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 2021 was EUR 109.4 million. It is 2.5% more than in the same period in 2020. The volume of insurance claims paid out by BTA in the Baltics in the first six months of this year reached EUR 62.9 million euros, which is by 4.5% 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 2021 reached 109.4 million euros, which is by 2.5% more than in the same period of 2020. In the first six months of this year, BTA Latvia gross written premiums amounted to 40.7 million euros (-1.1%), in Lithuania, the amount of gross insurance premiums reached 54.8 million euros (3.6%), while the fastest growth in the volume of gross written premiums was observed in Estonia reaching 13.8 million euros (9.7%).
In the first six months of 2021, the largest volume of gross written premiums in the Baltics BTA had in the compulsory motor vehicle owners’ third-party liability insurance (MTPL) reaching 31.2 million euros (-8.5%). An increase this year is observed in CASCO insurance, where the volume of BTA Baltic gross written premiums reached 26.7 million euros (+4.7%). The third largest volume by the amount of gross written premiums was achieved in Health insurance – 18.7 million euros (+5.4%).
In Latvia, the largest volume of BTA gross written premiums in the first six months of this year was in Health insurance, reaching 14.5 million euros (-4.6%), while the second largest was CASCO insurance with 8.3 million euros (+5.6%). A significant increase was in Property insurance, where the volume of premiums written by BTA Latvia increased to 5.6 million euros (+13.7%).
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 23.0 million euros (-6.3%) and CASCO with 13.5 million euros (+1.1%). A significant increase in the first six months of this year was achieved by BTA Lithuania in Property insurance – 4.3 million euros (+19.9%).
The largest type of insurance by the volume of gross written premiums in the six months of 2021 for BTA Estonia was CASCO – a total of 4.9 million euros (+13.9%). The second largest was MTPL, where the amount of gross written premiums reached 3.3 million euros (-19.8%), while the third, the amount of which BTA Estonia managed to quadruple compared to the six-month period of the previous year, is Health insurance with 1.7 million euros.
In the first six months of 2021, BTA disbursed 62.9 million euros in insurance indemnities in total for the Baltic States, which is by 4.5% more than in the same period in 2020. MTPL insurance events accounted for the largest volume of indemnities paid, the amount of which reached 21.7 million euros (-4.9%). Whereas, 17.2 million euros (+19.5%) were paid for CASCO claims, and 11.1 million euros (+21.8%) for Health insurance claims.
In the first six months of this year, Health insurance showed the largest amount of indemnity disbursements in BTA Latvia – 8.9 million euros (+11.7%). In turn, 5.4 million euros (+8.2%) were paid by BTA Latvia for CASCO claims, and 4.0 million euros (-16.5%) for MTPL indemnity claims.
In Lithuania, the amount of insurance indemnities disbursed by BTA for insured events in MTPL reached 15.0 million euros (-1.5%), while for CASCO claims – 8.2 million euros (+33.6%). The third most important type is Property insurance, in which claims payments amounted to 2.1 million euros (-10.8%).
In the first half of 2021, BTA in Estonia paid out the largest volume of disbursements were made for CASCO claims, reaching 3.7 million euros (+10.3%). Indemnities paid for MTPL insurance claims in Estonia amounted to 2.7 million euros (-3.5%), while for Property insurance – 0.7 million euros (+43.4%).
BTA Baltic pre-tax profit in the first six months of 2021 amounted to 4.5 million euros. In Latvia, BTA pre-tax profit amounted to 2.8 million euros, in Lithuania – 3.0 million euros, while in Estonia losses amounted to 1.3 million euros.
"The beginning of this year brought us somewhat brighter trends in the economy and, consequently, in the insurance sector, although we still felt fierce competition. Despite of that, BTA continued to generate innovations and offer customers increasingly better solutions and insurance service experience. An example to this, we introduced DriveX – an innovative tool, based on artificial intelligence. This tool enables us to save time of our customers and our specialists, because now anyone buying a BTA policy for their car can photo capture and thus record their vehicle’s condition at any time and place convenient for them. We also have started to introduce our customers to a new option – MTPL and CASCO policy subscription. We also should emphasize BTA's social responsibility activities, because this year we continued to develop the BTA’s Velomaster project. 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.
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.
Marketing and Public Relations Department Director
BTA Baltic Insurance Company AAS