The volume of BTA gross written premiums in the Baltics reached 106.7 million euros

31.08.2020

In the first half of 2020 BTA Baltic Insurance Company AAS (hereinafter – BTA) gross written premiums in the Baltics amounted to 106.7 million euros. 60.1 million euros were disbursed in insurance indemnities.

 

Out of total 106.7 million euros of gross written premiums in the Baltics, 41.2 million euros were written in Latvia, 52.9 million euros in Lithuania, and 12.6 million euros in Estonia. Altogether, it is by 5% less than during the same period last year.

 

In the Baltics, compulsory motor vehicle owners’ third party liability insurance (MTPL) was marked by the largest volume of BTA’s gross written premiums and reached 34.1 million euros (-11.3%), CASCO of 25.6 million euros (-49%) and Health Insurance, wherein the volume of gross written premiums amounted to 17.7 million euros (+7.8%) in the first half of the year.

 

In the first six months of 2020, in Latvia, Health, CASCO and MTPL insurance types were marked by the largest volumes of BTA’s gross written premiums and reached 15.2 million euros (+8.9%), 7.9 million euros (-9.7%) and 5.5 million euros (-22.7%) respectively. In Lithuania, the largest volume of gross written premiums was in MTPL insurance type with the total volume of 24.6 million euros (-8.8%), CASCO of 13.3 million euros (-2.4%), as well as in Property insurance, wherein gross written premiums amounted to 3.6 million euros (-5.2%). In Estonia, BTA showed the best results according to gross written premiums in CASCO insurance type of 4.3 million euros (-2.9%), MTPL of of 4.1 million euros (-8.3%) and Property insurance type of 1.4 million euros (+10.2%).

 

In the Baltics, in the first six months of 2020, the largest volume of disbursed insurance indemnities was in MTPL type – altogether 22.8 million euros (-3.3%). The second most significant type is CASCO, wherein 14.4 million euros (-6.7%) were disbursed in insurance indemnities, while the most significant type is Health insurance with the total volume of disbursed indemnities of 9.1 million euros (-7.5%).

 

In the first half of the year, in Latvia, the largest volume of indemnities was disbursed in Health insurance and amounted to 8.0 million euros (-7.8%), in CASCO with total volume of disbursed indemnities of 5.0 million euros (-5.4%), as well as in MTPL, wherein 4.8 million euros (-11.6%) were disbursed in insurance indemnities. In Lithuania, in the first six months of 2020, the largest amount of insurance indemnity disbursements was made in MTPL insurance – 15.2 million euros (+0.5%). 6.1 million euros (-8.7%) are disbursed as indemnities in CASCO insurance type and 2.4 million euros (+31.3%) for insurance claims in Property insurance. In Estonia, BTA this year disbursed the largest volume of indemnities in CASCO insurance type and reached 3.3 million euros, which is by 5% less than in the first half of the previous year. In MTPL 2.8 million euros were disbursed, which is by 7.9% less than in the first six months of 2019, while Railway transport insurance type was marked by a manifold increase in numbers, wherein the total volume of disbursed indemnities reached 1 million euros.

 

In the first half of 2020, BTA pre-tax profit in the Baltics amounted to 8.2 million euros. In Latvia, BTA pre-tax profit amounted to 3.7 million euros, in Lithuania – 3.1 million euros, while in Estonia – 1.3 million euros.

 

“In the beginning of the year, BTA continued to implement many projects launched previously to organize and improve the company’s internal processes, to make us more digitally advanced and to continue development of BTA. It provided the grounds for engagement of several significant new clients, which altogether ensured the growth in the Baltics, for instance, in Health insurance type by 7.8%. While being able to react quickly to our customer needs and market changes, various informative campaign were organized and changes were made to several products, for instance, in Private accident insurance type Covid-19 cover was included, which ensured the growth of 5.4% in this type of insurance. Consequently, in the time of restrictions, Baltic residents drove their cars less frequently, which marked not only the reduction of gross written premiums, but also of disbursed indemnities. However, altogether, in BTA we share a positive outlook for the changes in the future. We have put continuation of the launched projects forward as our priority, which shall ensure faster and more convenient customer service in various sales channels,” emphasizes BTA Management Board Chairman 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 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.

 

 

Additional information:

Elīna Rasmane

Marketing and Public Relations Department Director

BTA Baltic Insurance Company AAS

e-mail elina.rasmane@bta.lv