Life Insurance in Lithuania, Key Trends and Opportunities to 2021

Published: Nov, 2017 | Pages: 112 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)

Summary
Timetric's 'Life Insurance in Lithuania Key Trends and Opportunities to 2021' report provides a detailed outlook by product category for the Lithuanian life insurance segment, and a comparison of the Lithuanian insurance industry with its regional counterparts.

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 (2012-2016) and forecast period (2016-2021).

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.

Synopsis

Timetric's 'Life Insurance in Lithuania Key Trends and Opportunities to 2021' report provides in-depth market analysis, information and insights into the Lithuanian life insurance segment, including:

• An overview of the Lithuanian life insurance segment

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

• A comprehensive overview of the Lithuanian economy and demographics

• A comparison of the Lithuanian life insurance segment with its regional counterparts

• 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 2012-2016 review period, and projected figures for the 2016-2021 forecast period.

• It offers a detailed analysis of the key categories in the Lithuanian life insurance segment, and market forecasts to 2021.

• It provides a comparison of the Lithuanian life insurance segment with its regional counterparts.

• 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 is dominated by foreign-owned insurers. In 2016, five insurance companies with a head office and three insurance branches operated in the Lithuanian life segment.

• On January 1, 2016, Lithuania joined the Single Euro Payments Area (SEPA) consisting of 34 countries, including the Principality of Monaco, Norway, Switzerland, San Marino, Iceland and Liechtenstein.

• On February 2, 2017, the European Parliament and the EC published a new Insurance Distribution Directive (IDD) 2016/97 in the official journal of the EU, which came into effect on February 23, 2017, and repealed Directive 2002/92/EC.

• As of March 2017, according to the Bank of Lithuania, the solvency ratio of life insurance companies in Lithuania stood at 2.2, in line with the Solvency II stipulation.

 Table of Contents

1 Key Facts and Highlights
2 Executive Summary
3 Economy and Demographics
4 Segment Outlook
4.1 Segment Indicators
4.1.1 Gross written premium and penetration
4.1.2 Active policies
4.1.3 Claims
4.1.4 Assets and investments
5 Outlook by Sub-Segment
5.1 Premium
5.2 Active policies
6 Distribution Channel Outlook
6.1 Analysis by Distribution Channel
7 Competitive Landscape
7.1 Company Profiles
7.1.1 SEB Gyvyb?s Draudimas - company overview
7.1.2 Swedbank Life Insurance - company overview
7.1.3 PZU Lietuva Gyvyb?s Draudimas, UAB - company overview
7.1.4 Bonum Publicum, Gyvyb?s Draudimo UAB - company overview
7.1.5 Aviva Lietuva - company overview
7.1.6 Compensa Life Insurance - company overview
7.1.7 Ergo Life - company overview
8 Governance, Risk and Compliance
8.1 Legislation Overview and Historical Evolution
8.2 Latest Changes in Regulation
8.3 Legislation and Market Practice by Type of Insurance
8.3.1 Life insurance
8.3.2 Property insurance
8.3.3 Motor insurance
8.3.4 Liability insurance
8.3.5 Marine, aviation and transit insurance
8.3.6 Personal accident and health insurance
8.4 Compulsory Insurance
8.4.1 Motor third-party liability insurance
8.4.2 Workers' compensation
8.4.3 Civil liability insurance for construction designers
8.4.4 Civil liability insurance of contractors
8.4.5 Civil liability insurance on auditor firms
8.4.6 Air carriers and aircraft operators insurance
8.4.7 Professional indemnity insurance for alternative investment fund managers
8.4.8 Clinical trials liability insurance
8.4.9 Professional liability insurance for lawyers
8.4.10 Professional civil liability insurance for insurance and reinsurance intermediaries
8.4.11 Professional civil liability insurance for insurance brokers
8.4.12 Liability for ships with respect to oil pollution
8.5 Supervision and Control
8.5.1 International Association of Insurance Supervisors
8.5.2 European Insurance and Occupational Pensions Authority
8.5.3 Bank of Lithuania
8.5.4 Federation of European Risk Management Associations
8.6 Non-Admitted Insurance Regulations
8.6.1 Overview
8.6.2 Intermediaries
8.6.3 Market practices
8.6.4 Fines and Penalties
8.7 Company Registration and Operations
8.7.1 Type of insurance organization
8.7.2 Establishing a local company
8.7.3 Foreign ownership
8.7.4 Types of license
8.7.5 Capital requirements
8.7.6 Solvency margin
8.7.7 Reserve requirements
8.7.8 Investment regulations
8.7.9 Statutory return requirements
8.7.10 Fee structure
8.8 Taxation
8.8.1 Insurance premium or policy taxation
8.8.2 Withholding taxes on premium paid overseas
8.8.3 Corporate tax
8.8.4 VAT
8.8.5 Captives
8.9 Legal System
8.9.1 Introduction
8.9.2 Access to court
8.9.3 Alternative dispute resolution
9 Databook
9.1 Policies and Premium
9.2 Claims and Expenses
9.3 Assets and Investments
9.4 Direct Marketing and E-Commerce
9.5 Insurance Brokers and Agencies
9.6 Bancassurance and Other Distribution Channels
9.7 Individual Life Insurance
9.8 Group Life Insurance
9.9 Individual Life - Single vs Non-Single Premium
9.1 Group Life - Single vs Non-Single Premium
9.11 Linked vs Non-Linked Policies
10 Definitions and Methodology
10.1 Definitions
10.2 Methodology
11 About Timetric
11.1 Contact Timetric
11.2 About Timetric
11.3 Timetric's Services
11.4 Disclaimer

