key Population Ratios (Lithuania 1990-2025)
51
Table: Urban/Rural Population & Life Expectancy (Lithuania 1990-2025)
52
Table: Population By Age Group (Lithuania 1990-2025)
52
Table: Population By Age Group % (Lithuania 1990-2025)
53
Methodology
55
Industry Forecast Methodology
55
Risk/Reward Index Methodology
58
Table: Indicators
60
Table: Weighting of Indicators
61

The Lithuania Insurance Report has been researched at source and features BMI Research's independent assessment and forecasts for the insurance sector. It examines industry developments, key growth drivers and risk management projections, including the macroeconomic situation, government policy, regulatory environment and the level of development and potential for growth, broken down by line. Leading insurers are profiled, covering premiums, products and services and competitive positioning.

BMI's Lithuania Insurance Report provides professionals, consultancies, government departments, regulatory bodies and researchers with independent forecasts and regional competitive intelligence on the Lithuanian insurance industry.

Key Benefits

  • Benchmark BMI's independent insurance industry forecasts for Lithuania to test other views - a key input for successful budgeting and strategic business planning in Lithuania's insurance market.
  • Target business opportunities and risks in Lithuania through our reviews of latest industry trends, regulatory changes and major deals, investments and macroeconomic developments.
  • Exploit latest competitive intelligence on your competitors, partners and clients via our Company Profiles (inc. SWOTs, KPIs and latest activity).

Coverage

BMI Industry View

Summary of BMI’s key industry forecasts and views, covering the Life and Non-Life segments, the evolving competitive landscape and business operational risks.

Industry SWOT Analysis

Analysis of the major Strengths, Weaknesses, Opportunities and Threats within the insurance sector and within the broader political, economic and business environment.

BMI Industry Forecasts

Historic data series (2005-2014) and forecasts to end-2019 for key industry indicators, supported by explicit assumptions, plus analysis of key risks to the main forecasts. Indicators include:

  • Life/non-life Premiums: Total premium growth (USDmn), premium growth (% y-o-y), penetration (% of GDP), density (USD per capita) for Life and Non-Life sectors, claims reinsurance, and assets and liabilities.
  • Non-life subsectors: Data on gross written premiums for all major Non-Life segments (motor, transport, property, personal accident, health, general liability and credit financial).

BMI’s Insurance Risk Reward Index

BMI’s Risk Reward Indices provide investors (Life and Non-Life) looking for opportunities in the region with a clear country-comparative assessment of a market’s risks and potential rewards. Each of the country markets are scored using a sophisticated model that includes more than 40 industry, economic and demographic data points to provide an indices of highest to lowest appeal to investors, with each position explained.

Company Profiles*

Examines the competitive positioning and short- to medium-term business strategies of key industry players. The latest financial and operating statistics and key company developments are also incorporated within the company profiles, enabling a full evaluation of recent company performance and future growth prospects.

Growth Drivers & Risk Management Projections

Key data and forecasts to end-2019 focusing on the growth drivers and downside risks to specific insurance lines including:

  • Population: Male/female, by age group, active/pensionable/youth population % of total, urban/rural population % of total.
  • Freight: Tonnage – air freight, rail freight, road freight, inland waterway.
  • Motor: Fleet size by type of vehicle % change y-o-y.
  • Epidemiology: Disease Adjusted Life Years and private health expenditure.

Market Overview & Rankings

Illustration of the insurance industry via rankings tables comparing gross written premiums by company (USDmn) and market share (%) for the top 20 players in both Life and Non-Life. This chapter also includes in-depth regional analysis of the market position, business strategies and investment potential of the leading insurance companies.

Sources

The insurance Reports draw on an extensive network of primary sources, such as multilateral organisations, government departments, industry associations, chambers and company reports.

*Company profiles are not available for every country. Those reports instead contain information on the current activities of prominent companies operating in the market.

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