EU – Baltic States, Financial Services, Insurance, Lithuania

International Internet Magazine. Baltic States news & analytics Thursday, 28.03.2024, 21:51

In 2015, insurance market in Lithuania likely to grow as fast as in 2014

BC, Vilnius, 16.02.2015.Print version
Driven by a recovery in the economy and an almost 7% increase over 2014, the insurance market this year is likely to maintain a similar growth rate, forecasts the Bank of Lithuania, cites LETA/ELTA.

"Growth is projected across the insurance market; however, the strong growth in life assurance last year will be somewhat moderate this year, while the non-life insurance sector, in 2014 affected by falls in prices and strong competition, is likely to grow faster," says Mindaugas Slacius, deputy director of the Prudential Supervision Department of the Supervision Service.

 

The Bank of Lithuania predicts that, if the trends in the development of the domestic economy remain similar, in 2015 the entire insurance market will grow by 7-8%. The economists at the Bank of Lithuania predict the country's economic development this year to be 3.1%. The life assurance market volumes are likely to expand by 14-15%, while the non-life insurance market – by 4-5%.

 

The insurance undertakings registered in Lithuania and the branches of insurance undertakings of other EU countries established in Lithuania wrote insurance premiums in the amount of LTL 2.079 billion (EUR 602.2 million), while the growth in the entire insurance market was 6.9% in 2014, the Bank of Lithuania says.

 






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