STATISTICS: BULGARIA, 1H 2023: motor insurance classes’ weight in the portfolio increased by 3 pp

12 October 2023 — Daniela GHETU
STATISTICS:  BULGARIA, 1H 2023: motor insurance classes’ weight in the portfolio increased by 3 pp

At the end of June 2023, the insurance market in Bulgaria totaled EUR 1.15 billion, up by 25.9% y-o-y, according to the official quarterly figures from the Financial Supervision Commission - FSC.

Life insurance accounted for 16.15% of the market portfolio, about 1 percentage point less than by the end of June 2022 (17.79%). GWP for life insurance increased y-o-y by 14.4%, to EUR 186.76 million.

The non-life insurance segment was the actual driver of the market growth, with MTPL insurance line being the largest “contributor” to the market advancement. Overall, GWP for non-life insurance amounted to EUR 969 million, up by 28.4% y-o-y. Motor insurance classes’ weight in the market portfolio grew by almost 3 percentage points. They currently accounting together for almost 59% of the entire market GWP.

Paid claims increased overall at a higher pace than GWP. At market level, claims expenses totaled EUR 547.3 million, 53.6% more y-o-y. Once again, the highest contribution to the claims expenses increase belonged to the motor insurance classes, in particular the MTPL insurance one. In fact, claims paid for MTPL accounted for 54% of the total non-life claims.

Access xprimm.com and download the H1 2023 Bulgarian insurance market statistics (in EUR and BGN).
 

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