People residing in rural regions of Latvia become increasingly aware of the sense of safety provided by voluntary insurance and the number of insured property, cars as well as personal accident and travel insurance premiums written keeps growing. Also, an increasing number of companies opt for procuring health insurance policies for their staff, thus demonstrating care of them. BTA Baltic Insurance Company AAS (BTA) data indicate that most indemnities outside the capital city have been paid for health and CASCO insured events.

In 2017, the largest total amount of indemnities BTA has paid to health insurance policy holders in rural regions. Compensation for expenses for medical treatment and sports classes account for 31% of all indemnities disbursed to those residing outside of Riga last year.

The second most useful insurance type for those in rural regions is the voluntary motor insurance, also known as CASCO insurance. 27% of all indemnities disbursed last year were allocated to CASCO indemnities, which is even more than disbursed to policyholders of the mandatory third party liability insurance of motor vehicle owners (MTPL). An increasing number of private individuals insure their real estates and obtain personal accident insurance policies.

The popularity of insurance also capitalizes on the efficient and fast claims handling at BTA. Where indemnity in health care segment was paid within 3 or fewer days only in 23% of cases in 2016, then this rate was 64% cases last year. In other insurance types last year, 37% of insured persons enjoyed getting money within 3 days, while it was 23% of customers a year ago.

“The data for past years challenge the myth that those living in regions outside the capital city are more lightminded and care less for their property and health than urban dwellers in the capital. Observing how insurance helps their relatives or neighbours in hard times, more and more people each year insure their dwellings, cars, and themselves against personal accidents. Particularly active are the inhabitants in the western part of our country, where the volume of premiums written last year has grown by 12%. Health insurance policies for their staff has become a commonplace thing for many regional companies,” says BTA Insurance Claims Handling Department Director Kārlis Liepiņš.

About BTA

BTA Baltic Insurance Company is one of the leading insurance companies in the Baltics, offering the broadest range of non-life insurance services in Latvia, Lithuania and Estonia. BTA employs more than 1 000 employees in the Baltics. The largest shareholder of BTA is Vienna Insurance Group AG with 200 years of experience in the insurance industry. More than 50 companies in 25 countries constitute the group, which employs 25,000 employees. Vienna Insurance Group AG is a clear leader in its core markets in Europe maintaining high rating of financial stability – Standard & Poor’s A+ (stable outlook), with a listing on the Vienna and the Prague Stock Exchange.
 

Additional information:
Elīna Rasmane
Marketing and Public Relations Department Director
BTA Baltic Insurance Company AAS
e-mail elina.rasmane@bta.lv