During the past year natural disasters caused significant damage to farmers that for some farms could have been the end if the crops had not been insured. Since April 2022, the Insurance Joint Stock Company “BTA Baltic Insurance Company” (hereinafter – BTA) has received over 600 indemnity claims and has paid out more than six million euros in compensations.

As usual, rain and frost were the two major causes of the loss of crops. They have caused around two-thirds of the damage. Hail, wild animals, and birds were also among the causes of damage. However, the largest single indemnity was paid to a farm whose crops were damaged in a mid-summer storm. BTA paid compensation of more than 125,000 euros.

«In 2022, BTA insured a total of 130,000 ha of crops which is by a third less than a year earlier. There are several objective reasons for that. First, as a consequence of high inflation rate farmers had to cover increased expenditure for fertilisers, fuel and other items, so not every farm had money left over for crop insurance. Second, autumn arrived relatively late, delaying the threshing process and preventing farmers from fully sowing all the planned areas. Third, due to the new planning period for 2023–2027, national support was not yet available in autumn, » says BTA Insurance Claims Handling Department Director Kārlis Liepiņš.A total of 280 farms took the opportunity to get insurance, compared to 451 farms a year before. This means that dozens of farmers will have no protection against whims of nature this year and will only have to hope that storms and rains will not reach their fields.

Spring has already brought the first damage, as more than 80 indemnity claims have been received so far, mainly from Latgale and Vidzeme regions, for the damage caused by wild animals to the crops of winter rape. However, the number of claims could increase once farmers have surveyed their territories throughout the country.

BTA is the market leader in Latvia in terms of crop insurance. Currently, farmers have the possibility to insure their crops against the risk of frost, hail, rain, storms, wild animals and, from the beginning of May, drought. It is possible to get insurance for the following crops: winter rape, turnip rape, wheat, rye, barley, triticale, and also spring rape, turnip rape, wheat, rye, barley, triticale, oats, beans, peas, and buckwheat. BTA also offers forest insurance, i.e., insurance against storms, snow crush, fire, wild animals, theft, and insect damage. The cost of forest insurance per hectare varies between 7–30 euros, depending on the forested area and the sum of insurance.

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
phone: +371 66936074, mobile: +371 29374827