The Insurance Industry in Lithuania, Key Trends and Opportunities to 2022


The Insurance Industry in Lithuania, Key Trends and Opportunities to 2022

Summary

GlobalData’s 'The Insurance Industry in Lithuania, Key Trends and Opportunities to 2022' report provides detailed analysis of the market trends, drivers and challenges in the Lithuanian insurance industry.

It provides key performance indicators such as written premium and claims during the review period (2013-2017) and forecast period (2017-2022).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Lithuanian economy and demographics, and provides detailed information on the competitive landscape in the country.

The report brings together GlobalData’s research, modeling and analysis expertise, giving insurers access to 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.

Inside this report, we look at the top themes, its predictions and identify winners and losers.

The report provides in-depth market analysis, information and insights into the Lithuanian insurance industry, including -
- The Lithuanian insurance industry's growth prospects by segment and category
- A comprehensive overview of the Lithuanian economy and demographics
- Details of the competitive landscape in the Lithuanian insurance industry
- The various distribution channels in the Lithuanian insurance industry
- Details of regulatory policy applicable to the Lithuanian insurance industry
- Analysis of natural hazards in the Lithuanian insurance industry

Key Highlights

- On July 7, 2015, EIOPA published the consultation paper on the introduction of Pan-European Pension Product (PEPP).
- The LB implemented a draft law in 2018 for the improvement of regulations related to unit-linked policies.
- In June 2018, the government proposed amendments to the Health Insurance Law.

Scope

- This report provides a comprehensive analysis of the insurance industry in Lithuania.
- It provides historical values for the Lithuanian insurance industry for the report’s 2013-2017 review period, and projected figures for the 2017-2022 forecast period.
- It offers a detailed analysis of the key segments in the Lithuanian insurance industry, with market forecasts to 2022.
- It covers an exhaustive list of parameters, including written premium and claims.
- It analyzes the various distribution channels in Lithuania.
- It profiles the top insurance companies in Lithuania, and outlines the key regulations affecting them.

Reasons to buy

- Make strategic business decisions using in-depth historic and forecast market data related to the Lithuanian insurance industry and each segment and category within it.
- Understand the demand-side dynamics, key market trends and growth opportunities in the Lithuanian insurance industry.
- Assess the competitive dynamics in the Lithuanian insurance industry.
- Identify the growth opportunities and market dynamics in key segments.
- Gain insights into key regulations governing the Lithuanian insurance industry and their impact on companies and the industry's future.

