Non-Life Insurance in Lithuania, Key Trends and Opportunities to 2021

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Published: November 07, 2017 Report Code: GD-IS1613MR-ST

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Table of Contents
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GlobalData’s 'Non-Life Insurance in Lithuania Key Trends and Opportunities to 2021' report provides a detailed outlook by product category for the Lithuanian non-life insurance segment, and a comparison of the Lithuanian insurance industry with its regional counterparts.

It provides values for key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions during the review period (2012–2016) and forecast period (2016–2021).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Lithuanian economy and demographics, explains the various types of natural hazard and their impact on the Lithuanian insurance industry, 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.

Scope

This report provides a comprehensive analysis of the non-life insurance segment in Lithuania:

• It provides historical values for the Lithuanian non-life insurance segment for the report’s 2012–2016 review period, and projected figures for the 2016–2021 forecast period.

• It offers a detailed analysis of the key categories in the Lithuanian non-life insurance segment, and market forecasts to 2021.

• It provides a comparison of the Lithuanian non-life insurance segment with its regional counterparts.

• It analyzes the various distribution channels for non-life insurance products in Lithuania.

• It analyzes various natural hazards and their impact on the Lithuanian insurance industry

• It profiles the top non-life insurance companies in Lithuania, and outlines the key regulations affecting them.

Key Highlights

• The Lithuanian non-life segment is highly competitive and dominated by foreign-owned insurers. In 2016, five insurance companies with a head office in Lithuania operated in the non-life segment.

• As of March 2017, according to the Bank of Lithuania, the solvency ratio of non-life insurance companies in Lithuania stood at 1.6, in line with the Solvency II stipulation.

• From May 24, 2018, EU data protection reforms will become applicable. According to the law, the data processor will be held liable for any liability arising due to data breach incidents.

• Motor insurance was the largest non-life category, accounting for 62.6% of the segment’s direct written premium in 2016.

Reasons to Buy

• Make strategic business decisions using in-depth historic and forecast market data related to the Lithuanian non-life insurance segment, and each category within it.

• Understand the demand-side dynamics, key market trends and growth opportunities in the Lithuanian non-life insurance segment.

• Assess the competitive dynamics in the non-life insurance segment.

• Identify growth opportunities and market dynamics in key product categories.

• Gain insights into key regulations governing the Lithuanian insurance industry, and their impact on companies and the industry's future.

Lietuvos Draudimas,BTA Insurance Company SE Filialas Lietuvoje,Gjensidige,ERGO Filialas,If P&C Insurance AS Filialas,Compensa VIG,Seesam Lietuvos Filialas,Swedbank P&C Insurance AS Lietuvos Filialas

