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The Impact of Financial Crisis on the Non-Life Insurance Market in Lithuania : Will the Market Growth Expectations be Met?

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Lakstutiene A., Norvaisiene R., Stankeviciene J., Krusinskas R.

Olsztyn Economic Journal

2015

vol. 10

issue 1

5-18

The article analyzes the insurance market trends, which have been determined by the financial crisis, and reveals the development features and prospects of non-insurance market, which accounts for almost 70% of the total insurance market, in Lithuania. The obtained results showed that after the market shrank by a quarter in 2009, the insurance sector is recovering, and while the volume of issued insurance premiums increased in 2013, they still remain lower than during the pre-crisis period. 2010 is a distinctive year for the Lithuanian non-insurance market due to a track of unusual abundance of adverse events. Throughout the analyzed period the structure of the non-insurance market issued portfolios remained the same in Lithuania, and throughout the whole analyzed period non-insurance market is dominated by Mandatory Third Party Liability Insurance (MTPLI), Voluntary vehicle insurance (CASCO) and Property insurances, which, according to estimates and analysts' forecasts, have growth potential.

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1 Olsztyn Economic Journal

1 Krusinskas R.

1 Lakstutiene A.

1 Norvaisiene R.

1 Stankeviciene J.

1 2015

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The Impact of Financial Crisis on the Non-Life Insurance Market in Lithuania : Will the Market Growth Expectations be Met?