Lithuania

 

  • The gross wr it ten premium generated through agencies in Lithuania valued €7.8m (8.5bn) in 2013 This value is expected to increase to €9.7m in 2018

 

  • Bancassurance was the second-largest distribution channel in the life segment, in terms of written premium generated through new business in 2013.
  • Bancassurance not only helps banks to expand their overall product mix, but also enables insurers to expand their geographical presence
  • Direct marketing accounted for 13.1% of the written premium generated through new business in 2013. This increased from LTL6.3m in 2009, equivalent to LTL7.9m in 2013
  • Brokers accounted for 13% of the written premium generated through new business in 2013. The commission paid to brokers increased from €2.3m in 2009 to €2.6m in 2013

 

  • The increasing number of brokers is expected to generate more business for insurers. Insurers such as PZU offer online solutions such as Life Insurance Contract Sales System (LICOSS) for Lithuanian residents
  • The life segment is highly concentrated, with the five leading insurers accounting for an 81.6% share in 2013. Leading insurers Swedbank Life Insurance,
  • Aviva Lietuva and SEB Gyvyb?s draudimas accounted for respective market shares of 21.9%, 20.3% and
    20.3% in 2013
  • The life insurance segment’s penetration stood at 0.3% of GDP in 2013, and is expected to increase to 0.4% in 2018. The low penetration rate suggests that there is large scope for new insurance business.

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