Life insurance in Lithuania, Key Trends and Opportunities to 2019

Published: Apr, 2016 | Pages: 216 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)

Synopsis
Timetric's 'Life insurance in Lithuania, Key Trends and Opportunities to 2019' report provides detailed analysis of the market trends, drivers and challenges in the Lithuanian life insurance segment.

it provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review period (2010-2014) and forecast period (2014-2019).

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 Timetric'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.

Summary
Timetric's 'Life insurance in Lithuania, Key Trends and Opportunities to 2019' report provides in-depth market analysis, information and insights into the Lithuanian life insurance segment, including:

The Lithuanian life insurance segment's growth prospects by life insurance category

Key trends, drivers and challenges for the life insurance segment

A comprehensive overview of the Lithuanian economy and demographics

The various distribution channels in the Lithuanian life insurance segment

Details of the competitive landscape in the life insurance segment in Lithuania

Details of regulatory policy applicable to the Lithuanian insurance industry

Scope
This report provides a comprehensive analysis of the life insurance segment in Lithuania:

it provides historical values for the Lithuanian life insurance segment for the report's 2010-2014 review period, and projected figures for the 2014-2019 forecast period.

it offers a detailed analysis of the key categories in the Lithuanian life insurance segment, and market forecasts to 2019.

it analyzes the various distribution channels for life insurance products in Lithuania.

it profiles the top life 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 life insurance segment, and each category within it.

Understand the demand-side dynamics, key market trends and growth opportunities in the Lithuanian life insurance segment.

Assess the competitive dynamics in the life insurance segment.

identify growth opportunities and market dynamics in key product categories.

Gain insights into key regulations governing the Lithuanian insurance industry, and their impact on companies and the industry's future.

Key Highlights
The Lithuanian life segment accounted for 38.8% of the industry's gross written premium in 2014.

The segment's growth was supported by a demand for linked-insurance products, which accounted for 71.1% of its gross written premium in 2014.

The demand for single-premium policies was supported by a growth in disposable income, as well as the need for investment opportunities with the possibility of higher returns.

During the review period, group superannuation emerged as the fastest-growing insurance category.

in 2015, Bonum Publicum received a license from the Bank from Lithuania to sell pension annuity products.

The Lithuanian life segment recorded a review-period CAGR of 13.6%, and is expected to post a forecast-period CAGR of 5.9%.

 Table of Content
1 Key Facts and Highlights
2 executive Summary
3 economy and Demographics
4 Life insurance Outlook
4.1 Key Drivers
4.2 Key Trends
4.3 Challenges
4.4 Life insurance Growth Prospects by Category
4.5 individual Life insurance
4.5.1 individual whole life insurance
4.5.2 individual general annuity insurance
4.5.3 individual pension insurance
4.5.4 Other individual life insurance
4.6 Group Life insurance
4.6.1 Group whole life insurance
4.6.2 Group superannuation insurance
4.7 Life insurance Growth Prospects by Product Type
4.7.1 individual single-premium insurance
4.7.2 individual non-single-premium insurance
4.7.3 Group single-premium insurance
4.7.4 Group non-single-premium insurance
4.7.5 Total linked insurance business
4.7.6 Total non-linked insurance business
5 Analysis by Distribution Channel
5.1 Direct Marketing
5.2 Bancassurance
5.3 Agencies
5.4 Brokers
6 Competitive Landscape and Strategic insights
6.1 Overview
6.2 Leading Companies in the Lithuanian Life insurance Segment
6.2.1 Aviva Lietuva UAGDPB - company overview
6.2.2 SeB Gyvyb?s draudimas, UAB - company overview
6.2.3 ergo Life insurance Se - company overview
6.2.4 PZU Lietuva gyvyb?s draudimas, UAB - company overview
6.2.5 Bonum Publicum, Gyvyb?s Draudimo UAB - company overview
7 Governance, Risk and Compliance
7.1 Legislation Overview and Historical evolution
7.2 Latest Changes in Regulations
7.3 Legislation and Market Practice by Type of insurance
7.3.1 Life insurance
7.3.2 Property insurance
7.3.3 Motor insurance
7.3.4 Liability insurance
7.3.5 Marine, aviation and transit insurance
7.3.6 Personal accident and health insurance
7.4 Compulsory insurance
7.4.1 Motor third-party liability insurance
7.4.2 Workers' compensation
7.4.3 Civil liability insurance for construction designers
7.4.4 Civil liability insurance of contractor
7.4.5 Civil liability insurance on auditor firms
7.4.6 Air carriers and aircraft operators insurance
7.4.7 Professional indemnity insurance for alternative investment fund managers
7.5 Supervision and Control
7.5.1 international Association of insurance Supervisors (iAiS)
7.5.2 european insurance and Occupational Pensions Authority (eiOPA)
7.5.3 Bank of Lithuania
7.5.4 Federation of european Risk Management Associations (FeRMA)
7.6 Non-Admitted insurance Regulations
7.6.1 Overview
7.6.2 intermediaries
7.6.3 Market practices
7.6.4 Fines and penalties
7.7 Company Registration and Operations
7.7.1 Types of insurance organization
7.7.2 establishing a local company
7.7.3 Foreign ownership
7.7.4 Types of license
7.7.5 Capital requirements
7.7.6 Solvency margins
7.7.7 Reserve requirements
7.7.8 investment regulations
7.7.9 Statutory return requirements
7.7.10 Fee structure
7.8 Taxation
7.8.1 insurance premium or policy taxation
7.8.2 Withholding taxes on premium paid overseas
7.8.3 Corporate tax
7.8.4 VAT
7.8.5 Captives
7.9 Legal System
7.9.1 introduction
7.9.2 Access to court
7.9.3 Alternative dispute resolution (ADR)
8 Definitions and Methodology
8.1 Definitions
8.2 Methodology
9 About Timetric
9.1 Contact Timetric
9.2 About Timetric
9.3 Timetric's Services
9.4 Disclaimer