1 Key Facts and Highlights

2 Executive Summary

3 Economy and Demographics

4 Segment Outlook

4.1 Segment Indicators

4.1.1 Gross written premium and penetration

4.1.2 Active policies

4.1.3 Claims

4.1.4 Profitability

4.1.5 Assets and investments

5 Outlook by Category

5.1 Property Insurance

5.1.1 Product overview

5.1.2 Premium

5.1.3 Claims

5.1.4 Profitability

5.2 Motor Insurance

5.2.1 Product overview

5.2.2 Premium

5.2.3 Claims

5.2.4 Profitability

5.3 Liability Insurance

5.3.1 Product overview

5.3.2 Premium

5.3.3 Active policies

5.3.4 Claims

5.3.5 Profitability

5.4 Marine, Aviation and Transit Insurance

5.4.1 Product overview

5.4.2 Premium

5.4.3 Active policies

5.4.4 Claims

5.4.5 Profitability

6 Distribution Channel Outlook

7 Natural and Man-Made Hazards

7.1 Flooding

7.2 Droughts

7.3 Landslide

7.4 Exposure

8 Competitive Landscape

8.1 Company Profiles

8.1.1 Lietuvos Draudimas – company overview

8.1.2 PZU Lietuva, UAB DK – company overview

8.1.3 Lamantinas, UAB DK – company overview

9 Governance, Risk and Compliance

9.1 Legislation Overview and Historical Evolution

9.2 Latest Changes in Regulation

9.3 Legislation and Market Practice by Type of Insurance

9.3.1 Life insurance

9.3.2 Property insurance

9.3.3 Motor insurance

9.3.4 Liability insurance

9.3.5 Marine, aviation and transit insurance

9.3.6 Personal accident and health insurance

9.4 Compulsory Insurance

9.4.1 Motor third-party liability insurance

9.4.2 Workers’ compensation

9.4.3 Civil liability insurance for construction designers

9.4.4 Civil liability insurance of contractors

9.4.5 Civil liability insurance on auditor firms

9.4.6 Air carriers and aircraft operators insurance

9.4.7 Professional indemnity insurance for alternative investment fund managers

9.4.8 Clinical trials liability insurance

9.4.9 Professional liability insurance for lawyers

9.4.10 Professional civil liability insurance for insurance and reinsurance intermediaries

9.4.11 Professional civil liability insurance for insurance brokers

9.4.12 Liability for ships with respect to oil pollution

9.5 Supervision and Control

9.5.1 International Association of Insurance Supervisors

9.5.2 European Insurance and Occupational Pensions Authority

9.5.3 Bank of Lithuania

9.5.4 Federation of European Risk Management Associations

9.6 Non-Admitted Insurance Regulations

9.6.1 Overview

9.6.2 Intermediaries

9.6.3 Market practices

9.6.4 Fines and Penalties

9.7 Company Registration and Operations

9.7.1 Type of insurance organization

9.7.2 Establishing a local company

9.7.3 Foreign ownership

9.7.4 Types of license

9.7.5 Capital requirements

9.7.6 Solvency margin

9.7.7 Reserve requirements

9.7.8 Investment regulations

9.7.9 Statutory return requirements

9.7.10 Fee structure

9.8 Taxation

9.8.1 Insurance premium or policy taxation

9.8.2 Withholding taxes on premium paid overseas

9.8.3 Corporate tax

9.8.4 VAT

9.8.5 Captives

9.9 Legal System

9.9.1 Introduction

9.9.2 Access to court

9.9.3 Alternative dispute resolution

10 Databook

10.1 Policies and Premium

10.2 Claims and Expenses

10.3 Assets and Investments

10.4 Direct Marketing and E-Commerce

10.5 Insurance Brokers and Agencies

10.6 Bancassurance

10.7 Property Insurance

10.8 Motor Insurance

10.9 Liability Insurance

10.1 Marine, Aviation and Transit Insurance

11 Definitions and Methodology

11.1 Definitions

11.2 Methodology

12 About GlobalData

12.1 Contact GlobalData

12.2 About GlobalData

12.3 GlobalData’s Services

12.4 Disclaimer

Table

Table 1: Lithuanian Non-Life Insurance – Key Facts, 2016

Table 2: Lithuanian Non-Life Insurance – Segment Shares (%) of the Top Insurers, 2016

Table 3: Lithuanian Government Credit Ratings

Table 4: Lithuanian Non-Life Insurance – Gross Written Premium (EUR Million and US$ Million), 2012–2016

Table 5: Lithuanian Non-Life Insurance – Gross Written Premium (EUR Million and US$ Million), 2016–2021

Table 6: Lithuanian Non-Life Insurance – Number of Active Policies (Million), 2012–2016

Table 7: Lithuanian Non-Life Insurance – Number of Active Policies (Million), 2016–2021

Table 8: Lithuanian Non-Life Insurance – Paid Claims (EUR Million and US$ Million), 2012–2016

Table 9: Lithuanian Non-Life Insurance – Paid Claims (EUR Million and US$ Million), 2016–2021

Table 10: Lithuanian Non-Life Insurance – Profitability Ratio (%), 2012–2016

Table 11: Lithuanian Non-Life Insurance – Profitability Ratio (%), 2016–2021

Table 12: Lithuanian Non-Life Insurance – Total Assets (EUR Million and US$ Million), 2012–2016

Table 13: Lithuanian Non-Life Insurance – Total Assets (EUR Million and US$ Million), 2016–2021

Table 14: Lithuanian Non-Life Insurance – Investment Portfolio (EUR Million), 2012–2016

Table 15: Lithuanian Non-Life Insurance – Investment Portfolio (EUR Million), 2016–2021

Table 16: Lithuanian Property Insurance – Gross Written Premium (EUR Million), 2012–2016

Table 17: Lithuanian Property Insurance – Gross Written Premium by (EUR Million), 2016–2021

Table 18: Lithuanian Property Insurance – Paid Claims (EUR Million and US$ Million), 2012–2016

Table 19: Lithuanian Property Insurance – Paid Claims (EUR Million and US$ Million), 2016–2021

Table 20: Lithuanian Property Insurance – Loss Ratio (%), 2012–2016

Table 21: Lithuanian Property Insurance – Loss Ratio (%), 2016–2021

Table 22: Lithuanian Motor Insurance –Number of Vehicles by type (Thousands), 2012–2016

