Life Insurance in Lithuania, Key Trends and Opportunities to 2017 | Researchmoz

Synopsis The 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 categories
• Key trends and drivers for the life insurance segment
• The various distribution channels in the Lithuanian life insurance segment
• The detailed competitive landscape in the life insurance segment in Lithuania
• Detailed regulatory policies of the Lithuanian insurance industry
• A description of the life reinsurance segment in Lithuania
• Porter's Five Forces analysis of the life insurance segment
• A benchmarking section on the Lithuanian life insurance segment in comparison with other countries in Central and Eastern Europe

Executive summary
Life insurance was the second-largest segment in the Lithuanian insurance industry in 2012, accounting for 32.1% of the industry’s total written premiums. The segment’s written premium increased at a compound annual growth rate (CAGR) of 1.8%. The segment is expected to post a forecast-period (2012−2017) CAGR of 7.1%. Segment growth was primarily attributed to an increase in the country’s ageing population, the rise in disposable income levels and a greater demand for traditional life insurance products, such as individual life. Agencies and bancassurance were the main distribution channels for life insurance products in Lithuania, respectively accounting for 46.0% and 31.0% of the written premium generated through new business in 2012.
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 2008–2012 review period and projected figures for the 2012–2017 forecast period.
• It offers a detailed analysis of the key categories in the Lithuanian life insurance segment, along with market forecasts until 2017.
• It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, frauds and crimes, total assets, total investment income and retentions.
• It analyses the various distribution channels for life insurance products in Lithuania.
• Using Porter’s industry-standard “Five Forces” analysis, it details the competitive landscape in Lithuania for the life insurance business.
• It provides a detailed analysis of the reinsurance segment in Lithuania and its growth prospects.
• It profiles the top life insurance companies in Lithuania and outlines the key regulations affecting them.

• 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 within the Lithuanian life insurance segment
• Assess the competitive dynamics in the life insurance segment, along with the reinsurance segment
• Identify the growth opportunities and market dynamics within key product categories
• Gain insights into key regulations governing the Lithuanian insurance industry and its impact on companies and the market's future

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Key highlights

• Life insurance was the second-largest segment in the Lithuanian insurance industry in 2012, accounting for 32.1% of the industry’s total written premiums.
• The growth in traditional life insurance products, including individual life, pension, and superannuation life insurance, led to the segment’s strong performance.
• Agencies and bancassurance were the most popular distribution channels for life insurance, with agencies accounting for 46.0% of the written premium generated through new business in the segment during the review period. Bancassurance represented 31.0%.
• The Lithuanian life insurance segment is highly consolidated, with the 10 leading insurers representing 99.9% of the segment’s written premium in 2012.
• Many life insurers prefer direct marketing due to its cost-effective benefits.

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