2012-03-27
In 2011, the number of insurance contracts concluded by insurance brokers exceeded one million.
In the previous year, insurance brokers acting in the country boosted significantly their activity volumes. According to the data of the Bank of Lithuania, upon the mediation of insurance brokerage firms, 1.024 million of insurance and pension accumulation contracts were concluded in 2011 (19.2% more than in 2010). The share of agreements concluded through brokers augmented from 18.2% to 21%. Sales income earned by insurance brokers increased by 22.3%, i.e. to LTL 89.9 million over the same period.
Last year, same as two years ago, insurance brokers were most active in the non-life insurance market. Upon mediation of the latter, 1.023 million of contracts were concluded (i.e. 21.2% of all contracts concluded in this branch of the insurance market).
Results of the mediation of insurance brokers in the field of life assurance are less impressive. In 2011, making use of the services of insurance broker companies, 1.59 thousand of life assurance (excluding pension accumulation) contracts were concluded, i.e. 2.8% of all life assurance contracts concluded in Lithuania last year.
Structure of contracts concluded through insurance brokers last year was much like that in the previous year. The bulk of agreements accounts for the group of motor third-party liability insurance, i.e. 61.4% of all contracts.
Second in popularity among the contracts concluded upon mediation of insurance brokers remained the property insurance (encompassing risk groups of property insurance from fire or natural forces and property insurance from other risks). The said insurance accounted for 10.8% of the total number of all the contracts concluded through the insurance brokers. Health insurance (encompassing groups of accident insurance and health insurance) ranked the third place.
Last year, almost a half (45%) of all the life assurance contracts concluded by insurance brokers accounted for the investment life assurance contracts, while 37.8 % accounted for the traditional life insurance contracts.
Last year, revenue from sales earned by the ten biggest insurance brokerage firms accounted for 52.5 % of the total sales revenues.
Nearly a half of all the insurance contracts concluded through the mediation of insurance brokerage enterprises consisted of the insurance contracts provided by three insurers: the bulk of the contracts accounts for insurance contracts issued by BTA Insurance Company SE branch in Lithuania (17.5%); AB “Lietuvos draudimas” ranked second (14.1%), and the third place went to UADB “Ergo Lietuva” (13.7%).