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The volume of insurance claims paid out by BTA in the Baltics in the first six months of this year by 28% more than in the first six months a year ago

31 Aug 2022
All news

The volume of insurance claims paid out by BTA in the Baltics in the first six months of this year by 28% more than in the first six months a year ago

31 Aug 2022

The total volume of gross insurance premiums written by BTA Baltic Insurance Company AAS (BTA) in the Baltic States in the first six months of 2022 was EUR 133 million. It is 21% more than in the same period in 2021. The volume of insurance claims paid out by BTA in the Baltics in this period reached EUR 80 million euros, which is by 28% more than in the first six months a year ago.

The volume of gross insurance premiums written by BTA in the Baltic States in the first six months of 2022 reached 133.2 million euros, which is by 21% more than in the same period of 2021. In the first six months of this year, BTA Latvia gross written premiums amounted to 46.0 million euros (+13%), in Lithuania, the amount of gross insurance premiums reached 70.7 million euros (+28%), while in Estonia the volume of gross written premiums reached 16.4 million euros (+18%). 

In the first six months of 2022, the largest volume of gross written premiums in the Baltics BTA had in the compulsory motor vehicle owners’ third-party liability insurance (MTPL) reaching 37.5 million euros (+17%). In the first six months the amount of insurance indemnities disbursed by BTA for insured events in MTPL reached 25.3 million euros (+17%) 

A positive growth of premiums in the first six months of this year is observed also in CASCO insurance, where the volume of BTA Baltic gross written premiums reached 31.5 million euros (+18%). 21.2 million euros (+23%) were disbursed for CASKO claims.

The increase in paid indemnity volumes in both motor insurance types is mainly due to the significant increase in the price of spare parts at the end of the previous year and the beginning of this year, as well as a significant increase in the cost of repairs at car repair shops.

The third largest volume by the amount of gross written premiums was achieved in Health insurance – 24.4 million euros (+30%). However, this significant increase in premiums could not catch up with rise in the amount of paid claims, which increased by 41% in six months, reaching 15.7 million euros.

In Latvia, the largest volume of BTA gross written premiums in the first six months of this year was in Health insurance, reaching 14.6 million euros (+1%), while the second largest was CASCO insurance with 10.0 million euros (+20%). A significant increase was in Property insurance, where the volume of premiums written by BTA Latvia increased to 7.9 million euros (+24%).

The largest amount of gross written premiums in the first half of the year for BTA Lithuania was comprised by motor insurance types – MTPL with 27.6 million euros (+18%) and CASCO with 17.9 million euros (+32%). A significant increase in the first six months of this year was achieved by BTA Lithuania in Property insurance – 7.1 million euros (+17%).

The largest type of insurance by the volume of gross written premiums in the first six months of 2022 for BTA Estonia was Health insurance – a total of 4.4 million euros (+162%). The second largest type was CASCO insurance, where the volume of gross written premiums reached 3.7 million euros (-25%), while the third was MTPL with 3.0 million euros (-12%). 

In the first six months of 2022, BTA disbursed 80.2 million euros in insurance indemnities in total for the Baltic States, which is by 28% more than in the same period in 2021. 
BTA Baltic pre-tax profit in the first six months of 2022 amounted to 4.3 million euros. 

"In this difficult economic situation, when individuals and businesses face a sharp rise in prices, BTA is constantly working to ensure financial security for its customers and protect them from unexpected losses due to insurance accidents. In particular, we are working to provide customer-friendly service, for example, for several months BTA Travel Insurance customers have been able to receive a remote doctor's consultation while abroad, Health Insurance customers can receive the necessary medications without leaving home, and we have also improved the conditions for coverage of private property products.

We also should emphasize BTA's social responsibility activities, because this year we continued to develop the BTA’s Velomaster project, while in May we have created BTA Sustainability Forest, where approximately 15,000 trees were planted. Many thanks to BTA employees, who, in these challenging times, have been able to quickly adapt to the situation, propose new initiatives and maintain focus while engaging in the long-term development of the company,” says Wolfgang Stockmeyer, BTA Management Board Chairman.


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 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. Vienna Insurance Group works in close partnership with Erste Group – the largest retail bank in CEE.


Additional information:
Elīna Zvejniece
Marketing and Public Relations Department Director
BTA Baltic Insurance Company AAS
e-mail elina.zvejniece@bta.lv
tel.: 66936074, mob. 29374827

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