STATISTICS: BULGARIA 1H2014: 7.5% growth in GWP driven by the health and motor insurance lines

The Bulgarian insurance market closed the first half of 2014 with a 7.5% y-o-y growth in GWP, to EUR 456.7 million. Paid claims for the same period amounted to EUR 203.5 million, growing by only almost 1pp despite the floods affecting the north-eastern part of the country, including the seaside resorts on the Black Sea shore.

Life insurance premium went up by 14.6%, to EUR 88.3 million, entirely driven by the positive evolution recorded on the traditional segment (life insurance and annuities). The unit-linked line continued to fall at a high pace, of over 20%. Still, as it accounts for only a tiny share of the market portfolio, the negative trend didn't affect the market performance.

GWP in non-life insurance grew by almost 6%, to EUR 368.45 million. In absolute terms, half of the market's EUR 20.6 million extra premium production came from the health insurance segment, as a result of the Bulgarian health insurance reform. The second half is owed mostly to the 3% in motor insurance GWP. In fact, both Motor Hull and MTPL business recorded a positive dynamic, with about 3% growth in GWP, following the reinvigoration of the car sales in the country.

The aggregated market net profit amounted to EUR 15.2 million, with 19 of the 31 insurers recording a positive financial result.

ALLIANZ Bulgaria Life, BULSTRAD Life VIG and UNIQA Life are the Top 3 life insurance market leaders, with an aggregate share of 50.3% of the total GWP for this segment (up by 2pp as compared with 1H2013).

ARMEEC, BULSTRAD VIG and LEV INS are leading the non-life insurance segment, accounting together for almost 39% of the segment's GWP.

Access www.xprimm.com and download the 1H2014 Bulgarian insurance market statistics (in EUR and BGN).

Follow XPRIMM Publications on LinkedIn, for more data on the insurance and financial industry.

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