Table 23: Lithuanian Motor Insurance – Road Accidents, 2012–2016

Table 24: Lithuanian Motor Insurance – Gross Written Premium (EUR Million), 2012–2016

Table 25: Lithuanian Motor Insurance – Gross Written Premium (EUR Million), 2016–2021

Table 26: Lithuanian Motor Insurance – Paid Claims (EUR Million and US$ Million), 2012–2016

Table 27: Lithuanian Motor Insurance – Paid Claims (EUR Million and US$ Million), 2016–2021

Table 28: Lithuanian Motor Insurance – Loss Ratio (%), 2012–2016

Table 29: Lithuanian Motor Insurance – Loss Ratio (%), 2016–2021

Table 30: Lithuanian Liability Insurance – Cyberattacks by Type, 2014–2016

Table 31: Lithuanian Liability Insurance – Gross Written Premium (EUR Million and US$ Million), 2012–2016

Table 32: Lithuanian Liability Insurance – Gross Written Premium (EUR Million and US$ Million), 2016–2021

Table 33: Lithuanian Liability Insurance – Number of Active Policies (Thousand), 2012–2016

Table 34: Lithuanian Liability Insurance – Number of Active Policies (Thousand), 2016–2021

Table 35: Lithuanian Liability Insurance – Paid Claims (EUR Million and US$ Million), 2012–2016

Table 36: Lithuanian Liability Insurance – Paid Claims (EUR Million and US$ Million), 2016–2021

Table 37: Lithuanian Liability Insurance – Loss Ratio (%), 2012–2016

Table 38: Lithuanian Liability Insurance – Loss Ratio (%), 2016–2021

Table 39: Lithuanian Transport Network – Global Rankings

Table 40: Latvian Marine, Aviation and Transit Insurance – Air Passenger Traffic (thousand), 2012–2016

Table 41: Lithuanian Marine, Aviation and Transit Insurance – Gross Written Premium (EUR Million and US$ Million), 2012–2016

Table 42: Lithuanian Marine, Aviation and Transit Insurance – Gross Written Premium (EUR Million and US$ Million), 2016–2021

Table 43: Lithuanian Marine, Aviation and Transit Insurance – Number of Active Policies (Thousand), 2012–2016

Table 44: Lithuanian Marine, Aviation and Transit Insurance – Number of Active Policies (Thousand), 2016–2021

Table 45: Lithuanian Marine, Aviation and Transit Insurance – Paid Claims (EUR Million and US$ Million), 2012–2016

Table 46: Lithuanian Marine, Aviation and Transit Insurance – Paid Claims (EUR Million and US$ Million), 2016–2021

Table 47: Lithuanian Marine, Aviation and Transit Insurance – Loss Ratio (%), 2012–2016

Table 48: Lithuanian Marine, Aviation and Transit Insurance – Loss Ratio (%), 2016–2021

Table 49: Lithuanian Life Segment – Market Shares of Leading Insurers (%), 2016

Table 50: Lietuvos Draudimas – Key Facts

Table 51: Lietuvos Draudimas – Key Financials (EUR Million), 2012–2016

Table 52: PZU Lietuva, UAB DK – Key Facts

Table 53: Lamantinas, UAB DK – Key Facts

Table 54: Lithuania – Insurance Regulatory Framework Key Features

Table 55: Lithuania – Life Insurance Regulatory Framework

Table 56: Lithuania– Property Insurance Regulatory Framework

Table 57: Lithuania – Motor Insurance Regulatory Framework

Table 58: Lithuania – Liability Insurance Regulatory Framework

Table 59: Lithuania – Minimum Coverage for Aircraft Third-Party Liability Per Accident per Aircraft

Table 60: Lithuania – Corporate Tax Rates for the Financial Year 2017

Table 61: Lithuanian Insurance Industry – Policies and Premium, 2012–2016

Table 62: Lithuanian Insurance Industry – Policies and Premium, 2016–2021

Table 63: Lithuanian Non-Life Insurance – Claims and Expenses, 2012–2016

Table 64: Lithuanian Non-Life Insurance – Claims and Expenses, 2016–2021

Table 65: Lithuanian Non-Life Insurance – Assets and Investments, 2012–2016

Table 66: Lithuanian Non-Life Insurance – Assets and Investments, 2016–2021

Table 67: Lithuanian Non-Life Insurance – Direct Marketing and E-Commerce, 2012–2016

Table 68: Lithuanian Non-Life Insurance – Direct Marketing and E-Commerce, 2016–2021

Table 69: Lithuanian Non-Life Insurance – Insurance Brokers and Agencies, 2012–2016

