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The Impact Of Financial Crisis On The Non-Life Insurance Market In Lithuania: Will The Market Growth Expectations Be Met?

Author

Listed:
  • 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)

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.

Suggested Citation

  • Ausrine Lakstutiene & Rasa Norvaisiene & Jurgita Stankeviciene & Rytis Krusinskas, 2015. "The Impact Of Financial Crisis On The Non-Life Insurance Market In Lithuania: Will The Market Growth Expectations Be Met?," OLSZTYN ECONOMIC JOURNAL, University of Warmia and Mazury in Olsztyn, Faculty of Economic Sciences, vol. 10(1), pages 5-18, February.
    • Handle: RePEc:ole:journl:v:10:y:2015:i:1:p:5-18
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    File URL: http://www.uwm.edu.pl/wne/podstrony/oej1/wydania/eko10_15_1.pdf
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    JEL classification:

    • A1 - General Economics and Teaching - - General Economics
    • G0 - Financial Economics - - General

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