Compensa Vienna Insurance Group grew by 22 percent in the Baltics last year

[Deividas Raipa | 05.05]

The Baltic Non-Life insurance company Compensa Vienna Insurance Group has continued its growth path with a plus in gross written premiums of 21.6% in 2022 – reaching EUR 208.6 million. The insurance premiums written in Lithuania amounted to EUR 93.0 million, while in Latvia they reached EUR 65.8 million and in Estonia EUR 49.8 million. The company maintained its market share in the Baltic States at 11.2% in 2022.

In 2022, Compensa Vienna Insurance Group was ranked among the Top Ten Leaders in the Financial Sector by Verslo žinios. As in the year before, Compensa Vienna Insurance Group was ranked first among Non-Life insurance companies in this list. The company has also risen to the 33rd place in the Lithuanian Business Leaders 500 list for 2023 – up from 264th place.

“Last year was a time of external uncertainty – changes in the economy and financial markets caused by geopolitical challenges had an impact on businesses and the population; the insurance sector was no exception. We have not only managed to adapt to this situation, but also to grow consistently for the seventh consecutive year, whilst also delivering on our strategy programme Compensa 24. This positive development is largely owed to the company’s focused, professional team and the trust expressed by our loyal customers. Currently, the external risks are becoming lower, but we will continue to carry out a disciplined assessment of them, systematically monitor the results and make the necessary corrections”, said Deividas Raipa, Chairman of the Board of Compensa Vienna Insurance Group.

In 2022, Compensa Vienna Insurance Group’s profit before tax in the Baltics amounted to EUR 3.8 million. By comparison, in 2021, it reached EUR 8 million. According to Deividas Raipa, besides financial market valuations, the biggest operational challenge the insurance market faced in 2022 was the record inflation, which had a direct impact on the size of claims. As the average claim increased so did the insurance payments to the customers, as well as the cost of the claims administration. 

“During a time of uncertainty, growth and ensuring profitability are important to the company. But at the same time, our obligations to both households and businesses are equally important in terms of indemnifications and remaining a stable and reliable partner to ‘protect what matters’. Thus, our role as experts and advisors has become even more essential”, Deividas Raipa said.

Last year, Compensa Vienna Insurance Group settled more than EUR 128 million in claims for its customers in the Baltic States, which was an increase of EUR +29.7 million compared to 2021. The most significant growth occurred in the Health and Transport segment, while the highest claims were settled in the Property insurance segment in Lithuania – reaching EUR 1.6 million.

Compensa Vienna Insurance Group’s most significant and fastest-growing segments in 2022 were Health, Property and Transport insurance. Health insurance remained the top growth segment, growing by 50.1%. More and more new corporate customers are willing to offer Health insurance to their employees, leading to a market standard in many industries. This caused almost 40% growth of the Health market in 2022. The Property insurance segment was on second place with a growth of 24.4%, while Compensa Vienna Insurance Group maintained its leading position in commercial property with a 21.0% market share in the Baltics. In Property many insurance customers followed the recommendation to increase sums insured, protecting themselves to a full extent and avoiding the risk of being underinsured. Meanwhile, the Transport insurance segment grew by 16.1% last year. 

The total premiums written by Vienna Insurance Group, the sole shareholder of Compensa Vienna Insurance Group, rised to EUR 12.6 billion (+14.1%) and the Group’s profit before taxes increased to EUR 562 million (+10%) in 2022.

Compensa Vienna Insurance Group is a public limited liability Non-Life insurance company registered in Lithuania with branch offices in Latvia and Estonia. In Estonia, the company operates under the brand Seesam Insurance.

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Insurance is provided by Compensa Vienna Insurance Group, ADB Estonian Branch, which operates under the Seesam trademark in Estonia. Before concluding policies, please read the terms and conditions at and consult an expert if needed.
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