The Bank of Lithuania published its review of Lithuania’s insurance market, reporting continued growth in 2024 with premiums written rising 9.1% to EUR 1.585 billion, claims paid increasing 9.6% to EUR 885.5 million, and insurers posting a combined unaudited pre-tax profit of EUR 99.6 million. The average premium per capita reached almost EUR 550, while the market remained more concentrated on property insurance than on life or health. Non-life insurance accounted for EUR 1.214 billion (77%) of premiums and grew 10.5%, while life assurance premiums totalled EUR 370 million (23%) and grew 4.5%, with overall market growth slowing from 17.7% in 2023. Non-life growth was driven by higher CASCO motor vehicle premiums (up 12.9% to EUR 283.8 million), property premiums (up 12.8% to EUR 282.1 million) and medical expense insurance premiums (up 18.8% to EUR 139.4 million), while compulsory motor third-party liability premiums rose 4.4% to EUR 350.7 million and represented 28.9% of the non-life market. Unit-linked products continued to dominate life assurance, with premiums up 6% to EUR 298.5 million (80.6% of life premiums) and contracts up 5.2%; life claims paid rose 3.1% to EUR 205.7 million and non-life claims paid rose 11.8% to EUR 679.8 million. Assets under management increased 11.5% to EUR 2.04 billion, all licensed insurers were profitable, and 19 insurers served the domestic market (eight Lithuanian-registered undertakings and 11 branches from other EU Member States).
Bank of Lithuania 2025-05-19
Bank of Lithuania reports 2024 insurance premiums up 9.1% to EUR 1.585 billion and pre-tax profits up 31% to EUR 99.6 million
The Bank of Lithuania's review of the insurance market reported a 9.1% increase in premiums to EUR 1.585 billion in 2024, with non-life insurance accounting for 77% of premiums and growing by 10.5%. Life assurance premiums grew by 4.5%, while unit-linked products dominated the segment. All licensed insurers were profitable, with assets under management rising 11.5% to EUR 2.04 billion.