Bulgaria: Insurance brokers' business increased by 2% during 2020

23 March 2021 — Andrei Victor
The Bulgarian insurance brokerage market totaled BGN 1.72 billion (EUR 878 million) at the end of 2020, about 1.8% more y-o-y, as announced the local insurance market regulator FSC in a statement published on its website.

Brokers' commisssions increased 2.1% y-o-y to BGN 286 million (EUR 146 million) representing about 16.7% of total mediated premiums.

Of this total, the majority - about 95% was generated by non-life LoBs, and 5% - life insurance. "Tthe largest share in non life portfolio was accounted by MTPL (50.76%), MoD (28.78%), fire (5.60%) and warranties(5.21%). In life insurance, the largest share was accounted by traditional policies (48%), sickness insurance (31%), supplementary insurance (10%) and UL(4%)", mentioned FSC representatives in a statement.

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