Bulgaria: 2.8% underwritings increase in the first five months of 2011 8 August 2011

8 August 2011 — Olesea ADONEV
bulgaria1According to data published by the Financial Supervisory Commission of Bulgaria, insurance companies registered, during the period January - May 2011, a total of gross written premiums worth BGN 678.71 million (EUR 374.02 million), up by 2.8% compared to the similar period of 2010 - BGN 659.92 million (EUR 337.41 million) - and claims paid by insurers fell by 7.0%, to BGN 308.25 million (EUR 157.61 million).

On insurance classes, underwritings on the general insurance segment have registered an insignificant increase of 0.4%, to BGN 569.51 million or EUR 291.18 million. The motor segment occupies 73.2% (MTPL - 41.5%, Motor Hull - 31.7%).

Underwritings on the life insurance line amounted to BGN 109.20 million (EUR 55.84 million), up by nearly 18% compared to the results of the first five months of 2010. In the life insurance segment, a significant share is held by the Life and Annuity type insurance - 74.6% (BGN 81.41 million or EUR 41.62 million).

On the 31st of May 2011, on the Bulgarian profile market, 19 companies operate on the non-life segment and 16 - on life insurance. The leader of the non-life segment remains BULSTRAD VIG, with a market share of 13%, followed by BUL INS and DZI, with 12.3% and respectively 11.9%. Regarding the life segment, the first three places are occupied by ALLIANZ Bulgaria Life (20.45%), DZI (13.16%) and UNIQA Life (12.02%).

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