"This strong market growth was basically due to growth in the non-life insurance market of more than one-fifth. According to our calculations, this year it has a potential to grow by some 15%, while the entire insurance market will grow by a tenth," Vytautas Valvonis, director of the Bank of Lithuania's Supervision Service, said in a press release on August 30th.
The central bank, which supervises the insurance market, forecasts that the life insurance segment will this year contract by 2% or will remain unchanged from last year's levels. It expects the non-life segment to grow by between 14 and 16%.
Non-life premiums written jumped by 20.8% in the first half year-on-year to 277.989 million euros and life-premiums were up by 9.6% to 109.68 million euros.
The Bank of Lithuania's analysts forecast at the start of the year that the overall insurance market would expand by 6-7% in 2017, with growth in the non-life segment projected at 10-12% and the life segment expected to contract by 4-6%.
