STATISTICS: BULGARIA 1H2015: life and motor hull insurance, the main drivers of the market's 9.5% growth

According to data published by the FSC - Financial Supervision Commission, Bulgarian insurers recorded in 1H 2015 GWP worth EUR 500.15 million, 9.5% up y-o-y. Two were the business segments with a relevant contribution to the market's growth: life insurance which saw a record high growth in premium volume (~21%) and the motor insurance lines, the Motor Hull line in particular (almost 13% y-o-y growth in GWP).

Life insurance is still underdeveloped and operating with small volumes. However, the first half of 2015 saw the unit-linked premiums reaching a triple volume as compared with 1H2014, of EUR 9.24 million. The "Life ins. and annuities" line also saw premiums going up by 11% y-o-y, to EUR 74.7 million. Still, the low overall volumes make it impossible for assessing whether the current market acceleration is a long lasting trend or just a random fact.

Non-life insurance saw a 6.7% increase in GWP. Motor insurance premium production went up by 7.18%, to EUR 274.7 million, capitalizing on the positive trend observed on the Motor Hull line for which GWP increased by almost 13%, to EUR 121 million. Some increase in prices and a visible increase in car sales were the main reasons behind this positive evolution. The MTPL business returned on a positive trend after the 5% fall in GWP recorded in 2014.

Property insurance remained at a very low level and only saw a 4.55% increase in GWP, despite the severe natural weather events which affected the country in the first part of 2015.

Access www.xprimm.com and download the 1H2015 Bulgarian insurance market statistics (in EUR and BGN).

More about the Bulgarian insurance market evolution in 1H2015 will be available in the forthcoming issue of XPRIMM Insurance Report 1H2015, to be released on October, 18th, on the occasion of the Baden-Baden XPRIMM Reception (Kurhaus Casino, Runder Saal, 18:30 - 20:30 hours).

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

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