Bulgarian insurers have achieved GWP worth EUR 755.6 million in 1H2019, 20.4% up y-o-y. Paid claims increased, at the same time by 10.8%, to EUR 295.76 million. The MTPL insurance line was the main growth driver, providing for almost 60% of the extra premiums volume.
On August 9th, 2019, the Bulgarian Guarantee Fund published a draft of guidelines for determining compensation for property and bodily damage of injured people, introducing new elements to current law and clarifying aspects of the amount of compensation.
OTP's Express Life Insurance of Bulgaria agreed to sell 100% of shares to Groupama's subsidiary in Bulgaria, strengthening Groupama's position in the local market.
With reference to the agreement that EUROHOLD Bulgaria AD signed to acquire CEZ's assets in Bulgaria, the international credit rating agency FITCH Ratings placed EUROHOLD Bulgaria AD's Rating under observation.
Sofia-based EUROINS Insurance Group announced its Bulgarian subsidiary Insurance Company EUROINS AD intends to offer legal expenses insurance on the territory of the Republic of Malta under the terms of the freedom of provision of services, according to a statement by Bulgaria's Financial Supervision Commission (FSC).
During its annual meeting, held June 19, 2019, the Association of Bulgarian Insurers (ABI) adopted a program for the following year and elected a new board, led by Konstantin VELEV as Deputy Chairman.
Bulgarian insurers ended Q1 2019 with a 23% y-o-y growth-rate in GWP, to BGN 748 million (EUR 382 million), while the aggregate value of net profit expanded by 41% y-o-y to BGN 52 million (~ EUR 26.5 million), according to the Bulgarian FSA preliminary figures.
The Financial Supervision Commission (FSC) of Bulgaria is implementing a bonus-malus system for MTPL insurance. The system, similar to others in Europe, will influence MTPL premium levels depending on driver behavior.