BTA Baltic Insurance Company AAS (BTA) has achieved an impressive growth in the first quarter of 2018 – the volume of gross written insurance premiums in the Baltic States, compared to the first three months of the past year, has grown by 41.3%. The company has made it best in Latvia, where premiums were written by 59.1% more than a year ago.

In the first three months of this year, BTA has written insurance premiums of 53.8 million euros worth in the entire Baltic States – 21.0 million in Latvia, 26.6 million in Lithuania and 6.2 million in Estonia. Hence, the year on year growth was respectively 59.1%, 34.8% and 20.7%.

The volume of paid indemnities has also increased by 40%, reaching 28.8 million euros. Indemnities disbursed to customers amounted to 14 million in Latvia, 11.6 million in Lithuania and 3.2 million in Estonia. Each business day, BTA disburses more than 221 thousand euros to its customers in Latvia, 185 thousand euros in Lithuania, and in Estonia – 48 thousand euros.

The volume of written premiums has exceeded that a year ago in all the largest insurance segments. A growth by 79.4% was registered in health insurance, in CASCO insurance – by 35%, in property insurance by 24.2%, and in general third-party insurance by 20.6%.

In Latvia, the steepest growth in voluntary insurance types was in health insurance due to the conclusion of cooperation agreement with a number of large and popular companies, which have enjoyed being praised in best employer surveys each year, and these companies take good care of their staff by furnishing them with health insurance policies. Compared to the first quarter of the last year, the growth in this segment has been 82.9%. The nastiest headache in Latvia is still given by the MTPL insurance, where the volume of disbursed indemnities exceeds the earnings from written premiums by a third.

“The first three months of this year for BTA have passed quite busy and successfully, and we should particularly emphasize the fast improvement of positions on the Latvian health insurance market, where the premiums volume has nearly doubled. On the other hand, the long winter has been hard on car drivers – the volume of CASCO and MTPL insurance indemnities paid has leapt. It has increased approximately twice as fast than the growth in written premiums in both segments, which indicates a deterioration of the situation on roads,” says BTA Management Board Member Wolfgang Stockmeyer.

A noteworthy fact is the 37.4% growth in gross written premiums in voluntary insurance types in the Baltic region – a sign of an increasing awareness of people of the significance of having insurance.

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