Insurance company BTA was established on 1 November 1993 with largest maritime companies in Latvia coming together to become shareholders of BTA. On 17 December of the same year, BTA received a licence that entitled it to start on insurance business.
Since March 2007, BTA is the Latvian insurance market leader. In 2009, BTA became the third largest insurer in the Baltic States. At present, BTA successfully operates in the Baltic countries and keeps expanding its operation in other European countries as well.
BTA emerged with 6.0 million euro profit at the end of 2013. Gross premiums written in 2013 were for a total of 160 million euro, a 12.2% growth from the 142.4 million euro of 2012. Despite the fierce competition, BTA has kept its lead position on the market in 2013, accounting for 39.9% of Latvian non-life insurance market in terms of gross premiums written. BTA is also the largest in terms of disbursement – in 2013, BTA has disbursed 77.3 million euro in gross insurance indemnities, by 10% more than in 2012 (70.3 million euro).
Priority – European Insurance Market
Jānis Lucaus, BTA Insurance Company SE Chairman of the Board: “For the last 20 years BTA has been a stable leader of the Latvian insurance market. I am really satisfied about this because maintaining the leading position is one of our goals. We have also achieved our goal of becoming one of the leading insurance companies in the Baltic States. We associate our further development with the winning of new foreign markets. I am proud that BTA is the only Latvian insurance company that successfully exports financial services and operates not only in the Baltic States but also in other European countries. Currently, BTA successfully operates in Poland, Lithuania and Estonia, Germany, Italy, France, Great Britain and Spain. Since BTA acquired the status of a European company, Latvian companies are not the only one we compete with. Our rivals today are global financial service providers who have developed their business over several generations, offer a wide range of insurance services and operate in the developed European countries.
The customer of BTA demands services of the highest quality that meet his or her needs at the best price. Rendering such services on a daily basis is our most ambitious goal.
MTPL and CASCO – the Largest Premium Amounts Written by BTA
The largest proportion of gross premiums written in the BTA portfolio was MTPL insurance – 78 million euro, which means a 12.3% year-on-year increase. In Latvia in 2013, the MTPL gross premiums written amounted to 9.8 million euro, while the largest amount of gross premiums written for this type of insurance was in Lithuania (31.5 million euro) and Poland (19 million euro).
In the second largest type of insurance – CASCO insurance – gross premiums written by BTA in 2013 amounted to 27.4 million euro. The increase was 21.5% compared to 2012. In Latvia, the gross premiums written last year by BTA for CASCO insurance amounted to 11.5 million euro.
The third largest type of insurance in the BTA portfolio is property insurance. In 2013, the gross premiums written by BTA for property insurance amounted to 22.4 million euro with an increase of 18.8% compared to 2012. The property insurance premiums written by BTA in Latvia amounted to 6.4 million euro, while the largest amount of the insurance premiums written for this insurance type was in France – 9.8 million euro.
BTA has obtained all 18 non-life insurance licenses that are available in Latvia that enables offering the broadest range of retail and corporate insurance services. The most popular types of insurance with BTA are CASCO, MTPL, health, and property insurance. BTA keeps busy to retain its customer base and develop its sales network, meanwhile constantly improving its insurance services by making them simpler and more comprehensible to the customer. Much focus was laid on improvement of internal processes and service quality. Services and consultations of BTA are available at customer service centres across Latvia, on its website www.bta.lv, as well as by calling the Customer Support Line at 26 12 12 12 any time on the day, including weekends and holidays.
We are sincerely proud of recognition to our efforts, expressed by individual customers as well as the public in general and awards we have received. BTA has been the first and by now the only Latvian insurance company, who has managed to make it to the Top 50 largest insurers of Central Europe, this ranking list for in 2013 produced by Deloitte audit company. BTA was also recognized to be the best employer in the insurance industry in 2013. This year BTA also participated in the Praise Excellent Service campaign, and got the highest evaluation in the category "Business to Consumer", receiving title “Leading customer service company in the financial and insurance industry for 2014”.
The financial strength of BTA was confirmed by A++ or the highest level of reliability, awarded by agency Expert RA.
For all awards and recognitions, please, click here.