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General Insurance Baltics

Gjensidige’s Baltic segment offers general insurance products to the private and commercial markets in Lithuania, Latvia and Estonia. A large proportion of products are distributed through external channels such as insurance agents and brokers, but we also distribute products through our own channels. Gjensidige is the fifth biggest player in the Baltics, where strong growth is expected in the immature insurance market as the living standard improves.


The Baltic part of the business improved its profitability in 2018 through significant rationalisation measures and optimisation of tariffs and sales processes. There has been significant progress with respect to digitalisation, strengthening direct sales channels, analytical CRM, risk-based pricing and optimisation of claims processing.


There is intense competition in the Baltic states, and the pressure on prices is expected to continue. Gjensidige is well positioned to take part in the  attractive growth opportunities in the Baltics. We will focus on increasing customer loyalty in profitable segments by means of competitive tariffs and product packages. Another focus will be acquiring new customers by means of marketing and partnership agreements. Costs still need to be cut, but a competitive position is now starting to take shape that will enable us to participate in the market growth.

Gjensidige will look for opportunities for growth in the Baltics, both organic opportunities and through value generating acquisitions.

Key figures Baltic

NOK million 2018 20162016 

Earned premiums

Underwriting result68,5  (7.2)(99.5) 

Loss ratio %

62.768.5 72.2
Cost ratio %31.032.2 37.4
Combined ratio %93.7100.7 109.6


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Source market shares:

Source: Baltics Insurance Supervisory Authorities of Latvia and Lithuania, Estonia Statistics, competitor reports, and manual corrections. Based on gross written premiums  3rd quarter 2018.