List of Tables
Table 1: Lithuanian Life insurance - Key Facts, 2014
Table 2: Lithuanian Life insurance - Segment Shares of the Top insurers, 2014
Table 3: Lithuanian Government Credit Ratings
Table 4: Lithuanian Life insurance - Gross Written Premium by Category (eUR Million), 2010-2014
Table 5: Lithuanian Life insurance - Gross Written Premium by Category (US$ Million), 2010-2014
Table 6: Lithuanian Life insurance - Gross Written Premium by Category (eUR Million), 2014-2019
Table 7: Lithuanian Life insurance - Gross Written Premium by Category (US$ Million), 2014-2019
Table 8: Lithuanian Life insurance - New Business Direct Written Premium (eUR Million), 2010-2014
Table 9: Lithuanian Life insurance - New Business Direct Written Premium (eUR Million), 2014-2019
Table 10: Lithuanian Life insurance - Net earned Premium (eUR Million), 2010-2014
Table 11: Lithuanian Life insurance - Net earned Premium (eUR Million), 2014-2019
Table 12: Lithuanian Life insurance - Paid Claims (eUR Million), 2010-2014
Table 13: Lithuanian Life insurance - Paid Claims (eUR Million), 2014-2019
Table 14: Lithuanian Life insurance - incurred Loss (eUR Million), 2010-2014
Table 15: Lithuanian Life insurance - incurred Loss (eUR Million), 2014-2019
Table 16: Lithuanian Life insurance - Number of Policies per Capita, 2010-2014
Table 17: Lithuanian Life insurance - Number of Policies per Capita, 2014-2019
Table 18: Lithuanian Life insurance - Commissions and expenses (eUR Million), 2010-2014
Table 19: Lithuanian Life insurance - Commissions and expenses (eUR Million), 2014-2019
Table 20: Lithuanian Life insurance - Net Written Premium (Percentage of Gross Written Premium), 2010-2014
Table 21: Lithuanian Life insurance - Net Written Premium (Percentage of Gross Written Premium), 2014-2019
Table 22: Lithuanian Life insurance - Renewal Business Direct Written Premium (eUR Million), 2010-2014
Table 23: Lithuanian Life insurance - Renewal Business Direct Written Premium (eUR Million), 2014-2019
Table 24: Lithuanian Life insurance - Total Assets (eUR Million), 2010-2014
Table 25: Lithuanian Life insurance - Total Assets (eUR Million), 2014-2019
Table 26: Lithuanian Life insurance - Total investment income (eUR Million), 2010-2014
Table 27: Lithuanian Life insurance - Total investment income (eUR Million), 2014-2019
Table 28: Lithuanian Life insurance - Net Written Premium (eUR Million), 2010-2014
Table 29: Lithuanian Life insurance - Net Written Premium (eUR Million), 2014-2019
Table 30: Lithuanian individual Life insurance - Gross Written Premium by Category (eUR Million), 2010-2014
Table 31: Lithuanian individual Life insurance - Gross Written Premium by Category (US$ Million), 2010-2014
Table 32: Lithuanian individual Life insurance - Gross Written Premium by Category (eUR Million), 2014-2019
Table 33: Lithuanian individual Life insurance - Gross Written Premium by Category (US$ Million), 2014-2019
Table 34: Lithuanian individual Life insurance - Direct Written Premium by Category (eUR Million), 2010-2014
Table 35: Lithuanian individual Life insurance - Direct Written Premium by Category (US$ Million), 2010-2014
Table 36: Lithuanian individual Life insurance - Direct Written Premium by Category (eUR Million), 2014-2019
Table 37: Lithuanian individual Life insurance - Direct Written Premium by Category (US$ Million), 2014-2019
Table 38: Lithuanian individual Life insurance - Policies by Category (Thousand), 2010-2014
Table 39: Lithuanian individual Life insurance - Policies by Category (Thousand), 2014-2019
Table 40: Lithuanian individual Whole Life insurance - Number of Active Policies (Thousand), 2010-2014
Table 41: Lithuanian individual Whole Life insurance - Number of Active Policies (Thousand), 2014-2019
