Baltic, Financial Services, Insurance
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Saturday, 20.04.2024, 15:11
BTA Insurance Company in Baltics posts EUR 3.56 mln in H2
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BTA Baltic Insurance Company’s board chairman Janis Lucaus said in his statement to the press that the main task of BTA Baltic Insurance Company is to continue development in the Baltic market by offering good-quality and competitive services, retaining the position among the leading insurers in the Baltics.
BTA Baltic Insurance Company between July 1, 2015, and December 31, 2015, signed EUR 55.7 million in gross premiums, and paid EUR 35.6 million in gross claims.
The gross premiums subscribed in the Baltic States reached EUR 114 million, while gross premiums subscribed in voluntary insurance types in all Baltic States reached EUR 74.4 million, up 4.4% from 2014. There was a significant rise in accident insurance (+18.9%), voluntary land motor vehicle insurance (+7.6%), and property insurance (+6.9%).
The company paid EUR 70.5 million in gross claims in the Baltic States, which is a growth by 15.3% year-on-year. The rise in gross claims can be explained with the growing number of road accidents, increase of car repair costs in the three Baltic States, increase of medical costs in Latvia and Lithuania.
The insurer noted that competition in the Baltic insurance market is very high, with the biggest competition in the transport vehicles insurance. The sector of motor third party liability (MTPL) insurance has been operating with losses in Latvia and Estonia for several years, while the tough competition does not allow to increase MTPL insurance prices.
The company’s priorities this year will be to promote work in the corporate customers segment and increase business volumes in the Baltic States, especially in Estonia, where there is a market growth potential.
By attracting an investor – Austria’s Vienna Insurance Group, and retaining the BTA brand, traditions and values, the company plans to expand its service range and oBTAin experience from the international concern.
In December 2014, Austria's Vienna Insurance Group purchased a majority stake in Latvia's BTA Baltic Insurance Company.
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