Storm Priska in the Baltics: BTA estimates damages at 8 million euros
Insurance Joint-Stock Company BTA Baltic Insurance Company (‘BTA’) has received 1540 insurance claims following the recent storm in the Baltic States. Most of the claims have been registered in Latvia and Lithuania, at 756 and 769, respectively, while clients in Estonia have filed 15. Based on the daily trends in the number of claims and their amounts, BTA estimates that the total amount necessary to compensate the damage caused by the storm in the Baltics will be as high as 8 million euros.
Storm Priska resulted in extensive destruction in Latvia, with most of the claims received by BTA being for private and business real estate, for private and commercial vehicles, as well as for crops. A few claims have also been filed in relation to construction risks, civil liability, boat insurance, and other insurance types.
Lithuania shows a similar situation, with a clear predominance of damage caused to private real estate. The storm also damaged commercial real estate, road vehicles, construction sites and agricultural crops. Meanwhile, in Estonia, it was mostly private residences and business premises that were harmed.
Overall, BTA has so far earmarked 8 million euros for compensating the storm damage across the Baltics. Of these funds, 4 million euros is reserved for Latvia, 3.6 million for Lithuania, and 400,000 euros for claims in Estonia. It is worth keeping in mind, however, that the scope of damage is still being assessed, and the total compensation amounts are likely to change.
‘This is not the only natural disaster causing such massive destruction in BTA’s experience. Two years ago, a powerful storm and heavy rain in Latvia’s central region of Zemgale, especially in the Jelgava area, led to BTA receiving 1200 insurance claims and paying 7.5 million euros’ worth of indemnities. Likewise, this time, as we’re still receiving claims for damage caused by Priska, our most important task is to assess the indemnity amounts and help our clients clean up the consequences of the storm,’ highlighted Ivo Danče, head of Insurance Indemnity Department at BTA.
He added that in both Latvia and Lithuania, one of the most common causes of damage were falling trees. In Latvia, they mostly landed on fences, while in Lithuania — on buildings. As a result, these last few days have seen active requests for arborist services, which are included in BTA’s property insurance policy coverage.
‘In both countries, we’ve also received claims for damage caused by heavy rain and water entering properties through damaged roofs and windows. Large claims have also been filed by businesses due to prolonged power outages. In shops, these led to spoilage of food, which had to be withdrawn from sale. There was also major damage sustained by agricultural companies, as the strong winds beat down the crops. All in all, these events once again remind us that extreme weather can very quickly cause damage to private citizens as well as business, and that only insurance can provide financial protection,’ Ivo Danče explained.
As of now, BTA is still collecting information about the filed insurance claims and the amount of damage in the Baltic States. In the event of storm damage, BTA urges you to record the damage, photograph it and submit your claim on its website, at bta.lv, in its app, or by calling +371 26121212.
