The volume of gross insurance premiums written by BTA Baltic Insurance Company AAS (hereinafter – BTA) in 2021 in the Baltic States reached 220.3 million euros, which is by 6% more compared to the same period in 2020. The volume of insurance claims paid out by BTA reached EUR 134.1 million euros, which is by 5% more than in 2020.
“As in 2020, the insurance market trends and overall business trends in 2021 were marked by the Covid-19 pandemic and the restrictions imposed due to it. BTA was excellent in coping with this situation, maintaining determination and proving its high added value to customers and partners. In 2021, especially in the second half of the year, the Baltic economy and also the Baltic insurance market made it back on the recovery path, which allowed BTA to expand its customer base and its business volumes, especially in voluntary insurance lines. Along with the economic recovery, we also observed a significant price rise in a number of fields: car part costs, medical service fees and construction costs. This increased the cost of insurance claims and made us to carefully analyse the impact of this price inflation on insurance prices. However, despite of the various challenges that 2021 posed, BTA successfully achieved its business goals,” says BTA Management Board Chairman Wolfgang Stockmeyer.
The total volume of BTA's gross written premiums in the Baltics in 2021 reached 220.3 million euros, which is 6% more than in the same period of 2020 – 208.5 million euros. In Lithuania, the amount of gross insurance premiums reached 112.8 million euros (+9%), while in Estonia the amount of gross written premiums was 26.9 million euros (+7%). The volume of gross written premiums in Latvia increased by 1%, compared to 2020, and reached 80.6 million euros.
In 2021, BTA in the Baltics compulsory motor vehicle owners’ third-party liability insurance (MTPL) was marked by the largest volume of BTA gross written premiums – 64.6 million euros, which is by 5% less than in 2020. In CASCO insurance type, which is in the second place, BTA gross premiums amounted to 52.4 million euro and is 5% more than a year earlier. While Property insurance showed the most significant growth; it is the third largest insurance type in BTA Baltic portfolio according to gross written premiums in 2021 – 37.3 million euros, which is by 20% more than in 2020.
“In 2021 as well, BTA continued to innovate in the insurance industry and introduced a number of innovative tools and services, such as DriveX, which significantly facilitates the purchase of car insurance policies, and BTA eMed, which enables quick and easy booking a remote appointment with a medic via BTA Health Insurance Application. Such solutions are particularly useful during Covid-19 and social distancing. Implementation of these projects would not have been possible without the invaluable contribution of BTA employees and their ability to continue generating innovation and developing internal processes, focusing on creating innovative products and offering customers new ways to receive BTA services in person and remotely,” emphasizes W. Stockmeyer.
The largest type of insurance of BTA Latvia by the amount of gross written premiums in 2021 was Health Insurance, reaching 21.8 million euros, which is 6% less than in 2020. The second largest type in Latvia last year was Property insurance, where gross premiums of 19.6 million euros were written, which is 22% more than a year ago. The third place in 2021 was the CASCO, in which the volume of gross written premiums amounted to 16.5 million euros thus it is by 4% more than in 2020. The amount of gross written premiums in MTPL decreased by 11% and reached 10.4 million euros in 2021.
In Lithuania, the most significant part of BTA's gross written premiums was MTPL type with 47.8 million euros, which is 2% less than in 2020. The second largest type of insurance in Lithuania by the amount of gross written premiums is CASCO with 26.9 million euros, which is 6% more than a year ago, while the third largest is Property insurance – 13.4 million euros, which is 21% more than in 2020.
By the amount of gross written premiums, the largest type of insurance in Estonia last year is CASCO, reaching 9.0 million euros, which is 3% more than in 2020, followed by MTPL with 6.4 million euros and that is 16% less than a year ago. The third largest type in Estonia is Property insurance, in which gross written premiums amounted to 4.4 million euros, demonstrating an increase of 9% compared to 2020 data. A significant increase was achieved in the voluntary Health insurance, in which the amount of gross written premiums in 2021 was 3.1 million euros, which is 279% more than a year ago.
The volume of BTA Baltic insurance claims paid in 2021 reached 134.1 million euros, which is a 5% year-on-year increase. The largest amount of insurance claims was for MTPL insured events amounting to 46.3 million euros (+4%), followed by CASCO with 37.0 million euros (+16%), as well as Health insurance with 24.5 million euros (+17%).
The pre-tax profit of BTA Baltic in 2021 amounts to 9.6 million euros, a 32% year-on-year decrease. In Latvia, BTA pre-tax profit amounted to 4.5 million euros, in Lithuania – 8.3 million euros, while in Estonia BTA had losses of 3.2 million euros.
"We are standing together with all the people of Ukraine and deeply sympathize with those who have lost loved ones or who had to leave their homes because of the war. We are providing direct and practical help to colleagues whose family members are in Ukraine and who are currently in need of assistance. We also see, that the year 2022 undeniably has already been affected by the war and that it is also affecting many industries and the inflationary situation in Baltics. BTA focuses on Baltic customers and therefore there is only limited impact from restrictions related to the situation between Russia and Ukraine. BTA is going to make flexible adjustments to the inflationary situation and is going to keep on working on improvement of our internal and external processes. These are the fundamental preconditions for even higher achievements in the long term,” pointed out W. Stockmeyer.
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 with close to 200 years of experience in the insurance business. With about 50 companies in 30 countries and more than 25,000 employees, Vienna Insurance Group is a clear market leader in its Central and Eastern European markets, and takes care of more than 22 million customers. Vienna Insurance Group is the best-rated company of ATX, the leading index of Vienna Stock Exchange (since 1994) with a rating of A+ with stable outlook from Standard & Poor’s; its share is also listed on the Prague Stock Exchange. Vienna Insurance Group works in close partnership with Erste Group – the largest retail bank in CEE.
Marketing and Public Relations Department Director
BTA Baltic Insurance Company AAS