The year-on-year growth in the volume of gross insurance premiums written by BTA Baltic Insurance Company in the Baltic States in the first nine months of 2017 has been 22%. A considerable increase has been achieved in Property insurance, CASCO and Travel insurance segments.
BTA Baltic Insurance Company AAS (BTA) has had the largest growth this year in Lithuania, where the volume of gross insurance premiums has grown by 27%. The volume of premiums in Latvia has increased by 18%, and by 16% in Estonia. The company has written a total of 119.7 million euros in gross insurance premiums for the nine months this year, and disbursed 59.3 million euros in gross indemnities.
The volume of gross written premiums in Latvia this year has reached 41.2 million euros, which means an 18% year-on-year growth, while 22.6 million euros were paid in insurance indemnities. The largest amount of disbursements in indemnities by BTA in Latvia this year has been in health insurance – 7.0 million euros, which is by 21% more than a year ago. 6.0 million euros were disbursed for CASCO insured events.
”BTA continues its rapid growth in all three Baltic States. By means of diversification of insurance types and offering good terms to customers, we have increased the volume of deals by one fifth, which is a remarkable result for the competition-tight insurance market. Our company disburses an average of 123 thousand euros in indemnities each business day in Latvia, while in the Baltic States in total – an average of 319 thousand euros,” comments BTA Management Board Chairman Jānis Lucaus.
The fastest growth in demand for BTA services in the Baltic States has been in Travel insurance – by 30%. The volume of Property insurance premiums has increased by 24% and CASCO – by 23%. The largest increase in premiums in Latvia has been in health insurance, the volume of gross insurance premiums in this segment has increased by 23%. Interest of drivers in CASCO insurance has increased as the volume of gross insurance premiums within the first nine months of 2017 has been by 14% larger than that a year ago.
BTA’s profit before taxes within nine months of this year has grown, compared with the respective period year ago, reaching 5.9 million euros.
Vienna Insurance Group AG has reinforced its positions on the Baltic market by making a decision on 19 September 2017 regarding a restructuring by merger, whereby the insurance company InterRisk Vienna Insurance Group (InterRisk) is going to be merged with BTA. This merger entails joining the InterRisk’s Latvian business and infrastructure to BTA Latvia, and joining the Lithuanian branch of InterRisk to the Lithuanian branch of BTA.
BTA Baltic Insurance Company is a major insurance company in the Baltic States, offering the broadest range of non-life insurance services in Latvia, Lithuania and Estonia. The largest shareholder of BTA is Vienna Insurance Group AG, one of the leading insurers in Europe with 190 years of experience in the insurance field. More than 50 companies in 25 countries constitute the group, which employs 24,000 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.
Marketing and Public Relations Department Director
BTA Baltic Insurance Company AAS