Lithuanian Life Segment Accounted for 39.7% of the Overall Insurance Gross Written Premium in 2013

Date: 2015-09-02

“• The Lithuanian life segment accounted for 39.7% of the overall insurance gross written premium in 2013. 

• The life segment is highly concentrated, with the five leading insurers accounting for an 81.6% share in 2013. 

• High life expectancy, a growing aging population and rising consumer awareness of the benefits of pension policies spurred demand for pension products.

• Agencies and bancassurance were the most popular distribution channels for life insurance, and collectively accounted for 74% of the new business gross written premium in 2013. 

• Increase in gross national income and the aging population, as well as falling unemployment in the country fuelled demand for pension insurance during the review period.
• Lithuania became the 19th member to join the eurozone on January 1, 2015 by adopting the euro as its national currency.”


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