Collaboration between insurance joint-stock company BTA Baltic Insurance Company (BTA) and RA EVENTS - organizer of FIA world rally championship stage Tet Rally Latvia resulted into BTA ensuring an insurance policy of yet unprecedented type and scale for the sporting world of Latvia with the total coverage of 25 million EUR and unlimited number of insured events. Tet Rally Latvia stage of FIA world rally championship will take place as of the 18^th of July until the 21^st of July.

Aware of the importance of FIA world rally championship and its role in promoting the visibility of Latvia, development of the insurance policy began way ahead of time. BTA’s specialists carefully studied the list of nuanced requirements and entered into negotiations with International Automobile Federation (FIA) and world championship organizer WRC Promoter in order to get a better understanding of the requirements. In the course of insurance policy development, a decision was made to engage foreign partners that have an extensive background in insurance of motor championships of the highest level, including Formula 1. Thus, an unprecedented number of specialists throughout BTA’s business operations took part in coordination of this policy, they worked hand in hand and managed to find a solution to ensure a rather unique insurance policy – with a fixed coverage of 25 million EUR, while without any restrictions to number of insured events.

“We have considered it from different perspectives and realized that development of this policy provided us with a new and unique experience. Unprecedently high level of detail of the insurance policy and its unique nature, the number of people engaged in the process and the necessity to comply with the policy sum got us all thinking hard,” BTA Management Board Chairman Oskars Hartmanis offers his perspective. “While developing the policy we have contacted our partners in Great Britain, which is famous for its deep-rooted insurance traditions, and if you draw a parallel between a rally wherein results can be achieved only by persistent teamwork, we have also managed to find the most appropriate international partner, whose expertise helped us to develop the final offer and to take care about compliance with all the set out requirements, having provided Latvia with an opportunity to receive rally championship of the highest sporting level!”

“I would like to offer my heartfelt thanks to the insurance joint-stock company BTA for its unselfish continuous effort, when our minds were challenged by a series of issues. This process was anything but simple, however, collaboration made us able to achieve the most unique results! I would really like to thank BTA for not giving up and continuing to work with enviable stamina, having secured a victory comparable to the rally specifics. Moreover, this victory is just about to let Latvia await the world’s fastest rally crews that will compete to secure their victory in Tet Rally Latvia!” – RA EVENTS director Raimonds Strokšs offers his perspective about the accomplishments of the collaboration with BTA.

Regulatory enactments of the Republic of Latvia envisage that any public event must be covered by an effective insurance policy. And notwithstanding the fact that it is a common practice, it is still important to point out that unique nature of the insurance policy lies behind the international scope of FIA world championship’s stage and the specific requirements to insurance policies and the risks covered thereby set out by FIA that is supervising the championship.

About BTA

BTA Baltic Insurance Company is one of the leading insurance companies in the Baltics, offering the broadest range of non-life insurance services in Latvia, Lithuania and Estonia. BTA employs more than 1,000 employees in the Baltics. The sole shareholder of BTA is Vienna Insurance Group AG (VIG), the leading insurance group both in Austria and in the entire Central and Eastern European (CEE) region. Around 50 insurance companies in 30 countries form a Group with a long-standing tradition, strong brands and close customer relations. The more than 25,000 employees in the VIG take care of the day-to-day needs of more than 22 million customers. VIG shares have been listed on the Vienna Stock Exchange since 1994. The VIG Group has an A+ rating with stable outlook by the internationally recognised rating agency Standard & Poor's. VIG cooperates closely with the Erste Group, the largest retail bank in Central and Eastern Europe.