The Insurance Industry in Lithuania, Key Trends and Opportunities to 2022
September 2018
133
About the Report
About the Report
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.
Products
Products
Lithuanian insurance industry, Life insurance, General insurance, Property insurance, Motor insurance, Liability insurance, Marine insurance, Personal accident and health insurance, Travel insurance, Health insurance, Reinsurance
Companies
Lietuvos Draudimas
BTA Akcin?s Draudimo Bendrov?s Filialas Lietuvoje
Ergo Insurance SE Lietuvos Filialas
Gjensidige
Swedbank Life Insurance Se Lietuvos Filialas
Aviva Lietuva
SEB Gyvybes Draudimas
If P&C Insurance AS Lietuvos Filialas
Compensa Tu SA Vienna Insurance Group
Compensa Life Vienna Insurance Group
Table of Contents
Table of Contents
Table of Contents
1 KEY FACTS AND HIGHLIGHTS 2
2 EXECUTIVE SUMMARY 3
3 ECONOMY AND DEMOGRAPHICS 12
4 INDUSTRY OUTLOOK 20
4.1 Industry Indicators 21
4.1.1 Gross written premium 21
4.1.2 Insurance density 22
4.1.3 Active policies 23
5 LIFE INSURANCE OUTLOOK 24
5.1 Segment Indicators 25
5.1.1 Gross written premium 25
5.1.2 Active policies 26
5.1.3 Penetration 27
5.2 Pension Insurance 28
5.2.1 Gross written premium 28
5.2.2 Active policies 29
5.2.3 Penetration 30
6 GENERAL INSURANCE OUTLOOK 31
6.1 Segment Indicators 32
6.1.1 Gross written premium 32
6.1.2 Active policies 33
6.1.3 Penetration 34
6.2 Property Insurance 35
6.2.1 Gross written premium 35
6.2.2 Active policies 36
6.2.3 Penetration 37
6.2.4 Profitability 38
6.3 Motor Insurance 39
6.3.1 Gross written premium 39
6.3.2 Active policies 40
6.3.3 Penetration 41
6.3.4 Profitability 42
6.4 Liability Insurance 43
6.4.1 Gross written premium 43
6.4.2 Active policies 44
6.4.3 Penetration 45
6.4.4 Profitability 46
6.5 Financial Lines Insurance 47
6.5.1 Gross written premium 47
6.5.2 Active policies 48
6.5.3 Penetration 49
6.5.4 Profitability 50
6.6 Marine, Aviation and Transit Insurance 51
6.6.1 Gross written premium 51
6.6.2 Active policies 52
6.6.3 Penetration 53
6.6.4 Profitability 54
6.7 Personal Accident and Health Insurance 55
6.7.1 Gross written premium 55
6.7.2 Active policies 56
6.7.3 Penetration 57
6.7.4 Profitability 58
7 REINSURANCE OUTLOOK 59
8 DISTRIBUTION CHANNEL OUTLOOK 60
9 NATURAL AND MAN-MADE HAZARDS 61
9.1 Flooding 61
9.2 Droughts 61
9.3 Epidemics 61
9.4 Exposure 61
10 COMPETITIVE LANDSCAPE 62
10.1 Company Profiles 66
10.1.1 Lietuvos Draudimas-company overview 66
10.1.2 BTA Akcin?s Draudimo Bendrov?s Filialas Lietuvoje-company overview 66
10.1.3 Ergo Insurance SE Lietuvos Filialas-company overview 67
10.1.4 Gjensidige-company overview 67
10.1.5 Swedbank Life Insurance SE-company overview 67
11 GOVERNANCE, RISK AND COMPLIANCE 68
11.1 Legislation Overview and Historical Evolution 69
11.2 Latest Changes in Regulation 70
11.3 Legislation and Market Practice by Type of Insurance 83
11.3.1 Life insurance 84
11.3.2 Property insurance 85
11.3.3 Motor insurance 86
11.3.4 Liability insurance 87
11.3.5 Marine, aviation and transit insurance 88
11.3.6 Personal accident and health insurance 88
11.4 Compulsory Insurance 90
11.4.1 Motor third-party liability insurance 90
11.4.2 Workers' compensation 91
11.4.3 Civil liability insurance for construction designers 92
11.4.4 Civil liability insurance of contractors 92
11.4.5 Civil liability insurance on auditor firms 93
11.4.6 Air carriers and aircraft operators insurance 93
11.4.7 Professional indemnity insurance for alternative investment fund managers 95
11.4.8 Clinical trials liability insurance 95
11.4.9 Professional liability insurance for lawyers 95
11.4.10 Professional civil liability insurance for insurance and reinsurance intermediaries 95
11.4.11 Professional civil liability insurance for insurance brokers 96
11.4.12 Liability for ships with respect to oil pollution 96
