Over the past few years, the Life insurance market in Lithuania has shown steady growth and positive development trends. Customer preferences in the Lithuanian market indicate a shift towards more comprehensive life insurance coverage, with a focus on long-term financial security and protection for loved ones. Customers are increasingly seeking customizable insurance products that cater to their specific needs and offer additional benefits such as investment opportunities or health-related services. Trends in the market reflect a growing awareness among the Lithuanian population about the importance of life insurance in financial planning. As disposable incomes rise and the overall standard of living improves, more individuals are willing to invest in life insurance policies as a way to secure their future and safeguard their families against unforeseen circumstances. Local special circumstances in Lithuania, such as a rapidly aging population and a strong emphasis on family values, play a significant role in shaping the Life insurance market. The need for retirement planning and ensuring financial stability for future generations has led to an increased demand for life insurance products that offer savings and investment components. Underlying macroeconomic factors, including stable economic growth, low unemployment rates, and favorable regulatory environment, have also contributed to the positive development of the Life insurance market in Lithuania. These factors create a conducive environment for insurance companies to expand their product offerings and reach a wider customer base in the country.
Data coverage:
Data encompasses B2B and B2C enterprises. Figures are based on gross written premium, gross written premium per capita, gross claim payments, loss ratio, and distribution channels.Modeling approach / Market size:
Market sizes are determined by a Bottom-Up approach, based on a specific rationale for each market layer. As a basis for evaluating markets, we use industry associations, national statistic offices, and international organizations, such as OECD. Next we use relevant key market indicators and data from country-specific associations such as insurance consumer spending, gross domestic product, insurance - consumer price index (CPI), population growth. This data helps us to estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing and HOLT-linear. The main drivers are insurance consumer spending and insurance - consumer price index (CPI).Additional Notes:
The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.
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