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Assuming output growth of about 3%, Lithuania's non-life insurance market will expand by at least 6% to 7%, RSA's Lithuanian unit Lietuvos Draudimas AB told Bloomberg in an emailed statement.

"This is a young market with much opportunity and room for business development," the firm is quoted as saying, adding that less than half of private homes and less than a quarter of apartments in the country have insurance.

Lithuania is the European Union's second fastest growing economy. Private individuals in Lithuania spent an average 437 litai on insurance last year, which is forecast to grow 15% in 2013 to 501 litai per capita, according to Lietuvos Draudimas.