Record growth of 27% in the volume of insurance premiums written by BTA in the Baltic States last year

2018 has been a year of success and growth for BTA Baltic Insurance Company AAS (BTA), as the year-on-year growth in the volume of gross written insurance premiums in the Baltic States was 27%, by 44.2 million euros mare than in 2017. The leap in the
volume of written insurance premiums in 2018 was particularly great in Latvia, with the volume of written insurance premiums reaching 78.8 million euros. Thanks to the steep growth in demand in such segments as CASCO, Health insurance and Property
insurance, BTA has ended 2018 with a profit of 9.2 million euros.

The total volume of gross insurance premiums written by BTA in the Baltic States in 2018 reached 207.2 million euros, with the volume of gross written insurance premiums growing by 27% compared to the previous period. The level of growth achieved by BTA considerably outperforms the Baltic insurance market, resulting in an increase of market share in all the Baltic States. BTA is
the second largest insurance company in Latvia with a 20% market share and in Lithuania with a 17% market share.

In terms of the gross written insurance premiums volume, Lithuania, among the Baltic States, reached 102.8 million euros in 2018, with the year-on-year growth, compared to 2017, has been 19%. Latvia has made a huge leap, with the volume of gross written insurance premiums growing by 41%, reaching 78.8 million euros, while in Estonia the level of growth has been 21%, reaching
25.6 million euros in gross written insurance premiums.

For the second year in a row, BTA has outperformed the Baltic States insurance market in all the largest insurance segments. The volume of gross written insurance premiums in CASCO insurance increased by 26%, while in average on the market – by 22%, and in Health insurance by 50%, with the increase on the market being 13%. The volume of gross insurance premiums written by
BTA in 2018 in Property insurance had a growth on par with the market, namely, by 21%. The volume of gross insurance indemnities paid in the Baltic States has increased in 2018, reaching 117.5 million euros, which is by 36.9 million euros or 46% more than a year ago. Each business day, BTA has indemnified an average of 950 customers for losses for nearly 475 thousand euros, with the average indemnity amount for one customer reaches 500 euros. The steepest growth in the volume of gross insurance indemnities paid in the Baltic States has been in Property insurance – by 49%, in Health insurance – by 43% and in CASCO – by 35%.

“BTA has achieved one of its best results in the company’s history – steep growth in the volume of gross written insurance premiums in the pan-Baltic region and closing the year 2018 at 9.2 million euros profit after taxes, an excellent result. This outstanding achievement is due to the successful efforts of the entire team and contribution in each of the countries.

The year 2018 has been a dynamic one, rich in various projects, we have introduced changes to BTA Privacy Policy due to the European Union General Data Protection Regulation taking effect, as well as improved internal processes, in order to provide our customers a better customer service experience while receiving insurance services. In 2018, we started renovation of our Customer Business Centres in the Baltic States according to a new design standard, investing extra funds in our sales units to furnish our staff and our customers with an appropriate environment. We are particularly happy for having brought to life the BTA ART project – creation of our own art collection, which reflects our vision of the future", says BTA Management Board Chairman Wolfgang Stockmeyer.