BTA Kindlustus increased its market share to 16%

BTA KINDLUSTUS INCREASED ITS MARKET SHARE TO 16% AND MULTIPLIED THE VOLUME OF FINANCIAL RISK INSURANCE

International insurance group SE BTA increased its market share in the Baltic States to 16% in 2010 (14% in 2009), which makes it the third largest insurance company. The company that collected €102.1 million in total premiums in 2010 is the market leader in Latvia, the second largest in Lithuania and the sixth-largest non-life insurance company in Estonia. In Estonia BTA multiplied the volume of both liability insurance and financial risk insurance in its portfolio.

“2010 was a good year for our group, noted the manager of the Estonian branch of BTA Insurance Olavi Laido. “Considering the fact that the insurance market as a whole decreased by approximately 13% in the Baltic States in 2010, we managed to keep our premiums at the same level as in 2009 and improve our position in comparison to our competitors.”

SE BTA collected €102.1 million kroons in premiums in the entire Baltic region in 2010 and paid out indemnities in the amount of €62.2 million. The net profit of the entire group in the previous year amounted to €7 million.

In Estonia SE BTA collected €9.3 million kroons in premiums in 2010 and paid out indemnities in the amount of €5 million. The company managed to increase the volume of liability insurance and financial risk insurance the most in Estonia. “Insuring financial risks is one of the products that distinguishes us from most of our competitors, because as a Baltic company we have a better knowledge of the local business climate and dare to insure the business risks that most of our conservative competitors who come from Western Europe don’t insure,” explained Olavi Laido. He added that BTA multiplied the volume of financial risk insurance in Estonia last year and the company also expects this sector to increase considerably in 2011.