Insurance market reports are produced following a country visit with interviews with professionals working in the sector with systematic updates to information throughout the cycle. Covering market developments, macroeconomic factors and comprehensive details of the regulatory environment including relevant taxation as well as market indicators and company statistics.
Axco’s Lithuania Non-Life Insurance Market Report (P&C) also comprises a detailed analysis of lines of business and sub-classes such as natural hazards, property, construction and machinery breakdown, motor, workers compensation & employers’ liability and liability.
The Life & Benefits Report for Lithuania includes detail on social security, healthcare, individual life assurance and pensions information as well as market statistics and life company statistics
Real GDP growth (%)
Insurance Penetration (%)
Lithuania, the largest of the three Baltic states, achieved independence from the former Soviet Union in 1991. In 2019 total non-life premium, predominantly motor business, was EUR 708.60mn (USD 772.15mn), up around 7% on 2018. The figures include PA and healthcare insurance which is written by both non-life and life insurers. The statistics do not fully reflect the real size of the insurance market as many large risks (aviation, marine hull and property for example) are placed abroad on a freedom of services basis.
In late 2020, there were 11 active non-life insurers or groups in the Lithuanian market, four companies domiciled locally and seven branch operations. Foreign-owned insurers dominate the market with a share close to 100%. The market is dominated by the former state-owned insurer now part of Poland's PZU group. Insurance brokers have an increasing market share of non-life business in Lithuania, particularly MTPL which is sold on-line.