New Research Report: Lithuania Insurance Report 2010

Jan. 11, 2010 - PRLog -- The most striking change since the last report has been the rapid development of the now worldwide credit crisis and the subsequent recession following on from it. The overall Lithuanian economy has fared better than regional peers Estonia and Latvia, which are already experiencing markedly negative year-onyear (y-o-y) rates of growth. However, the macro-economic imbalances that developed in the preceding boom in Lithuania, such as the extent of overheating in the economy, were probably greater than those in Estonia and it remains an emerging market dependent upon a Europe which in general faces a protracted period of negative and then low growth. The outlook for Lithuania is then not particularly optimistic in the short term and is, moreover, quite uncertain. Over the longer term, Lithuania's insurance sector should change in three ways. First, it will undoubtedly be substantially larger than it is at present, notwithstanding the fact that percentage growth rates are likely to slow from the (blistering) rates of 2006. We are looking for compound annual growth rates (CAGRs) of around 20% in 2007-2012. Second, it will undoubtedly be more sophisticated. The non-life segment is still dominated by Compulsory Third Party Motor Liability (CTPML) business, but other lines (and notably voluntary motor insurance - or CASCO) are also growing quickly. Property insurance is rising rapidly from a low base. In the life segment, it appears that Lithuanians accept the concept of insurance as an attractive organised savings opportunity. Unit-linked business has been driving the growth. Interestingly, pricing in both segments appears to have been firm. This is in spite of the presence of a surprisingly large number of foreign-owned groups in both the non-life and the life segments. The opening of the market to foreigners, and closure of unprofitable small firms by the regulator, means that there are no substantial predominantly Lithuanian-controlled firms. This has implications for the third way in which Lithuania's insurance sector is likely to change over the coming years. The numbers of players will likely continue to contract. It is not clear why the country needs 10 non-life and eight life companies. For those insurers who are owned by major foreign groups, the Lithuanian operations generally represent a tiny part of their global - or even pan-European - business. The other insurers are, for the most part, subsidiaries of Latvian companies.

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Report Table of Contents:

The Sector At A Glance
Table: Lithuania’s Insurance Sector At A Glance
- Key Insights On Lithuania’s Insurance Sector
- Key Features Of This Report
- SWOT Analysis
- Lithuania Insurance Industry SWOT
- Political SWOT
- Economic SWOT
- Business Environment SWOT
- Global Outlook
- Central And Eastern Europe Overview
Table: Gross Premiums Written In Selected Central And Eastern European Countries, 2008 And 2009
- Latest News
Table: Gross Written Premiums, First Three Quarters Of 2007 And 2008 (LTLmn)
- Projections And Forecasts
Table: Insurance Data And Projections, 2005-2014
- Projections And Drivers Of Growth
Table: Growth Drivers, 2005-2014
- Country Update
- Macroeconomic Outlook
Table: Lithuania - Economic Activity, 2006-2013
- Political Outlook
- Insurance Business Environment Rating
Table: Lithuania’s Insurance Business Environment
Table: Central And Eastern Europe Insurance Business Environment Ratings
- Regional Context
Table: Non-Life Premiums In A Regional Context, 2008
Table: Life Premiums In A Regional Context, 2008
Table: Comparison Of Major Lines As % Of Non-Life Premiums, 2006
- Analysis Of Competitive Conditions In Lithuania
Table: Non-Life Segment, Gross Written Premiums And Market Share, January-September 2008
Table: Life Segment, Gross Written Premiums And Market Share, January-September 2008
- Company Profiles
- AIG
- Aviva
- Ergo
- Eureko
- RSA
- Vienna Insurance Group
- Country Snapshot: Lithuania Demographic Data
- Section 1: Population
Table: Demographic Indicators, 2005-2030
Table: Rural/Urban Breakdown, 2005-2030
- Section 2: Education And Healthcare
Table: Education, 2002-2005
Table: Vital Statistics, 2005-2030
- Section 3: Labour Market And Spending Power
Table: Employment Indicators, 2001-2006
Table: Consumer Expenditure, 2000-2012 (US$)
Table: Average Annual Wages, 2000-2012
- Methodology
- Insurance Business Environment Ratings
Table: Insurance Business Environment Indicators And Rationale
Table: Weighting Of Indicators

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