The volume of gross premiums written by BTA marked by a quarter-fold increase last year

22.02.2018

BTA Baltic Insurance Company AAS (hereinafter – BTA) had a successful year in 2017 marked by a 24.3% increase of the volume of GWPs in the Baltic States. The following segments ensured the most significant contribution to growth – CASCO, Property Insurance, General Third Party Liability Insurance and Health Insurance.

 

In 2017, the total volume of GWPs of BTA in the Baltics amounted to 164.6 million euros, which is a 24.3% increase as compared to 2016. The increase generated by BTA is significantly higher than the average of the Baltic insurance market, where the volume of GWPs increased by 17,8%.

 

Lithuania fared best, where the volume of GWPs increased by 28.7% as compared to 2016. Latvia was marked by a 20.8% increase and reached 56.2 million euros, while Estonia – by 16.7%.

 

All significant insurance segments of BTA were marked by an above-average increase than the average of the Baltic market. Within CASCO Insurance, the volume of GWPs increased by 23.4%, while the market average – 13.2%. Property Insurance was marked by a 31.2% and Health Insurance – by 21.4%. Last year, the average volume of GWPs on the Baltic market increased by 7.7% and 11.7% respectively than the year before. In Latvia, the Property Insurance – 27.2% and Health Insurance – 21.1% was marked by the most significant growth.

 

The volume of gross insurance indemnities disbursed increased by 2.5% exceeding 79.4 million euros in the Baltics. BTA indemnified the losses of customers amounting to 322 thousand euros every business day, which makes it more than 40 thousand euros per a single business hour. The volume of gross insurance indemnities disbursed in the Baltics increased the most rapidly within Health Insurance – by 20.9%, Property Insurance – by 15.7% and General Third Party Liability – by 13.8%.

 

“We are satisfied that in 2017 BTA managed to make further progress and complete the year marked by much better growth indicators than the average of the Baltic market. Upon diversification of insurance types and offering solutions that are more advantageous to customers, we have increased our market share all over the three Baltic States. A trend to treat property and health insurance with greater responsibility boosted growth. Interrisk merger, which improves BTA’s position both in corporate segment and within directs sales in regions, was a significant event last year, it provides us with an opportunity to establish ourselves in the group of leading insurance companies in the Baltics”, Chairman of the Board of BTA Jānis Lucaus comments on the results.

 

BTA merged InterRisk Vienna Insurance Group (hereinafter – InterRisk) business and infrastructure in Latvia and Lithuania into BTA. The business deal strengthened the position of BTA on the Baltic insurance market and enabled offering better services and more advantageous terms and conditions of the contracts to customers.

 

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