11.5 Supervision and Control 98
11.5.1 International Association of Insurance Supervisors 98
11.5.2 European Insurance and Occupational Pensions Authority 99
11.5.3 Bank of Lithuania 99
11.5.4 Federation of European Risk Management Associations 99
11.6 Non-Admitted Insurance Regulations 100
11.6.1 Overview 100
11.6.2 Intermediaries 100
11.6.3 Market practices 100
11.6.4 Fines and Penalties 101
11.7 Company Registration and Operations 102
11.7.1 Type of insurance organization 103
11.7.2 Establishing a local company 103
11.7.3 Foreign ownership 104
11.7.4 Types of license 105
11.7.5 Capital requirements 106
11.7.6 Solvency margin 107
11.7.7 Reserve requirements 109
11.7.8 Investment regulations 109
11.7.9 Statutory return requirements 110
11.7.10 Fee structure 110
11.8 Taxation 111
11.8.1 Insurance premium or policy taxation 111
11.8.2 Withholding taxes on premium paid overseas 111
11.8.3 Corporate tax 111
11.8.4 VAT 112
11.8.5 Captives 112
11.9 Legal System 113
11.9.1 Introduction 113
11.9.2 Access to court 113
11.9.3 Alternative dispute resolution 114
12 DATABOOK 115
12.1 Life Insurance 115
12.1.1 Policies and premium 115
12.1.2 Claims and expenses 116
12.1.3 Linked vs. non-linked policies 117
12.2 General Insurance 118
12.2.1 Policies and premium 118
12.2.2 Claims and expenses 118
12.2.3 Property insurance 119
12.2.4 Motor insurance 120
12.2.5 Motor insurance by category 121
12.2.6 Liability insurance 122
12.2.7 Financial lines insurance 123
12.2.8 Marine, aviation and transit insurance 123
12.2.9 Marine aviation and transit insurance by category 124
12.2.10 Personal accident and health insurance 125
12.2.11 Personal accident and health insurance by category 126
13 DEFINITIONS AND METHODOLOGY 127
13.1 Definitions 127
13.2 Methodology 129
14 ABOUT GLOBALDATA 131
14.1 Contact GlobalData 131
14.2 About GlobalData 131
14.3 GlobalData's Services 132
14.4 Disclaimer 133
List of Figure
List of Figures
Figure 1: Lithuanian Real GDP (USD Billion), 2013-2022 13
Figure 2: Lithuanian Exchange Rate (EUR per USD ), 2013-2022 15
Figure 3: Lithuanian Consumer Price Inflation (%), 2013-2022 16
Figure 4: Lithuanian Current Account Balance as Percentage of GDP (%), 2013-2022 17
Figure 5: Lithuanian Unemployment Rate, 2013-2022 18
Figure 6: Lithuanian Population by Age Group, 2013-2022 19
Figure 7: Lithuanian Insurance Industry-Gross Written Premium (EUR Million), 2013-2022 21
Figure 8: Lithuanian Insurance Industry-Density (EUR), 2013-2022 22
Figure 9: Lithuanian Insurance Industry-Number of Active Policies (Million), 2013-2022 23
Figure 10: Lithuanian Life Insurance-Gross Written Premium (EUR Million), 2013-2022 25
Figure 11: Lithuanian Life Insurance-Number of Active Policies (Thousand), 2013-2022 26
Figure 12: Lithuanian Life Insurance-Penetration (%), 2013-2017 27
Figure 13: Lithuanian Life Insurance-Penetration (%), 2017-2022 27
Figure 14: Lithuanian Pension-Gross Written Premium (EUR Million), 2013-2022 28
Figure 15: Lithuanian Pension-Number of Active Policies (Thousand), 2013-2022 29
Figure 16: Lithuanian Pension-Penetration (%), 2013-2017 30
Figure 17: Lithuanian Pension-Penetration (%), 2017-2022 30
Figure 18: Lithuanian General Insurance-Gross Written Premium (EUR Million), 2013-2022 32
Figure 19: Lithuanian General Insurance-Number of Active Policies (Million), 2013-2022 33
Figure 20: Lithuanian General Insurance-Penetration (%), 2013-2017 34
Figure 21: Lithuanian General Insurance-Penetration (%), 2017-2022 34
Figure 22: Lithuanian Property Insurance-Gross Written Premium (EUR Million), 2013-2022 35
Figure 23: Lithuanian Property Insurance-Number of Active Policies (Thousand), 2013-2022 36
Figure 24: Lithuanian Property Insurance-Penetration (%), 2013-2017 37
Figure 25: Lithuanian Property Insurance-Penetration (%), 2017-2022 37
