Bulgarian insurers' total assets increased by 7.7% y-o-y, data provided by the Bulgarian Central Bank as of June 30, show. At the same time, the number of market players decreased by 1 unit, to 51 companies. The scope of the statistics also includes the data for the branches of insurers headquartered outside Bulgaria.
Bulgarian insurance market totaled about BGN 760 million (EUR 389 million*) at the end of March 2020, up by 1.58% y-o-y, according to data from the Financial Supervision Commission - FSC.
Bulgaria's Financial Supervision Commission announced that it approved that local life insurer GROUPAMA Life Insurance to absorb its other life unit: GROUPAMA EXPRESS Life.
Bulgarian insurers reported FY2019 GWP of BGN 2.9 billion (~EUR 1.5 billion), about 15% more y-o-y, according to year-end market statistics published by FSC. During the period, Bulgarian insurers paid claims worth of EUR 620.2 million, 8.4% more y-o-y, of which about EUR 530 million being related to non-life LoBs.
During February 2020, Fitch Ratings, the leading provider of credit ratings, affirmed the ratings of Russia ('BBB'), Kazakhstan ('BBB'), Georgia ('BB'), Turkey ('BB-'), Bulgaria ('BBB') and Hungary ('BBB').
VIENNA Insurance Group announced two of the top women managers in the Group - Svetla NESTOROVA (Bulgaria) and Sabina MUJANOVIC (Bosnia-Herzegovina), recently received major awards for their performance in 2019.
According to the Chairman of the Financial Supervision Commission (FSC), Boyko ATANASOV, the proposed new Bonus-Malus system was well-balanced for drivers. About 21,000 drivers will pay more (about 4 times) for their civil liability insurance, as the data of the Insurers Association show.
Bulgarian insurers reported nine months aggregate GWP of BGN 2.18 billion (EUR 1.11 billion), 17.17% more y-o-y, according to quarterly market statistics published by FSC.
The Bulgarian Commission on Protection of Competition - CPC decided to prohibit the acquisition of CEZ's undertakings in Bulgaria by financial group EUROHOLD Bulgaria
Bulgarian Commission for Protection of Competition announced this week that it approved the fully aquisition of EXPRESS Life Insurance (former SOGELIFE Bulgaria) by the local subsidiary of French insurer GROUPAMA, after about two weeks before the transaction received the "green light" from the Bulgaria's Financial Supervision Commission.
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).