Lithuania Insurance Industry – Key Trends and Opportunities to 2027
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Lithuania Insurance Market Report Overview
The gross written premium of the Lithuania insurance market was EUR1,234.0 million ($1,474.2million) in 2022. The market is expected to achieve a CAGR of more than 7% during 2023-2027.
Lithuania Insurance Market Outlook, 2022-2027 (EUR Million)
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The Lithuania insurance market research report provides in-depth market analysis, information, and insights into the Lithuania insurance industry. It provides 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. The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Lithuania economy and demographics, and provides detailed information on the competitive landscape in the country. The report gives insurers information on segment dynamics, 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) | EUR1,234.0 million ($1,474.2million) (GWP) |
CAGR (2023-2027) | >7% |
Forecast Period | 2023-2027 |
Historical Period | 2017-2022 |
Key Segments | Life Insurance and General Insurance |
Leading Players | Lietuvos Draudimas, BTA, ERGO, Compensa Lietuvos Filialas, Gjensidige, Swedbank, Compensa Lithuanian Branch, Balcia filialas, and Vereinigte among others |
Lithuania Insurance Market Trends
Property insurance is one of the key trends impacting the Lithuania insurance market. In March 2022, BTA Insurance announced its intention to provide a free property insurance service for all housing in Lithuania, to accommodate refugees from the Ukraine. It is valid upon contact with the company and will operate from the time the refugees move into the premises.
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Lithuania Insurance Market by Segments
The key segments in the Lithuania insurance market are life insurance and general insurance. The general insurance segment dominated the market in 2022.
General Insurance: It can be further divided into the property, motor, liability, MAT, financial lines, and general insurance PA&H. Of all the general insurance lines of business, motor insurance recorded the highest share of the total GWP, in 2022. The growth can be attributed to motor third-party liability which accounted for a share of 58.0% of the total motor insurance policies, while the remaining 42.0% share was held by the motor hull.
Life Insurance: The key lines of business in this segment are whole life, general annuity, endowment, term life, and life PA&H. The endowment line of business held majority of this segment’s share in 2022. Growth in the endowment sector can be confined to the slow rise in bank deposit rates, which have increased
Lithuania Insurance Market Analysis by Segments, 2022 (%)
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Lithuania Insurance Market – Competitive Landscape
Lithuania’s insurance industry is highly concentrated, with the top ten insurers holding more than 86% of the total insurance industry’s GWP in 2022. Lietuvos Draudimas is the leading insurer in 2022, followed by BTA and ERGO.
Lithuania Insurance Market Analysis by Players, 2021 (%)
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Segments Covered in the Report
Lithuania Insurance Market Segments Outlook (Value, EUR Million, 2018-2027)
- Life Insurance
- General Insurance
Scope
This report provides:
- Comprehensive analysis of the Lithuania insurance industry.
- Historical values for the Lithuania insurance industry for the report’s review period and projected figures for the forecast period.
- A detailed analysis of the key categories in the Lithuania insurance industry, and market forecasts to 2027.
- Profiles of the top life insurance companies in Lithuania and outlines the key regulations affecting them.
Key Highlights
- 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 market structure giving details of lines of business.
- Lithuania’s reinsurance business’s market structure giving details of premium ceded along with cession rates.
Reasons to Buy
- Make strategic business decisions using in-depth historic 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
ERGO
Compensa
Swedbank
Gjensidige Group
Aviva
INVL Life
Table of Contents
Frequently asked questions
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What was the Lithuania insurance market gross written premium in 2022?
The gross written premium of the Lithuania insurance market was EUR1,234.0 million ($1,474.2million) in 2022.
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What is the Lithuania insurance market growth rate?
The insurance market in Lithuania is expected to achieve a CAGR of more than 7% during 2023-2027
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What are the key segments of the Lithuania insurance market?
The key segments of the Lithuania insurance market are life insurance and general insurance.
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What are the key companies in the Lithuania insurance market?
The key companies in the Lithuania insurance market are Lietuvos Draudimas, BTA, ERGO, Compensa Lietuvos Filialas, Gjensidige, Swedbank, Compensa Lithuanian Branch, Balcia filialas, and Vereinigte among others.
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