(MENAFNEditorial)
Lithuania's insurance market is showing the benefits of increasing consumer sophistication as the economy develops as a whole. However it is constrained by its modest size in premium income terms and low income per capita making many non compulsory product lines unaffordable. The country's adoption of the Euro may improve sales in the life sector savings products as bank interest rates on deposits are negligible.
The life insurance segment remains very under-developed by most metrics. However we still look for (low) single digit growth in life premiums through the forecast period. In the non-life segment (which is also under-developed) the main challenge is price competition but should also result in modest premium growth. In spite of consolidation in the market of which Gjensidige Forsikring ASA's acquisition of PZU Lietuva from PZU SA is the latest example underwriters will find it hard to increase rates.
The strengths of Lithuania's insurance sector are those of the multi-national companies that dominate it. These strengths in no particular order include: access to capital; strong brands; ability to innovate and to develop attractive new products; multi-channel distribution; and access to economies of scale that come from pan-European geographic footprints. Adoption of the EUR with effect from January 1 2015 will reinforce the stability of the economy and the financial system.
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Total premiums across the sector as a whole are equivalent to about 1.5% of GDP or around USD280 per capita at the end of the forecast period. The life segment accounts for just under one third of all activity; the non-life segment for a little over two-thirds. Life insurance products remain unaffordable for many households. In this respect Lithuania is similar to a number of the poorer countries in Central and Eastern Europe. Low household incomes are the fundamental reason why we expect only pedestrian growth in premiums through the forecast period.
Even though...
Report Table of Contents:
BMI Industry View
SWOT
Political
Economic
Industry Forecast
Total Premiums Forecast
Table: Total Gross Premiums Written (Lithuania 2011-2018)
Total Claims
Table: Total Insurance Claims (Lithuania 2008-2013)
Insurers' Assets
Table: Total Insurance Assets (Lithuania 2006-2013)
Life Premiums Forecast
Life Premiums
Table: Gross Life Premiums Written (Lithuania 2011-2018)
Life Claims
Table: Life Insurance Claims (Lithuania 2008-2013)
Life Insurers' Assets
Table: Assets (Lithuania 2006-2013)
Insurance Drivers
Table: Insurance Key Drivers Disease Adjusted Life Years (Lithuania 2011-2018)
Table: Insurance Key Drivers Private Health Expenditure (Lithuania 2011-2018)
Non-Life Premiums Forecast
Non-Life Premiums
Table: Gross Non-Life Premiums Written (Lithuania 2011-2018)
Table: Non-Life Insurance Claims (Lithuania 2008-2013)
Non-Life Insurers' Assets
Table: Assets (Lithuania 2006-2013)
Non-Life Sub-Sector Forecast
Table: Non-Life % Breakdown (Lithuania 2011-2018)
Motor and Transport Insurance
Table: Motor Vehicle Insurance (Lithuania 2011-2018)
Table: Insurance Key Drivers Autos (Lithuania 2011-2018)
Table: Transport Insurance (Lithuania 2011-2018)
Table: Insurance Key Drivers Freight Tonnage (Lithuania 2011-2018)
Property Insurance
Table: Property Insurance (Lithuania 2011-2018)
Health Insurance
Table: Health Insurance (Lithuania 2011-2018)
General Liability and Credit Insurance
Table: General Liability Insurance (Lithuania 2011-2018)
Table: Credit/Financial Guarantee Insurance (Lithuania 2011-2018)
Industry Risk Reward Ratings
Central and Eastern European Risk/Reward Index
Table: Central And Eastern Europe Risk/Reward Index - Q1 2015
Market Overview
Life Market Overview
Table: Life Market Share USDmn 2008-2013
Table: Life Market Share (%) 2008-2013
Non-Life Market Overview
Table: Non-Life Market Share USDmn 2008-2013
Table: Non-Life Market Share (%) 2008-2013
Company Profile
Gjensidige Baltic
Lietuvos Draudimas
SEB Life & Pensions International
Swedbank Life Insurance
Demographic Forecast
Lithuania
Table: Lithuania's Population By Age Group 1990-2020 ('000)
Table: Lithuania's Population By Age Group 1990-2020 (% of total)
Table: Lithuania's Key Population Ratios 1990-2020
Table: Lithuania's Rural And Urban Population 1990-2020
Methodology
Industry Forecast Methodology
Risk/Reward Index Methodology
Table: Indicators
Table: Weighting of Indicators
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