Lithuania Insurance Industry – Key Trends and Opportunities to 2028
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Lithuania Insurance Market Report Overview
The gross written premium (GWP) of the Lithuania insurance market was EUR1.4 billion ($1.6 billion) in 2023. The market will achieve a CAGR of more than 8% during 2024-2028. The Lithuania insurance market research report provides in-depth market analysis, information, and insights into the Lithuania insurance industry. It provides a detailed outlook by product category as well as values for key performance indicators such as gross written premium, penetration, premium accepted and ceded, profitability ratios, and premium by line of business, during the review and forecast periods.
Lithuania Insurance Market Outlook, 2023-2028 (EUR Billion)
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The Lithuania insurance market report also analyzes distribution channels operating in the segment and gives a comprehensive overview of the Lithuanian economy and demographics. It further evaluates the competitive landscape, which entails 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.
Market Size (2022) | EUR1.4 billion ($1.6 billion) |
CAGR (2023-2027) | >8% |
Forecast Period | 2023-2028 |
Historical Period | 2019-2023 |
Key Segments | · General Insurance
· Life Insurance |
Leading Companies | · Lietuvos Draudimas
· BTA Akcines · ERGO Life Insurance · Compenda Life · Gjensidige Group |
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Lithuania Insurance Market Trends
The rising focus on personalization and rising property insurance are a few of the key trends impacting the Lithuania insurance market. For instance, Lietuvos Draudimas signed an agreement with the Kaunas Zalgiris basketball academy to provide coverage for young basketball players against injuries suffered during competitions and training. The insurance covers bone fractures, dislocations, soft-tissue conditions, and other injuries. The academy aims to expand the coverage to include medical care and rehabilitation in the future.
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Lithuania Insurance Market by Segments
insurance segment dominated the Lithuania insurance market GWP in 2023. General insurance lines of business include property, motor, liability, financial lines, MAT and general insurance PA&H. Motor insurance was the leading line of business (LoB) in 2023. Growth for the year was boosted by an increase in electric vehicle sales and the lack of COVID-related travel restrictions, which led to improved mobility.
Lithuania Insurance Market Analysis by Segments, 2023 (%)
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Lithuania Insurance Market – Competitive Landscape
Lietuvos Draudimas was the largest insurer within the total industry in 2023
A few of the key companies in the Lithuania insurance market are:
- Lietuvos Draudimas
- BTA Akcines
- ERGO Life Insurance
- Compenda Life
- Gjensidige Group
Lietuvos Draudimas offers products such as property insurance, motor third-party liability, employers’ liability, carrier liability, and commercial liability. Draudimo Fondas and Vaidra are the patent entities of this company.
Lithuania Insurance Market Analysis by Companies, 2023(%)
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Lithuania Insurance Market – Latest Developments
- On January 26, 2023, the Financial Action Task Force published a report evaluating Lithuania’s progress in executing anti-money laundering and counter-terrorist financing measures.
- On June 27, 2022, the central bank issued recommendations regarding the services offered online by insurance companies and brokers. Insurers must provide information about insurance products in a simple and understandable language.
Lithuania Insurance Market Segments Outlook (Value, EUR Billion, 2019-2028)
- Life Insurance
- General Insurance
Scope
This report provides a comprehensive analysis of the Lithuania insurance industry. It also offers:
- Historical values for the Lithuania insurance industry for the 2019-2023 review period, and projected figures for the 2024-2028 forecast period.
- A detailed analysis of the key categories in the Lithuania insurance industry and market forecasts to 2028.
- Insights on top life insurance companies in Lithuania and outlines the key regulations affecting them.
- Analysis of distribution channels operating in the segment, an overview of the Lithuania economy and demographics, and also detailed information on the competitive landscape in the country.
- Values for key performance indicators such as gross written premium, penetration, premium accepted and ceded, profitability ratios, and premium by line of business, during the review period and forecast period.
Key Highlights
The report provides:
- Key insights and dynamics of the Lithuania insurance industry.
- A comprehensive overview of the Lithuania economy, government initiatives, and investment opportunities.
- The Lithuania insurance regulatory framework’s evolution, key facts, taxation regime, licensing, and capital requirements.
- The Lithuania insurance industry’s structure and details of lines of business.
- Lithuania’s reinsurance business’s market structure and details of the premium ceded along with cession rates.
Reasons to Buy
- Make strategic business decisions using in-depth historical and forecast market data related to the Lithuania insurance industry, and each category within it.
- Understand the demand-side dynamics, key market trends, and growth opportunities in the Lithuania insurance industry.
- Assess the competitive dynamics in the Lithuania insurance industry.
- Identify growth opportunities and market dynamics in key product categories.
BTA Akcines
ERGO Life Insurance
Compensa TU
Compensa Life
Gjensidige Group
P&C Insurance
Swedbank
Table of Contents
Frequently asked questions
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What was the Lithuania insurance market gross written premium in 2023?
The gross written premium of the Lithuania insurance market was EUR1.4 billion ($1.6 billion) in 2023.
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What will the growth rate of the Lithuania insurance market be during the forecast period?
The insurance market in Lithuania will achieve a CAGR of more than 8% during 2024-2028.
-
Which segment dominated the Lithuania insurance market in 2023?
The general insurance segment dominated the Lithuania insurance market in 2023.
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Which are the major companies operating in the Lithuania insurance market?
A few of the key companies in the Lithuania insurance market are Lietuvos Draudimas, BTA Akcines, ERGO Life Insurance, Compenda Life, and Gjensidige Group among others.
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