Table 70: Lithuanian Non-Life Insurance – Insurance Brokers and Agencies, 2016–2021

Table 71: Lithuanian Non-Life Insurance – Insurance Brokers and Agencies, 2012–2016

Table 72: Lithuanian Non-Life Insurance – Insurance Brokers and Agencies, 2016–2021

Table 73: Lithuanian Non-Life Insurance – Property Insurance, 2012–2016

Table 74: Lithuanian Non-Life Insurance – Property Insurance, 2016–2021

Table 75: Lithuanian Non-Life Insurance – Motor Insurance, 2012–2016

Table 76: Lithuanian Non-Life Insurance – Motor Insurance, 2016–2021

Table 77: Lithuanian Non-Life Insurance – Liability Insurance, 2012–2016

Table 78: Lithuanian Non-Life Insurance – Liability Insurance, 2016–2021

Table 79: Lithuanian Non-Life Insurance – Marine, Aviation and Transit Insurance, 2012–2016

Table 80: Lithuanian Non-Life Insurance – Marine, Aviation and Transit Insurance, 2016–2021

Table 81: Insurance Industry Definitions

Figures

Figure 1: Lithuanian Real GDP (US$ Billion), 2012–2021

Figure 2: Lithuanian Current Account Balance as Percentage of GDP (%), 2012–2016

Figure 3: Lithuanian Consumer Price Inflation (%), 2012–2021

Figure 4: Lithuanian Unemployment Rate, 2012–2021

Figure 5: Lithuanian Population by Age Group, 1991–2025

Figure 6: Lithuanian Non-Life Insurance – Gross Written Premium (EUR Million), 2012–2021

Figure 7: Lithuanian Non-Life Insurance – Number of Active Policies (Million), 2012–2021

Figure 8: Lithuanian Non-Life Insurance – Paid Claims (EUR Million), 2012–2021

Figure 9: Lithuanian Non-Life Insurance – Profitability Ratio (%), 2012–2021

Figure 10: Lithuanian Non-Life Insurance – Total Assets (EUR Million), 2012–2021

Figure 11: Lithuanian Non-Life Insurance – Investment Portfolio (EUR Million), 2012–2021

Figure 12: Lithuanian Non-Life Insurance – Investment Portfolio Dynamics by Types of Investment, 2012–2021

Figure 13: Lithuanian Property Insurance – Gross Written Premium (EUR Million), 2012–2021

Figure 14: Lithuanian Property Insurance – Paid Claims (EUR Million), 2012–2021

Figure 15: Lithuanian Property Insurance – Earned Premium, Incurred Loss and Loss Ratio (EUR Million and %), 2012–2021

Figure 16: Lithuanian Motor Insurance – Gross Written Premium (EUR Million), 2012–2021

Figure 17: Lithuanian Motor Insurance – Paid Claims (EUR Million), 2012–2021

Figure 18: Lithuanian Motor Insurance – Earned Premium, Incurred Loss and Loss Ratio (EUR Million and %), 2012–2021

Figure 19: Lithuanian Liability Insurance – Cyberattacks by Type (%), 2015-2016

Figure 20: Lithuanian Liability Insurance – Gross Written Premium (EUR Million), 2012–2021

Figure 21: Lithuanian Liability Insurance – Number of Active Policies (Thousand), 2012–2021

Figure 22: Lithuanian Liability Insurance – Paid Claims (EUR Million), 2012–2021

Figure 23: Lithuanian Liability Insurance – Earned Premium, Incurred Loss and Loss Ratio (EUR Million and %), 2012–2021

Figure 24: Lithuanian Marine, Aviation and Transit Insurance – Imports and Exports (EUR Billion), 2012–2016

Figure 25: Lithuanian Marine, Aviation and Transit Insurance – Gross Written Premium (EUR Million), 2012–2021

Figure 26: Lithuanian Marine, Aviation and Transit Insurance – Number of Active Policies (Thousand), 2012–2021

Figure 27: Lithuanian Marine, Aviation and Transit Insurance – Paid Claims (EUR Million), 2012–2021

Figure 28: Lithuanian Marine, Aviation and Transit Insurance – Earned Premium, Incurred Loss and Loss Ratio (EUR Million and %), 2012–2021

Figure 29: Lithuanian Non-Life Segment – Market Shares of Leading Insurers (%), 2016

Figure 30: Lithuania – The Three Pillars of Solvency II

Figure 31: Lithuania – Insurance Supervision and Control at Various Levels

Figure 32: Lithuania – Insurance Regulatory Frameworks for Company Registration and Operation

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