List of Tables

Table 1: Lithuanian Life Insurance - Key Facts, 2016
Table 2: Lithuanian Life Segment - Market Shares of Leading Insurers (%), 2016
Table 3: Lithuanian Government Credit Ratings
Table 4: Lithuanian Life Insurance - Gross Written Premium (EUR Million and US$ Million), 2012-2016
Table 5: Lithuanian Life Insurance - Gross Written Premium (EUR Million and US$ Million), 2016-2021
Table 6: Lithuanian Life Insurance - New Business Direct Written Premium (EUR Million and US$ Million), 2012-2016
Table 7: Lithuanian Life Insurance - New Business Direct Written Premium (EUR Million and US$ Million), 2016-2021
Table 8: Lithuanian Life Insurance - Number of Active Policies (Thousand), 2012-2016
Table 9: Lithuanian Life Insurance - Number of Active Policies (Thousand), 2016-2021
Table 10: Lithuanian Life Insurance - Paid Claims (EUR Million and US$ Million), 2012-2016
Table 11: Lithuanian Life Insurance - Paid Claims (EUR Million and US$ Million), 2016-2021
Table 12: Lithuanian Life Insurance - Total Assets (EUR Million and US$ Million), 2012-2016
Table 13: Lithuanian Life Insurance - Total Assets (EUR Million and US$ Million), 2016-2021
Table 14: Lithuanian Life Insurance - Total Investment Income (EUR Million and US$ Million), 2012-2016
Table 15: Lithuanian Life Insurance - Total Investment Income (EUR Million and US$ Million), 2016-2021
Table 16: Lithuanian Life Insurance - Investment Portfolio (EUR Million), 2012-2016
Table 17: Lithuanian Life Insurance - Investment Portfolio (EUR Million), 2016-2021
Table 18: Lithuanian Life Insurance - Gross Written Premium by Sub-Segment (EUR Million), 2012-2016
Table 19: Lithuanian Life Insurance - Gross Written Premium by Sub-Segment (EUR Million), 2016-2021
Table 20: Lithuanian Life Insurance - Number of Active Policies by Segment (Thousand), 2012-2016
Table 21: Lithuanian Life Insurance - Number of Active Policies by Segment (Thousand), 2016-2021
Table 22: Lithuanian Life Insurance - New Business Direct Written Premium by Distribution Channel (EUR Million), 2012-2016
Table 23: Lithuanian Life Insurance - New Business Direct Written Premium by Distribution Channel (EUR Million), 2016-2021
Table 24: Lithuanian Life Insurance - Percentage of New Business Direct Written Premium, by Distribution Channel, 2012-2021
Table 25: Lithuanian Life Segment - Market Shares of Leading Insurers (%), 2016
Table 26: SEB Gyvyb?s Draudimas - Key Facts
Table 27: SEB Gyvyb?s Draudimas - Key Financials (EUR Million), 2012-2016
Table 28: Swedbank Life Insurance - Key Facts
Table 29: Swedbank Life Insurance - Key Financials (EUR Million), 2012-2016
Table 30: PZU Lietuva gyvyb?s draudimas, UAB - Key Facts
