THE IMPACT OF FINANCIAL CRISIS ON THE NON-LIFE INSURANCE MARKET IN LITHUANIA: WILL THE MARKET GROWTH EXPECTATIONS BE MET?

Ausrine Lakstutiene, Rasa Norvaisiene, Jurgita Stankeviciene and Rytis Krusinskas
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Ausrine Lakstutiene: Department of Finance Kaunas University of Technology
Rasa Norvaisiene: Department of Finance Kaunas University of Technology
Jurgita Stankeviciene: Department of Finance Kaunas University of Technology
Rytis Krusinskas: Department of Finance Kaunas University of Technology

OLSZTYN ECONOMIC JOURNAL, 2015, vol. 10, issue 1, 5-18

Abstract: 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 thesame 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.

Keywords: insurance; financial crisis; growth; non life insurance (search for similar items in EconPapers)
JEL-codes: A1 G0 (search for similar items in EconPapers)
Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:ole:journl:v:10:y:2015:i:1:p:5-18

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