Table 42: Lithuanian individual Whole Life insurance - Direct Written Premium (eUR Million), 2010-2014
Table 43: Lithuanian individual Whole Life insurance - Direct Written Premium (eUR Million), 2014-2019
Table 44: Lithuanian individual General Annuity insurance - Number of Active Policies, 2010-2014
Table 45: Lithuanian individual General Annuity insurance - Number of Active Policies, 2014-2019
Table 46: Lithuanian individual General Annuity insurance - Direct Written Premium (eUR Thousand), 2010-2014
Table 47: Lithuanian individual General Annuity insurance - Direct Written Premium (eUR Thousand), 2014-2019
Table 48: Lithuanian individual Pension insurance - Number of Active Policies (Thousand), 2010-2014
Table 49: Lithuanian individual Pension insurance - Number of Active Policies (Thousand), 2014-2019
Table 50: Lithuanian individual Pension insurance - Direct Written Premium (eUR Million), 2010-2014
Table 51: Lithuanian individual Pension insurance - Direct Written Premium (eUR Million), 2014-2019
Table 52: Lithuanian Other individual Life insurance - Number of Active Policies (Thousand), 2010-2014
Table 53: Lithuanian Other individual Life insurance - Number of Active Policies (Thousand), 2014-2019
Table 54: Lithuanian Other individual Life insurance - Direct Written Premium (eUR Million), 2010-2014
Table 55: Lithuanian Other individual Life insurance - Direct Written Premium (eUR Thousand), 2014-2019
Table 56: Lithuanian Group Life insurance - Gross Written Premium by Category (eUR Million), 2010-2014
Table 57: Lithuanian Group Life insurance - Gross Written Premium by Category (US$ Million), 2010-2014
Table 58: Lithuanian Group Life insurance - Gross Written Premium by Category (eUR Million), 2014-2019
Table 59: Lithuanian Group Life insurance - Gross Written Premium by Category (US$ Million), 2014-2019
Table 60: Lithuanian Group Life insurance - Direct Written Premium by Category (eUR Million), 2010-2014
Table 61: Lithuanian Group Life insurance - Direct Written Premium by Category (US$ Million), 2010-2014
Table 62: Lithuanian Group Life insurance - Direct Written Premium by Category (eUR Million), 2014-2019
Table 63: Lithuanian Group Life insurance - Direct Written Premium by Category (US$ Million), 2014-2019
Table 64: Lithuanian Group Life insurance - Policies by Category (Thousand), 2010-2014
Table 65: Lithuanian Group Life insurance - Policies by Category (Thousand), 2014-2019
Table 66: Lithuanian Group Whole Life insurance - Number of Active Policies (Thousand), 2010-2014
Table 67: Lithuanian Group Whole Life insurance - Number of Active Policies (Thousand), 2014-2019
Table 68: Lithuanian Group Whole Life insurance - Direct Written Premium (eUR Million), 2010-2014
Table 69: Lithuanian Group Whole Life insurance - Direct Written Premium (eUR Million), 2014-2019
Table 70: Lithuanian Group Superannuation insurance - Number of Active Policies, 2010-2014
Table 71: Lithuanian Group Superannuation insurance - Number of Active Policies (Thousand), 2014-2019
Table 72: Lithuanian Group Superannuation insurance - Direct Written Premium (eUR Thousand), 2010-2014
Table 73: Lithuanian Group Superannuation insurance - Direct Written Premium (eUR Million), 2014-2019
Table 74: Lithuanian individual Single-Premium insurance - Number of Active Policies (Thousand), 2010-2014
Table 75: Lithuanian individual Single-Premium insurance - Number of Active Policies (Thousand), 2014-2019
Table 76: Lithuanian individual Single-Premium insurance - Gross Written Premium (eUR Million), 2010-2014
Table 77: Lithuanian individual Single-Premium insurance - Gross Written Premium (eUR Million), 2014-2019
Table 78: Lithuanian individual Single-Premium insurance - Direct Written Premium (eUR Million), 2010-2014
