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The Insurance Industry in Lithuania, Key Trends and Opportunities to 2022

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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.

READ MORE

Table Of Content

Scope

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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Products and Companies

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

Company Profile

Company Profile Title

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.

READ MORE

Scope

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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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