Table of Contents
1 KEY FACTS AND HIGHLIGHTS 2
2 EXECUTIVE SUMMARY 3
3 ECONOMY AND DEMOGRAPHICS 12
4 INDUSTRY OUTLOOK 20
    4.1 Industry Indicators 21
      4.1.1 Gross written premium 21
      4.1.2 Insurance density 22
      4.1.3 Active policies 23
5 LIFE INSURANCE OUTLOOK 24
    5.1 Segment Indicators 25
      5.1.1 Gross written premium 25
      5.1.2 Active policies 26
      5.1.3 Penetration 27
    5.2 Pension Insurance 28
      5.2.1 Gross written premium 28
      5.2.2 Active policies 29
      5.2.3 Penetration 30
6 GENERAL INSURANCE OUTLOOK 31
    6.1 Segment Indicators 32
      6.1.1 Gross written premium 32
      6.1.2 Active policies 33
      6.1.3 Penetration 34
    6.2 Property Insurance 35
      6.2.1 Gross written premium 35
      6.2.2 Active policies 36
      6.2.3 Penetration 37
      6.2.4 Profitability 38
    6.3 Motor Insurance 39
      6.3.1 Gross written premium 39
      6.3.2 Active policies 40
      6.3.3 Penetration 41
      6.3.4 Profitability 42
    6.4 Liability Insurance 43
      6.4.1 Gross written premium 43
      6.4.2 Active policies 44
      6.4.3 Penetration 45
      6.4.4 Profitability 46
    6.5 Financial Lines Insurance 47
      6.5.1 Gross written premium 47
      6.5.2 Active policies 48
      6.5.3 Penetration 49
      6.5.4 Profitability 50
    6.6 Marine, Aviation and Transit Insurance 51
      6.6.1 Gross written premium 51
      6.6.2 Active policies 52
      6.6.3 Penetration 53
      6.6.4 Profitability 54
    6.7 Personal Accident and Health Insurance 55
      6.7.1 Gross written premium 55
      6.7.2 Active policies 56
      6.7.3 Penetration 57
      6.7.4 Profitability 58
7 REINSURANCE OUTLOOK 59
8 DISTRIBUTION CHANNEL OUTLOOK 60
9 NATURAL AND MAN-MADE HAZARDS 61
    9.1 Flooding 61
    9.2 Droughts 61
    9.3 Epidemics 61
    9.4 Exposure 61
10 COMPETITIVE LANDSCAPE 62
    10.1 Company Profiles 66
      10.1.1 Lietuvos Draudimas - company overview 66
      10.1.2 BTA Akcinės Draudimo Bendrovės Filialas Lietuvoje - company overview 66
      10.1.3 Ergo Insurance SE Lietuvos Filialas - company overview 67
      10.1.4 Gjensidige - company overview 67
      10.1.5 Swedbank Life Insurance SE - company overview 67
11 GOVERNANCE, RISK AND COMPLIANCE 68
    11.1 Legislation Overview and Historical Evolution 69
    11.2 Latest Changes in Regulation 70
    11.3 Legislation and Market Practice by Type of Insurance 83
      11.3.1 Life insurance 84
      11.3.2 Property insurance 85
      11.3.3 Motor insurance 86
      11.3.4 Liability insurance 87
      11.3.5 Marine, aviation and transit insurance 88
      11.3.6 Personal accident and health insurance 88
    11.4 Compulsory Insurance 90
      11.4.1 Motor third-party liability insurance 90
      11.4.2 Workers’ compensation 91
      11.4.3 Civil liability insurance for construction designers 92
      11.4.4 Civil liability insurance of contractors 92
      11.4.5 Civil liability insurance on auditor firms 93
      11.4.6 Air carriers and aircraft operators insurance 93
      11.4.7 Professional indemnity insurance for alternative investment fund managers 95
      11.4.8 Clinical trials liability insurance 95
      11.4.9 Professional liability insurance for lawyers 95
      11.4.10 Professional civil liability insurance for insurance and reinsurance intermediaries 95
      11.4.11 Professional civil liability insurance for insurance brokers 96
      11.4.12 Liability for ships with respect to oil pollution 96
    11.5 Supervision and Control 98
      11.5.1 International Association of Insurance Supervisors 98
      11.5.2 European Insurance and Occupational Pensions Authority 99
      11.5.3 Bank of Lithuania 99
      11.5.4 Federation of European Risk Management Associations 99
    11.6 Non-Admitted Insurance Regulations 100
      11.6.1 Overview 100
      11.6.2 Intermediaries 100
      11.6.3 Market practices 100
      11.6.4 Fines and Penalties 101
    11.7 Company Registration and Operations 102
      11.7.1 Type of insurance organization 103
      11.7.2 Establishing a local company 103
      11.7.3 Foreign ownership 104
      11.7.4 Types of license 105
      11.7.5 Capital requirements 106
      11.7.6 Solvency margin 107
      11.7.7 Reserve requirements 109
      11.7.8 Investment regulations 109
      11.7.9 Statutory return requirements 110
      11.7.10 Fee structure 110
    11.8 Taxation 111
      11.8.1 Insurance premium or policy taxation 111
      11.8.2 Withholding taxes on premium paid overseas 111
      11.8.3 Corporate tax 111
      11.8.4 VAT 112
      11.8.5 Captives 112
    11.9 Legal System 113
      11.9.1 Introduction 113
      11.9.2 Access to court 113
      11.9.3 Alternative dispute resolution 114
12 DATABOOK 115
    12.1 Life Insurance 115
      12.1.1 Policies and premium 115
      12.1.2 Claims and expenses 116
      12.1.3 Linked vs. non-linked policies 117
    12.2 General Insurance 118
      12.2.1 Policies and premium 118
      12.2.2 Claims and expenses 118
      12.2.3 Property insurance 119
      12.2.4 Motor insurance 120
      12.2.5 Motor insurance by category 121
      12.2.6 Liability insurance 122
      12.2.7 Financial lines insurance 123
      12.2.8 Marine, aviation and transit insurance 123
      12.2.9 Marine aviation and transit insurance by category 124
      12.2.10 Personal accident and health insurance 125
      12.2.11 Personal accident and health insurance by category 126
13 DEFINITIONS AND METHODOLOGY 127
    13.1 Definitions 127
    13.2 Methodology 129
14 ABOUT GLOBALDATA 131
    14.1 Contact GlobalData 131
    14.2 About GlobalData 131
    14.3 GlobalData’s Services 132
    14.4 Disclaimer 133







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