BTA, LITHUANIA: Property insurance market growth expected in the near future

15 January 2014 — Daniela GHETU
lituania1A recent survey made by the non-life insurer BTA showed that Lithuanian citizens are mostly interested in the accident insurance products, perceived by about a third of the respondents as providing the highest sense of security. The following top choices expressed were health insurance, property and Motor Hull insurance.

"The insurance industry is currently recording a number of positive trends, such as the increased demand for specific vehicle and property insurance," says the BTA Director Tadeus PODVORSKI. He explained that on the one hand there is a visible trend among the corporate customers to renew the car fleets, while on the other hand both residents and legal persons are becoming more and more aware of the necessity of protecting their real estate fortunes. "Lithuanian property insurance market will grow in the future (...). The fact that every year the number of the recorded natural disasters associated with climate change is increasing will have an impact on the growth of the property insurance in the future. Lithuanians are aware of this as well. As a result, they realize that their property must be protected," said PODVORSKI.

In fact, looking at the latest available results of the Lithuanian insurance market, it is obvious that all the insurance lines mentioned in the BTA survey as the most popular are recording a positive trend, with growth rates in the premiums volume of about 9 - 10% (3Q2013 data).

According to the survey results, accident insurance raises a sense of security for the young and middle-aged (26-45 years) participants, who are located in smaller towns, district centers and rural areas. Health insurance is particularly important for the older metropolitan population of over 36 years. Property insurance is most popular among women and the most educated people, while younger respondents aged 18-25 are more interested in the Casco insurance products.

Domiciled in Latvia, BTA currently also runs branches in Lithuania, Estonia, Germany, and Great Britain. The company employs more than 1,100 people, managing a wide range of customers in the Baltic countries and includes more than 180 customer service departments. In addition, BTA works in other European Union countries as the company set up representative offices in Spain, France, Poland and Italy.

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