The total volume of gross insurance premiums written by BTA Baltic Insurance Company AAS (hereinafter – BTA) in the Baltic States in the first nine months of 2022 was 194.5 million euros. It is by 19% more than in the same period in 2021. The volume of insurance claims paid out by BTA in the Baltics in this period reached 121.7 million euros, which is by 26% more than in the first nine months a year ago.

The volume of gross insurance premiums written by BTA in the Baltic States in the first nine months of 2022 reached 194.5 million euros – by 19% more than in the same period of 2021. In the first nine months of this year, BTA Latvia gross written premiums amounted to 65.6 million euros (+12%), in Lithuania, the amount of gross insurance premiums reached 105.7 million euros (+24%), while in Estonia the volume of BTA’s gross written premiums reached 23.2 million euros (+16%).

In the first nine months of 2022, the largest volume of BTA’s gross written premiums in the Baltic States was in the mandatory motor vehicle owners’ third-party liability insurance (MTPL), reaching 57.8 million euros (+18%). In the first nine months, the amount of insurance indemnities disbursed by BTA for insured events in MTPL reached 37.4 million euros (+14%).

A positive growth of premiums in the first nine months of 2022 is also observed in CASCO insurance where the volume of BTA Baltic gross written premiums reached 46.8 million euros (+18%). In turn, 31.8 million euros (+20%) were disbursed for CASCO insurance claims.

The increase in insurance indemnities disbursed at the end of third quarter of this year in both motor insurance types is related to the significant increase in the price of spare parts, as well as to a considerable increase in repair costs at car repair shops.

The third largest volume by the amount of gross written premiums was achieved in health insurance – 31.7 million euros (+24%). In turn, 23.4 million euros (+37%) were disbursed in indemnities of this insurance type.

In the first nine months of 2022, BTA disbursed 121.7 million euros in total in insurance indemnities for the Baltic States, which is by 26% more than in the same period in 2021. BTA Baltic pre tax profit in the first nine months of 2022 amounted to 6.8 million euros.

“As the difficult economic situation endures across the world, where enterprises are faced with high uncertainties and with increase in inflation, BTA is constantly working to ensure financial security for its customers and protect them from unexpected loss due to insurance accidents. We are also incessantly improving our operational processes so that the insurance process would be effective and the disbursement of indemnity would run even more smoothly. It is also confirmed by the recently received quality management certificate ISO 9001. In a time when both individuals and enterprises are facing an increase in prices and a lower purchasing ability, it is important for us to offer insurance products that suit customers’ needs and opportunities the most,” says Wolfgang Stockmeyer, BTA Management Board Chairman.


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 sole shareholder of BTA is Vienna Insurance Group AG (VIG), the leading insurance group both in Austria and in the entire Central and Eastern European (CEE) region. Around 50 insurance companies in 30 countries form a Group with a long-standing tradition, strong brands and close customer relations. The more than 25,000 employees in the VIG take care of the day-to-day needs of more than 22 million customers. VIG shares have been listed on the Vienna Stock Exchange since 1994. The VIG Group has an A+ rating with stable outlook by the internationally recognised rating agency Standard & Poor's. VIG cooperates closely with the Erste Group, the largest retail bank in Central and Eastern Europe.


Additional information:
Elīna Zvejniece
Marketing and Public Relations Department Director
BTA Baltic Insurance Company AAS
e-mail elina.zvejniece@bta.lv
mobile: +371 29374827