The insurance market continues to grow steadily in the first quarter of 2022. Considering that the data also covers the first month of the war in Ukraine (March), it can be said that the market demonstrates its solid foundation and resilience, the Association of Bulgarian Insurers (ABZ) wrote.

In total, for the insurance market, GWP growth as of March was 9.7% y-o-y, with the amount reaching BGN 885 million (EUR 452.7 million). Paid claims were 7.1% higher y-o-y and amounted to BGN 336 million. However, it should be noted that the country is going through a period of economic challenges and high inflation, which will probably affect purchasing power of households, including their ability to consume insurance products.

Non-life segment achieved growth in premium income of 8% and as of March it was BGN 710 million. Paid claims reached BGN 266 million. There is no change in the traditional dominance of motor insurance, the share of motor liability insurance in the non-life portfolio is 42% (BGN 298 million, +5.7%), while Motor Hull has 27% (BGN 193 million, +15%).

Market data as of March 2022 shows that the growth rate in life insurance remains ahead of non-life at 17% y-o-y but is lower than the growth rate at the end of 2021. Life GWP reached BGN 175.5 million, and paid claims amounted to BGN 69 million (+21%).