Table 31: PZU Lietuva gyvyb?s draudimas, UAB - Key Financials (EUR Million), 2012-2016
Table 32: Bonum Publicum, Gyvyb?s Draudimo UAB - Key Facts
Table 33: Bonum Publicum, Gyvyb?s Draudimo UAB - Key Financials (EUR Million), 2012-2016
Table 34: Aviva Lietuva - Key Facts
Table 35: Aviva Lietuva - Key Financials (EUR Million), 2012-2016
Table 36: Compensa Life Insurance - Key Facts
Table 37: Compensa Life Insurance - Key Financials (EUR Million), 2012-2016
Table 38: Ergo Life - Key Facts
Table 39: Ergo Life- Key Financials (EUR Million), 2012-2016
Table 40: Lithuania - Insurance Regulatory Framework Key Features
Table 41: Lithuania - Life Insurance Regulatory Framework
Table 42: Lithuania- Property Insurance Regulatory Framework
Table 43: Lithuania - Motor Insurance Regulatory Framework
Table 44: Lithuania - Liability Insurance Regulatory Framework
Table 45: Lithuania - Minimum Coverage for Aircraft Third-Party Liability Per Accident per Aircraft
Table 46: Lithuania - Corporate Tax Rates for the Financial Year 2017
Table 47: Lithuanian Life Insurance - Policies and Premium, 2012-2016
Table 48: Lithuanian Life Insurance - Policies and Premium, 2016-2021
Table 49: Lithuanian Life Insurance - Claims and Expenses, 2012-2016
Table 50: Lithuanian Life Insurance - Claims and Expenses, 2016-2021
Table 51: Lithuanian Life Insurance - Assets and Investments, 2012-2016
Table 52: Lithuanian Life Insurance - Assets and Investments, 2016-2021
Table 53: Lithuanian Life Insurance - Direct Marketing and E-Commerce, 2012-2016
Table 54: Lithuanian Life Insurance - Direct Marketing and E-Commerce, 2016-2021
Table 55: Lithuanian Life Insurance - Insurance Brokers and Agencies, 2012-2016
Table 56: Lithuanian Life Insurance - Insurance Brokers and Agencies, 2016-2021
Table 57: Lithuanian Life Insurance - Insurance Brokers and Agencies, 2012-2016
Table 58: Lithuanian Life Insurance - Insurance Brokers and Agencies, 2016-2021
Table 59: Lithuanian Life Insurance - Individual Life Insurance, 2012-2016
Table 60: Lithuanian Life Insurance - Individual Life Insurance, 2016-2021
Table 61: Lithuanian Life Insurance - Group Life Insurance, 2012-2016
Table 62: Lithuanian Life Insurance - Group Life Insurance, 2016-2021
Table 63: Lithuanian Life Insurance - Individual Life Insurance by Premium, 2012-2016
Table 64: Lithuanian Life Insurance - Individual Life Insurance by Premium, 2016-2021
Table 65: Lithuanian Life Insurance - Group Life Insurance by Premium, 2012-2016
Table 66: Lithuanian Life Insurance - Group Life Insurance by Premium, 2016-2021
Table 67: Lithuanian Life Insurance - Linked vs Non-Linked Policies, 2012-2016
Table 68: Lithuanian Life Insurance - Linked vs Non-Linked Policies, 2016-2021
Table 69: Insurance Industry Definitions