Table 79: Lithuanian individual Single-Premium insurance - Direct Written Premium (eUR Million), 2014-2019
Table 80: Lithuanian individual Non-Single-Premium insurance - Number of Active Policies (Thousand), 2010-2014
Table 81: Lithuanian individual Non-Single-Premium insurance - Number of Active Policies (Thousand), 2014-2019
Table 82: Lithuanian individual Non-Single-Premium insurance - Gross Written Premium (eUR Million), 2010-2014
Table 83: Lithuanian individual Non-Single-Premium insurance - Gross Written Premium  (eUR Million), 2014-2019
Table 84: Lithuanian individual Non-Single-Premium insurance - Direct Written Premium (eUR Million), 2010-2014
Table 85: Lithuanian individual Non-Single-Premium insurance - Direct Written Premium  (eUR Million), 2014-2019
Table 86: Lithuanian Group Single-Premium insurance - Number of Active Policies (Thousand), 2010-2014
Table 87: Lithuanian Group Single-Premium insurance - Number of Active Policies (Thousand), 2014-2019
Table 88: Lithuanian Group Single-Premium insurance - Gross Written Premium (eUR Million), 2010-2014
Table 89: Lithuanian Group Single-Premium insurance - Gross Written Premium (eUR Million), 2014-2019
Table 90: Lithuanian Group Single-Premium insurance - Direct Written Premium (eUR Million), 2010-2014
Table 91: Lithuanian Group Single-Premium insurance - Direct Written Premium (eUR Million), 2014-2019
Table 92: Lithuanian Group Non-Single-Premium insurance - Number of Active Policies (Thousand), 2010-2014
Table 93: Lithuanian Group Non-Single-Premium insurance - Number of Active Policies (Thousand),  2014-2019
Table 94: Lithuanian Group Non-Single-Premium insurance - Gross Written Premium (eUR Million), 2010-2014
Table 95: Lithuanian Group Non-Single-Premium insurance - Gross Written Premium (eUR Million), 2014-2019
Table 96: Lithuanian Group Non-Single-Premium insurance - Direct Written Premium (eUR Million), 2010-2014
Table 97: Lithuanian Group Non-Single-Premium insurance - Direct Written Premium (eUR Million), 2014-2019
Table 98: Lithuanian Linked insurance Business - Number of Active Policies (Thousand), 2010-2014
Table 99: Lithuanian Linked insurance Business - Number of Active Policies (Thousand), 2014-2019
Table 100: Lithuanian Linked insurance Business - Gross Written Premium (eUR Million), 2010-2014
Table 101: Lithuanian Linked insurance Business - Gross Written Premium (eUR Million), 2014-2019
Table 102: Lithuanian Linked insurance Business - Direct Written Premium (eUR Million), 2010-2014
Table 103: Lithuanian Linked insurance Business - Direct Written Premium (eUR Million), 2014-2019
Table 104: Lithuanian Non-Linked insurance Business - Number of Active Policies (Thousand), 2010-2014
Table 105: Lithuanian Non-Linked insurance Business - Number of Active Policies (Thousand), 2014-2019
Table 106: Lithuanian Non-Linked insurance Business - Gross Written Premium (eUR Million), 2010-2014
Table 107: Lithuanian Non-Linked insurance Business - Gross Written Premium  (eUR Million), 2014-2019
Table 108: Lithuanian Non-Linked insurance Business - Direct Written Premium (eUR Million), 2010-2014
Table 109: Lithuanian Non-Linked insurance Business - Direct Written Premium  (eUR Million), 2014-2019
Table 110: Lithuanian Life insurance - Direct Marketing Value of Commissions (eUR Million), 2010-2014
Table 111: Lithuanian Life insurance - Direct Marketing Value of Commissions (eUR Million), 2014-2019
Table 112: Lithuanian Life insurance - Direct Marketing New Business Direct Written Premium (eUR Million), 2010-2014
Table 113: Lithuanian Life insurance - Direct Marketing New Business Direct Written Premium (eUR Million), 2014-2019
Table 114: Lithuanian Life insurance - New Policies Sold Through Direct Marketing (Thousand), 2010-2014
