"The non-life insurance market should rise at a faster rate, at up to 7 percent, while the insurance market is expected to grow somewhat slower, at 3 percent," Mindaugas Šalčius, deputy director of the central bank's Prudential Supervision Department, said in a press release.
Based on these forecasts, the non-life insurance market this year will likely reach some 1.3 billion litas, and the life insurance market, some 592 million litas.
The non-life insurance market last year expanded by 6.6 percent to 1.214 billion litas, accounting for 67.9 percent of all premiums written, and the life insurance market grew by 2.5 percent to 574.657 million litas, or 32.1 percent, according to data from the central bank.
