BTA Baltic Insurance Company AAS (hereinafter - BTA) has written gross insurance premiums in the amount of 98.9 million euros in total in the Baltic States in nine months of 2016, which is by 13 % more than in the respective period of the previous year. Notwithstanding the increase in gross insurance indemnities disbursed by BTA by 11 %, profit of BTA reached 3.6 million euros in nine months of this year.
The most rapid increase of gross insurance premiums written by BTA in nine months of 2016 in the Baltics was reached in MTPL (+ 19 %), personal accidents insurance (+ 18 %), property insurance (+ 15 %), health insurance (+ 15 %) and CASCO (+ 13 %). Considering the financial results of BTA, a trend of an increased interest in voluntary insurance remains topical – the amount of gross insurance premiums in voluntary insurance types has in total increased by more than 9 %. Furthermore, evidence shows that even more clients care for various individual insurance solutions.
Jānis Lucaus, Board Chairman of BTA Baltic Insurance Company AAS explains the increase in gross written insurance premiums both by the growth of the purchasing power of customers and the improvement of their understanding of the insurance services: “Residents appreciate the need of insurance and the financial security provided therein more and more. Active work of BTA, ability to react and to adapt to the changes on the market, offering our clients ever new, attractive and up-to-date insurance products, let us achieve good results on the Baltic scale. Changes in BTA internal procedures of operation, optimizing administrative processes and improving our work efficiency, provided a significant contribution. At the same time, we emphasize that both as the industry in general we continue to meet challenges related to economic development trends of the Baltic States and the world and with large competition. In order to achieve successful development in such conditions, insurers should be able to adapt to the change in the residents’ acquired habits and needs, offering them ever more personalized products, as well as ensuring high-quality service”.
Along with the growth of written gross insurance premiums, gross insurance indemnities increase as well. In total BTA paid out insurance indemnities in the amount of more than 57.3 million euros in nine months of this year, which is by 11 % more than in the respective period of nine months of 2015. The increase in the amount of insurance indemnities was largely influenced by the increase in several related service expenses. A significant increase – by 95 % of paid out gross insurance indemnities in nine months of this year is in civil liability insurance, which was largely caused by several large indemnities in the corporate clients segment. BTA increased the amount of paid out gross insurance indemnities in accidents insurance (+ 29%), MTPL (+13 %) and CASCO (+13 %). The increase in the amount of insurance indemnities in auto insurance was largely caused both by increasing prices of car repair services and spare car parts, and by an increase in the number of road traffic accidents, which is confirmed by the Road Traffic Safety Directorate data.
BTA is one of the largest payers of insurance indemnities in the Baltics. In nine months of this year BTA paid out insurance indemnities of 301 thousand euros every workday in average, which is about 38 thousand euros paid out every working hour.
About BTA
BTA Baltic Insurance Company AAS (hereinafter - BTA) was established in 2014 as a result of reorganization of BTA Insurance Company SE (now – Balcia Insurance SE), by splitting the company according to the geographic boundaries of business: the Baltic States and the rest of Europe. In August 2016, Vienna Insurance Group AG, a leading insurer in Europe, became as the biggest shareholder of the company. BTA has obtained a licence for provision of all type of non-life insurance services across the three Baltic States.
More information:
Agnese Grīnberga
Public Relations Manager
BTA Baltic Insurance Company AAS
E-mail: agnese.grinberga@bta.lv
Telephone: +371 67025661, mobile phone: +371 27828796