Table 115: Lithuanian Life insurance - New Policies Sold Through Direct Marketing (Thousand), 2014-2019
Table 116: Lithuanian Life insurance - Sales Force, 2010-2014
Table 117: Lithuanian Life insurance - Sales Force, 2014-2019
Table 118: Lithuanian Life insurance - Bancassurance Value of Commissions (eUR Million), 2010-2014
Table 119: Lithuanian Life insurance - Bancassurance Value of Commissions (eUR Million), 2014-2019
Table 120: Lithuanian Life insurance - Bancassurance New Business Direct Written Premium (eUR Million), 2010-2014
Table 121: Lithuanian Life insurance - Bancassurance New Business Direct Written Premium (eUR Million), 2014-2019
Table 122: Lithuanian Life insurance - New Policies Sold Through Bancassurance (Thousand), 2010-2014
Table 123: Lithuanian Life insurance - New Policies Sold Through Bancassurance (Thousand), 2014-2019
Table 124: Lithuanian Life insurance - Number of Banking entities, 2010-2014
Table 125: Lithuanian Life insurance - Number of Banking entities, 2014-2019
Table 126: Lithuanian Life insurance - Agencies' Value of Commissions (eUR Million), 2010-2014
Table 127: Lithuanian Life insurance - Agencies' Value of Commissions (eUR Million), 2014-2019
Table 128: Lithuanian Life insurance - Agencies' New Business Direct Written Premium (eUR Million), 2010-2014
Table 129: Lithuanian Life insurance - Agencies' New Business Direct Written Premium (eUR Million), 2014-2019
Table 130: Lithuanian Life insurance - New Policies Sold Through Agencies (Thousand), 2010-2014
Table 131: Lithuanian Life insurance - New Policies Sold Through Agencies (Thousand), 2014-2019
Table 132: Lithuanian Life insurance - Number of insurance Agents, 2010-2014
Table 133: Lithuanian Life insurance - Number of insurance Agents, 2014-2019
Table 134: Lithuanian Life insurance - Brokers' Value of Commissions (eUR Million), 2010-2014
Table 135: Lithuanian Life insurance - Brokers' Value of Commissions (eUR Million), 2014-2019
Table 136: Lithuanian Life insurance - Brokers' New Business Direct Written Premium (eUR Million), 2010-2014
Table 137: Lithuanian Life insurance - Brokers' New Business Direct Written Premium (eUR Million), 2014-2019
Table 138: Lithuanian Life insurance - New Policies Sold Through Brokers (Thousand), 2010-2014
Table 139: Lithuanian Life insurance - New Policies Sold Through Brokers (Thousand), 2014-2019
Table 140: Lithuanian Life insurance - Number of insurance Brokers, 2010-2014
Table 141: Lithuanian Life insurance - Number of insurance Brokers, 2014-2019
Table 142: Lithuanian Life insurance - Segment Shares (%), 2014
Table 143: Aviva Lietuva UAGDPB - Key Facts
Table 144: Aviva Lietuva UAGDPB - Key Financials (eUR Million), 2010-2014
Table 145: SeB Gyvyb?s draudimas, UAB - Key Facts
Table 146: SeB Gyvyb?s draudimas, UAB - Key Financials (eUR Million), 2010-2014
Table 147: ergo Life insurance Se - Key Facts
Table 148: ergo Life insurance Se - Key Financials (eUR Million), 2010-2014
Table 149: PZU Lietuva gyvyb?s draudimas, UAB - Key Facts
Table 150: PZU Lietuva gyvyb?s draudimas, UAB - Key Financials (eUR Million), 2010-2014
Table 151: Bonum Publicum, Gyvyb?s Draudimo UAB - Key Facts
Table 152: Bonum Publicum, Gyvyb?s Draudimo UAB - Key Financials (eUR Million), 2010-2014
Table 153: Lithuania - insurance Regulatory Framework Key Features
Table 154: Lithuania - Life insurance Regulatory Framework
Table 155: Lithuania - Property insurance Regulatory Framework
Table 156: Lithuania - Motor insurance Regulatory Framework
Table 157: Lithuania - Liability insurance Regulatory Framework
Table 158: Lithuania - Minimum Cover for Aircraft Third-Party Liability Per Accident Per Aircraft
Table 159: Lithuania - Corporate Tax Rates for the Financial Year 2015
Table 160: insurance industry Definitions