Steepest growth of volume of gross insurance premiums written by BTA in health insurance sector

29.11.2018

The volume of gross insurance premiums written by BTA Baltic Insurance Company AAS (hereinafter – BTA) in the Baltic States in nine months of this year has increased by 30.8%, while the pre-tax profit reached 7.3 million euros. The steepest growth still is observed in the Latvian insurance market – the year-on-year growth of the volume of gross insurance premiums written by BTA in the first nine months of this year was 43.7%. BTA in Latvia, compared to the same period of 2017, has increased its profit, reaching 2.9 million euros.

 

The volume of gross insurance premiums written by BTA in Latvia in nine months of this year reached 59.1 million euros, which is by 18 million euros more than in 2017. A sharp increase in the volume of gross insurance premiums written by BTA of +43.7% was observed in Latvia, as a result of which BTA still maintains stable positions as the leading insurer on the overall Baltic market, where the total gross written premiums volume reaches 156.6 million euros (+30.8%). Meanwhile in Lithuania, the volume of gross insurance premiums written by BTA increased by 24.2%, and in Estonia – by 23.6%.

 

BTA’s profit in nine months of this year, compared to the same period a year ago, has grown by 1.4 million euros. BTA has operated at 2.9 million euro profit in Latvia, while its profit in Lithuania in the same period reached 7 million euros. Although BTA Latvian and Lithuanian insurance financials are positive, in the first nine months of this year in Estonia there have been losses of 2.6 million euros, attributable to a number of sizable indemnity payments in property insurance and railway rolling stock insured events. The largest volume of gross insurance premiums written by BTA in Latvia was in health insurance – 18.5 million euros (+61.3 %), CASCO insurance – 12.4 million euros (+37.4%) and compulsory liability insurance of motor vehicle owners (MTPL) – 12.1 million euros (+67.2%).

 

BTA has paid 43.3 million euros in insurance indemnities in Latvia this year in the first nine months of this year, which is by 91.3% more than in the respective period of 2017. The major share paid in insurance indemnities by BTA was for MTPL insurance cases – 12.8 million euros (+134.6%), health insurance 10.9 million euros (+56.4%) and CASCO insurance 9.1 million euros (+50.1%). The volume of paid insurance indemnities has rapidly grown in guarantee insurance type. 3.7 million euros have been disbursed in insurance indemnities within nine months, which largely pertains to claims regarding outstanding tax obligations towards the state. BTA has paid 34.7 million euros (+24.3%) in indemnities in Lithuania in nine months of this year, while in Estonia – 10.7 million euros (+21.6%).

 

"In nine months of this year the volume of gross insurance premiums written by BTA in Latvia reached 59.1 million euros, which is by 43.7% more than last year in the same period of time. These results indicate that BTA is one of the fastest growing insurance market players in the Baltic States. We have made a great leap in the Baltic insurance market, operating at 7.3 million euro profit, which is attributable to streamlining of the company’s internal processes and implementation of digitalization projects. With customer comfort in mind, we keep on improving BTA’s Customer service portal. BTA’s financials reflect great results, but not just that, they also outline the current insurance industry trends. The rapid growth in the health insurance sector indicates to fact that an increasing number of companies become more responsible and take care of their employees’ wellbeing and health. In general, the voluntary insurance types see an increase of 98 million euros worth," says BTA Management Board Member Wolfgang Stockmeyer.

 

 

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