Business Monitor International

Lithuania Insurance Report

Published 30 October 2013

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Lithuania Insurance Report

BMI View: The market metrics in Lithuania have, over the last two years or so, been more favourable than in the other Baltic states.

Key Insights And Key Risks

Given the country's economic and political history of the last 25 years or so, and the identities of the main players in the non-life and the life segments, one would expect that conditions in Lithuania's insurance sector would, overall, be similar to those of Estonia and Latvia. In the other two Baltic states, the insurance sectors are (greatly) strengthened by the dominant positions of the local operations of major multinationals. Across the sub-region, key players include five large Scandinavian financial services groups ( SEB, Swedbank, Gjensidige, OP Pohjola and I f Sampo), UK-based non-life major RSA and the (life) operations of VIG, the Austria-based composite group that has the largest footprint across Central & Eastern Europe of any multi-national.

However, competitive pressures, low incomes of some households and (in spite of the best efforts of the insurers, regulators and other stakeholders) a lack of understanding of the benefits of insurance (and, in particular, life insurance) have constrained the growth in premiums.

Although the market shares are different, broadly the same players are present in Lithuania, as is an offshoot of Polish giant PZU. The constraints on growth in premiums also apply. However, the market metrics in Lithuania have, over the last two years or so, been more favourable than in the other two Baltic states. Thanks to sustained growth in motor-related lines, volumes have been rising in the non-life segment. So too have prices. This has happened at a time that claims have been reduced by the absence (in H113) of large scale catastrophes and good management by the insurance companies. Profits have surged. Penetration (premiums as a percentage of GDP) have been rising and should continue to do so.

In the life segment, density (premiums per capita) have been...

The Lithuania Insurance Report has been researched at source and features Business Monitor International (BMI)'s independent assessment and forecasts for the insurance sector. It examines industry developments, key growth drivers and risk management projections, including the macroeconomic situation, government policy, regulatory environment and the level of development and potential for growth, broken down by line. Leading insurers are profiled, covering premiums, products and services and competitive positioning.

BMI's Lithuania Insurance Report provides professionals, consultancies, government departments, regulatory bodies and researchers with independent forecasts and regional competitive intelligence on the Lithuanian insurance industry.

Key Benefits

  • Benchmark BMI's independent insurance industry forecasts for Lithuania to test other views - a key input for successful budgeting and strategic business planning in Lithuania's insurance market.
  • Target business opportunities and risks in Lithuania through our reviews of latest industry trends, regulatory changes and major deals, investments and macroeconomic developments.
  • Exploit latest competitive intelligence on your competitors, partners and clients via our Company Profiles (inc. SWOTs, KPIs and latest activity).


BMI Industry View

Summary of BMI's key industry forecasts and views, covering the Life and Non-Life segments, the evolving competitive landscape and business operational risks.

Industry SWOT Analysis

Analysis of the major Strengths, Weaknesses, Opportunities and Threats within the insurance sector and within the broader political, economic and business environment.

Regional Outlook

Individual analysis of both Life and Non-Life insurance sector developments and prospects across developed states and emerging markets - supported by BMI's global industry growth forecasts. This is followed by an in-depth evaluation of region- and country-specific trends, focusing on BMI's country-by-country market growth data.

Business Environment Rankings

BMI's Insurance Business Environment Rankings provide a country-comparative Risk-Reward Rankings index aimed at investors (Life and Non-Life) in the insurance market.

The rankings methodology makes sophisticated use of over 40 industry, economic and demographic data points and is part of BMI's integrated Country Risk-Industry Rankings products.

BMI Industry Forecasts

Historic data series (2008-2012) and forecasts to end-2018 for key industry and economic indicators (see list below) supported by explicit assumptions, plus analysis of key risks to the main forecasts. Indicators include:

Premiums: Total (US$mn), growth (% y-o-y), penetration (% of GDP), density (US$ per capita) for Life and Non-Life sectors, and total premiums.

Life: Data on gross written premiums for all major non-life segments (e.g. motor, fire, work).

Non-life: Data on gross written premiums for all major life segments (e.g. life, retirement).

Economic: Nominal GDP (US$bn), real GDP growth (%), GDP per capita (US$), population (mn), unemployment (%), exchange rate (against US$).

Competitive Landscape & Rankings

Illustration of the insurance industry via rankings tables comparing gross written premiums by company (US$mn) and market share (%). This chapter also includes in-depth regional analysis of the market position, business strategies and investment potential of the leading insurance companies.

Company Profiles

Examines the competitive positioning and short- to medium-term business strategies of key industry players. Strategy is examined within the context of BMI's industry forecasts, our macroeconomic views and our understanding of the wider competitive landscape. The latest financial and operating statistics and key company developments are also incorporated within the company profiles, enabling a full evaluation of recent company performance and future growth prospects.

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'An essential, multi-faceted research tool. BMI’s thorough understanding of the major market players enables an informed – and informative – review of the sector’s actual performance, together with useful insights into current industry issues, which are topped-off with detailed and invaluable forecasts of industry and macroeconomic trends.’

Senior Research Analyst, ABC International Bank plc