Figure 26: Lithuanian Property Insurance-Loss Ratio (%), 2013-2022 38
Figure 27: Lithuanian Motor Insurance-Gross Written Premium (EUR Million), 2013-2022 39
Figure 28: Lithuanian Motor Insurance-Number of Active Policies (Million), 2013-2022 40
Figure 29: Lithuanian Motor Insurance-Penetration (%), 2013-2017 41
Figure 30: Lithuanian Motor Insurance-Penetration (%), 2017-2022 41
Figure 31: Lithuanian Motor Insurance-Loss Ratio (%), 2013-2022 42
Figure 32: Lithuanian Liability Insurance-Gross Written Premium (EUR Million), 2013-2022 43
Figure 33: Lithuanian Liability Insurance-Number of Active Policies (Thousand), 2013-2022 44
Figure 34: Lithuanian Liability Insurance-Penetration (%), 2013-2017 45
Figure 35: Lithuanian Liability Insurance-Penetration (%), 2017-2022 45
Figure 36: Lithuanian Liability Insurance -Loss Ratio (%), 2013-2022 46
Figure 37: Lithuanian Financial Lines Insurance-Gross Written Premium (EUR Million), 2013-2022 47
Figure 38: Lithuanian Financial Lines Insurance-Number of Active Policies (Thousand), 2013-2022 48
Figure 39: Lithuanian Financial Lines Insurance-Penetration (%), 2013-2017 49
Figure 40: Lithuanian Financial Lines Insurance-Penetration (%), 2017-2022 49
Figure 41: Lithuanian Financial Lines Insurance-Loss Ratio (%), 2013-2022 50
Figure 42: Lithuanian Marine, Aviation and Transit Insurance-Gross Written Premium (EUR Million), 2013-2022 51
Figure 43: Lithuanian Marine, Aviation and Transit Insurance-Number of Active Policies (Million), 2013-2022 52
Figure 44: Lithuanian Marine, Aviation and Transit Insurance-Penetration (%), 2013-2017 53
Figure 45: Lithuanian Marine, Aviation and Transit Insurance-Penetration (%), 2017-2022 53
Figure 46: Lithuanian Marine, Aviation and Transit Insurance-Loss Ratio (%), 2013-2022 54
Figure 47: Lithuanian Personal Accident and Health Insurance-Gross Written Premium (EUR Million), 2013-2022 55
Figure 48: Lithuanian Personal Accident and Health Insurance-Number of Active Policies (Thousand), 2013-2022 56
Figure 49: Lithuanian Personal Accident and Health Insurance-Penetration (%), 2013-2017 57
Figure 50: Lithuanian Personal Accident and Health Insurance-Penetration (%), 2017-2022 57
Figure 51: Lithuanian Personal Accident and Health Insurance-Loss Ratio (%), 2013-2022 58
Figure 52: Lithuanian Insurance Industry-Market Shares of Leading Insurers (%), 2017 63
Figure 53: Lithuanian Life Insurance Segment-Market Shares of Leading Insurers (%), 2017 64
Figure 54: Lithuanian General Insurance Segment-Market Shares of Leading Insurers (%), 2017 65
Figure 55: Lithuania-The Three Pillars of Solvency II 76
Figure 56: Lithuania-Insurance Supervision and Control at Various Levels 98
Figure 57: Lithuania-Insurance Regulatory Frameworks for Company Registration and Operation 102
List of Table
List of Tables
Table 1: Lithuanian Insurance Industry-Key Facts, 2017 2
Table 2: Lithuanian Insurance Industry-Industry Shares of the Top Insurers, 2017 2
Table 3: Lithuanian Government Credit Ratings 14
Table 4: Lithuanian Insurance Industry-Gross Written Premium (EUR Million and USD Million), 2013-2017 21
Table 5: Lithuanian Insurance Industry-Gross Written Premium (EUR Million and USD Million), 2017-2022 21
Table 6: Lithuanian Insurance Industry-Density (EUR), 2013-2017 22
Table 7: Lithuanian Insurance Industry-Density (EUR), 2017-2022 22
Table 8: Lithuanian Insurance Industry-Number of Active Policies (Million), 2013-2017 23
Table 9: Lithuanian Insurance Industry-Number of Active Policies (Million), 2017-2022 23
Table 10: Lithuanian Life Insurance-Gross Written Premium (EUR Million and USD Million), 2013-2017 25
Table 11: Lithuanian Life Insurance-Gross Written Premium (EUR Million and USD Million), 2017-2022 25
Table 12: Lithuanian Life Insurance-Number of Active Policies (Thousand), 2013-2017 26
Table 13: Lithuanian Life Insurance-Number of Active Policies (Thousand), 2017-2022 26
