Insurance stock company BTA Baltic Insurance Company (hereinafter – BTA), in the first six months of 2016 for the Baltic States together has written gross insurance premiums for 65.1 million euro, which is by 11.5 % than that period year ago. Regardless of the growth by 9.2 % in insurance indemnities paid by BTA, the profit of BTA for the first six months this year has reached 2.6 million euro.
After evaluating the financial result of the first six months, BTA specialists note that the previously noticed tendency in the insurance market of the Baltic States still continues – the amount of written gross insurance premiums in voluntary insurance types is growing. In comparison with the first half of last year, this year, the amount of gross insurance premiums written by BTA in voluntary insurance types has grown by 10%. Of voluntary insurance types, the largest growth in gross written insurance premiums was in property insurance (+16 %), CASCO (+14 %), health insurance (+11 %) and accident insurance (+10 %). A positive result was also in compulsory insurance type – MTPL, a considerable growth of gross written insurance premiums by 15%.
”Regardless of different challenges that influence the insurance field in Latvia and the Baltics, for example, the fierce competitiveness in market, compliance with guidelines set in European Commission directive Solvency II, the insurance field continues to grow. The development of the industry is positively influenced by the growth of public understanding on the meaning and necessity of insurance services, as well as active operation of insurance companies, by providing new, interesting and tailored to the customer needs insurance services. BTA continuously searches for different solutions and actively works on development of insurance portfolio. With bicycle traffic on the rise, this year we noticed that the interest in purchasing Velopolise, the Bike Insurance Policy – the insurance product developed by BTA focused on cyclists, has doubled. As part of developing new insurance services, this year BTA started to offer its clients a special insurance product for fans of active recreation - skiers, skaters, surfers, etc. In response to geopolitical activities, BTA expanded its range of travel insurance products by offering an option to be insured against terrorism risk. Being flexible in response to the needs of customers, BTA will keep on producing new products in voluntary insurance and the activities in the corporate customer segment,” says Jānis Lucaus, BTA Chairman of the Board.
BTA gross insurance indemnities paid in the first half of 2016 were 38.2 million euro, which is 9.2% more than in the same period for 2015. The largest growth of gross insurance indemnities is for vehicle insurance types: CASCO (+11 %), MTPL (+9 %). The growth in gross insurance indemnities is for vehicle insurance types is related to the growing amount of road accidents and higher prices in vehicle repair services.
A significant growth in gross insurance indemnities in the first half of this year is observed in accident insurance (+32 %) and general third party responsibility insurance (+109 %). The growth of insurance indemnities in accident insurance has been driven by the significant growth in the amount of insurance claims for lethal cases, whereas the growth of compensated gross insurances in general third party responsibility insurance indicated that the persons incurring damages require covering the losses more frequently.
BTA is one of the largest indemnity payers in the Baltic States. Last year BTA has disbursed an average of 282 thousand euros each business day in insurance indemnities in the Baltic States, which makes it 35.4 thousand euros every working hour. The amount of gross written insurance premiums written by BTA in the Baltic States reached 114 million euros last year.
About the company
AAS BTA Baltic Insurance Company was founded in 2014, after reorganisation of BTA Insurance Company SE, performing successful division of the company according to the geographical distribution of its business operations: Baltics and rest of Europe. BTA Insurance Company SE, being a mother company of AAS BTA Baltic Insurance Company, has been successfully operating on insurance market for more than 20 years, in 2009 becoming the third biggest insurer in Baltic States. The international growth of BTA is proven by the TOP 500 of Central European Companies issued by the international auditor company Deloitte for year 2013, where BTA ranks among 50 largest insurance companies in Central Europe.
In December 2015 AAS BTA Baltic Insurance Company concluded a contract about attraction of an investor – one of the leading insurers in Europe – Vienna Insurance Group AG (VIG). The transaction will be realized completed after receiving all the necessary permits from the authorities.
Public Relations Manager
BTA Baltic Insurance Company AAS
Telephone 67025661, mobile 27828796