Lithuania Insurance Report

Providing expert analysis, independent forecasts and competitive intelligence on the insurance industry.

Report includes: BMI Industry View, Industry SWOT Analysis, Industry Forecasts, BMI's Insurance Risk Reward Index and Company Profiles.

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Lithuania Insurance Report
Product Price
$1,295.00

BMI View: Although small, Lithuania's burgeoning insurance market offers healthy growth potential. Both the life and larger non-life sectors are expected to see premiums rise by the end of the current forecast period in 2019, recovering well from a short - term currency movement led contraction in 2015. The mar ket is home to a number of well- established regional insurance providers which are well placed to take advantage of growing distribution channels and will continue to achieve growth through the introduction of a greater range of products. The large insurance firms will be able to manage increasing capital requirements following the introduction of the Solvency II regime, though we may see some smaller players priced out of the market which gives scope for entry into the market via local acquisitions, particularly in the non-life sector.

Headline Insurance Forecasts (Lithuania 2012-2019)
Indicator 2012 2013 2014e 2015f 2016f 2017f 2018f 2019f
BMI/Bank of Lithuania
Gross life premiums written, EURbn 0.17 0.18 0.19 0.19 0.20 0.21 0.21 0.22
Gross life premiums written, EUR, % y-o-y 2.5 8.9 3.2 2.5 3.7 4.1 3.3 3.3
Gross life premiums written, USDbn 0.21 0.24 0.25 0.21 0.21 0.23 0.25 0.27
Gross life premiums written, USD, % y-o-y -6.4 13.2 4.8 -15.8 0.9 7.0 8.0 7.8
Gross non-life premiums written, EURbn 0.35 0.38 0.39 0.40 0.42 0.44 0.46 0.48
Gross non-life premiums written, EUR, % y-o-y 6.6 8.7 1.9 3.1 4.6 5.1 4.7 4.7
Gross non-life premiums written, USDbn 0.45 0.50 0.52 0.44 0.45 0.49 0.53 0.58
Gross non-life premiums written, USD, % y-o-y -2.6 13.0 3.5 -15.4 1.7 8.0 9.5 9.2

Key Updates And Forecasts

  • Telecommunications company Tele2 Lithuania has started selling two insurance plans for drivers in partnership with the insurance brokers company Edrauda. Customers can purchase mandatory liability assurance and road assistance insurance via their mobile phones.

  • The Bank of Lithuania has reportedly issued the first new insurance business licence in 14 years - the licence has been issued to the private limited liability insurance undertaking Compensa Vienna Insurance Group which will provide cover across 14 non-life insurance classes as well as some compulsory lines.

  • Following a short-term contraction led by currency movements, we are forecasting steady growth in life insurance premiums written leading to premiums of USD270mn in 2019, up from USD210mn in 2015.

  • Growth will be slightly stronger in the larger non-life sector where we are forecasting premiums of USD580mn in 2019, up from USD440mn in 2015.

BMI Industry View
7
SWOT
9
Political
10
Economic
11
Operational Risk
12
Industry Forecast
13
Life Premiums Forecast
13
Life Premiums
13
Table: Gross Life Premiums Written (Lithuania 2012-2019)
15
Life Claims
15
Table: Life Insurance Claims (Lithuania 2008-2013)
15
Life Insurers' Assets
15
Table: Assets (Lithuania 2007-2013)
16
Insurance Drivers
16
Table: Life Expectancy by Gender (Lithuania 2012-2019)
16
Table: Demographic Breakdown (Lithuania 2012-2019)
17
Non-Life Premiums Forecast
18
Non-Life Premiums
18
Table: Gross Non-Life Premiums Written (Lithuania 2012-2019)
20
Table: Non-Life Insurance Claims (Lithuania 2008-2013)
20
Table: Non-Life Insurance Claims by Line (Lithuania 2008-2013)
21
Non-Life Insurers' Assets
21
Table: Assets (Lithuania 2007-2014)
22
Non-Life Sub-Sector Forecast
22
Table: Non-Life % Breakdown (Lithuania 2012-2019)
24
Motor and Transport Insurance
24
Table: Motor Vehicle Insurance (Lithuania 2012-2019)
24
Table: Insurance Key Drivers, Autos (Lithuania 2012-2019)
25
Table: Transport Insurance (Lithuania 2012-2019)
26
Table: Insurance Key Drivers, Freight Tonnage (Lithuania 2012-2019)
27
Property Insurance
27
Table: Property Insurance (Lithuania 2012-2019)
28
Health Insurance
28
Table: Health Insurance (Lithuania 2012-2019)
28
Table: Insurance Key Drivers, Private Health Expenditure (Lithuania 2012-2019)
29
General Liability and Credit Insurance
29
Table: General Liability Insurance (Lithuania 2012-2019)
30
Table: Credit/Financial Guarantee Insurance (Lithuania 2012-2019)
30
Insurance Risk/Reward Index
31
Emerging Europe Risk/Reward Index
31
Table: Emerging Europe Insurance Risk/Reward Index
32
Market Overview
33
Life Market Overview
33
The Product Offering
33
The Competitive Landscape
34
Table: Lithuania Life Insurance Market (USDmn) 2008-2013
35
Table: Lithuania Life Insurance Market (%) 2008-2013
36
Non Life Market Overview
37
The Product Offering
37
The Competitive Landscape
37
Table: Lithuania Non-Life Insurance Market (USDmn) 2008-2013
39
Table: Lithuania Non-Life Insurance Market (%) 2008-2013
40
Company Profile
42
Gjensidige Baltic
42
Lietuvos Draudimas
44
SEB Life & Pensions International
46
Swedbank Life Insurance
48
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.