Table 14: Lithuanian Pension-Gross Written Premium (EUR Million and USD Million), 2013-2017 28
Table 15: Lithuanian Pension-Gross Written Premium (EUR Million and USD Million), 2017-2022 28
Table 16: Lithuanian Pension-Number of Active Policies (Thousand), 2013-2017 29
Table 17: Lithuanian Pension-Number of Active Policies (Thousand), 2017-2022 29
Table 18: Lithuanian General Insurance-Gross Written Premium (EUR Million and USD Million), 2013-2017 32
Table 19: Lithuanian General Insurance-Gross Written Premium (EUR Million and USD Million), 2017-2022 32
Table 20: Lithuanian General Insurance-Number of Active Policies (Million), 2013-2017 33
Table 21: Lithuanian General Insurance-Number of Active Policies (Million), 2017-2022 33
Table 22: Lithuanian Property Insurance-Gross Written Premium (EUR Million and USD Million), 2013-2017 35
Table 23: Lithuanian Property Insurance-Gross Written Premium (EUR Million and USD Million), 2017-2022 35
Table 24: Lithuanian Property Insurance-Number of Active Policies (Thousand), 2013-2017 36
Table 25: Lithuanian Property Insurance-Number of Active Policies (Thousand), 2017-2022 36
Table 26: Lithuanian Property Insurance-Loss Ratio (%), 2013-2017 38
Table 27: Lithuanian Property Insurance-Loss Ratio (%), 2017-2022 38
Table 28: Lithuanian Motor Insurance-Gross Written Premium (EUR Million and USD Million), 2013-2017 39
Table 29: Lithuanian Motor Insurance-Gross Written Premium (EUR Million and USD Million), 2017-2022 39
Table 30: Lithuanian Motor Insurance-Number of Active Policies (Million), 2013-2017 40
Table 31: Lithuanian Motor Insurance-Number of Active Policies (Million), 2017-2022 40
Table 32: Lithuanian Motor Insurance-Loss Ratio (%), 2013-2017 42
Table 33: Lithuanian Motor Insurance-Loss Ratio (%), 2017-2022 42
Table 34: Lithuanian Liability Insurance-Gross Written Premium (EUR Million and USD Million), 2013-2017 43
Table 35: Lithuanian Liability Insurance-Gross Written Premium (EUR Million and USD Million), 2017-2022 43
Table 36: Lithuanian Liability Insurance-Number of Active Policies (Thousand), 2013-2017 44
Table 37: Lithuanian Liability Insurance-Number of Active Policies (Thousand), 2017-2022 44
Table 38: Lithuanian Liability Insurance-Loss Ratio (%), 2013-2017 46
Table 39: Lithuanian Liability Insurance-Loss Ratio (%), 2017-2022 46
Table 40: Lithuanian Financial Lines Insurance-Gross Written Premium (EUR Million and USD Million), 2013-2017 47
Table 41: Lithuanian Financial Lines Insurance-Gross Written Premium (EUR Million and USD Million), 2017-2022 47
Table 42: Lithuanian Financial Lines Insurance-Number of Active Policies (Thousand), 2013-2017 48
Table 43: Lithuanian Financial Lines Insurance-Number of Active Policies (Thousand), 2017-2022 48
Table 44: Lithuanian Financial Lines Insurance-Loss Ratio (%), 2013-2017 50
Table 45: Lithuanian Financial Lines Insurance-Loss Ratio (%), 2017-2022 50
Table 46: Lithuanian Marine, Aviation and Transit Insurance-Gross Written Premium (EUR Million and USD Million), 2013-2017 51
Table 47: Lithuanian Marine, Aviation and Transit Insurance-Gross Written Premium (EUR Million and USD Million), 2017-2022 51
Table 48: Lithuanian Marine, Aviation and Transit Insurance-Number of Active Policies (Million), 2013-2017 52
Table 49: Lithuanian Marine, Aviation and Transit Insurance-Number of Active Policies (Million), 2017-2022 52
Table 50: Lithuanian Marine, Aviation and Transit Insurance-Loss Ratio (%), 2013-2017 54
Table 51: Lithuanian Marine, Aviation and Transit Insurance-Loss Ratio (%), 2017-2022 54
Table 52: Lithuanian Personal Accident and Health Insurance-Gross Written Premium (EUR Million and USD Million), 2013-2017 55
Table 53: Lithuanian Personal Accident and Health Insurance-Gross Written Premium (EUR Million and USD Million), 2017-2022 55
Table 54: Lithuanian Personal Accident and Health Insurance-Number of Active Policies (Thousand), 2013-2017 56
Table 55: Lithuanian Personal Accident and Health Insurance-Number of Active Policies (Thousand), 2017-2022 56
Table 56: Lithuanian Personal Accident and Health Insurance-Loss Ratio (%), 2013-2017 58
Table 57: Lithuanian Personal Accident and Health Insurance-Loss Ratio (%), 2017-2022 58
Table 58: Lithuanian Insurance Industry-Market Shares of Leading Insurers (%), 2017 63
Table 59: Lithuanian Life Insurance Segment-Market Shares of Leading Insurers (%), 2017 64
Table 60: Lithuanian General Insurance Segment-Market Shares of Leading Insurers (%), 2017 65
Table 61: Lietuvos Draudimas-Key Facts 66
Table 62: BTA Akcin?s Draudimo Bendrov?s Filialas Lietuvoje-Key Facts 66
Table 63: Ergo Insurance SE Lietuvos Filialas-Key Facts 67
Table 64: Gjensidige-Key Facts 67
Table 65: Swedbank Life Insurance SE-Key Facts 67
Table 66: Lithuania-Insurance Regulatory Framework Key Features 68
Table 67: Lithuania-Life Insurance Regulatory Framework 84
Table 68: Lithuania- Property Insurance Regulatory Framework 85
Table 69: Lithuania-Motor Insurance Regulatory Framework 86
Table 70: Lithuania-Liability Insurance Regulatory Framework 87
Table 71: Lithuania-Minimum Coverage for Aircraft Third-Party Liability Per Accident per Aircraft 94
Table 72: Lithuania-Corporate Tax Rates for the Financial Year 2017 111
Table 73: Lithuanian Life Insurance-Policies and Premium, 2013-2017 115
Table 74: Lithuanian Life Insurance-Policies and Premium, 2017-2022 115
Table 75: Lithuanian Life Insurance-Claims and Expenses, 2013-2017 116
Table 76: Lithuanian Life Insurance-Claims and Expenses, 2017-2022 116
Table 77: Lithuanian Life Insurance-Linked vs. Non-Linked Policies, 2013-2017 117
Table 78: Lithuanian Life Insurance-Linked vs. Non-Linked Policies, 2017-2022 117
Table 79: Lithuanian General Insurance-Policies and Premium, 2013-2017 118
Table 80: Lithuanian General Insurance-Policies and Premium, 2017-2022 118
Table 81: Lithuanian General Insurance-Claims and Expenses, 2013-2017 118
Table 82: Lithuanian General Insurance-Claims and Expenses, 2017-2022 118
Table 83: Lithuanian General Insurance-Property Insurance, 2013-2017 119
Table 84: Lithuanian General Insurance-Property Insurance, 2017-2022 119
Table 85: Lithuanian General Insurance-Motor Insurance, 2013-2017 120
Table 86: Lithuanian General Insurance-Motor Insurance, 2017-2022 120
Table 87: Lithuanian General Insurance-Motor Insurance by Category, 2013-2017 121
Table 88: Lithuanian General Insurance-Motor Insurance by Category, 2017-2022 121
Table 89: Lithuanian General Insurance-Liability Insurance, 2013-2017 122
Table 90: Lithuanian General Insurance-Liability Insurance, 2017-2022 122
Table 91: Lithuanian General Insurance-Financial Lines Insurance, 2013-2017 123
Table 92: Lithuanian General Insurance-Financial Lines Insurance, 2017-2022 123
Table 93: Lithuanian General Insurance-Marine, Aviation and Transit Insurance, 2013-2017 123
Table 94: Lithuanian General Insurance-Marine, Aviation and Transit Insurance, 2017-2022 123
Table 95: Lithuanian General Insurance-Marine Aviation and Transit Insurance by Category, 2013-2017 124
Table 96: Lithuanian General Insurance-Marine Aviation and Transit Insurance by Category, 2017-2022 124
Table 97: Lithuanian General Insurance-Personal Accident and Health Insurance, 2013-2017 125
Table 98: Lithuanian General Insurance-Personal Accident and Health Insurance, 2017-2022 125
Table 99: Lithuanian General Insurance-Personal Accident and Health Insurance by Category, 2013-2017 126
Table 100: Lithuanian General Insurance-Personal Accident and Health Insurance by Category, 2017-2022 126
Table 101: Insurance Industry Definitions 127
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