STATISTICS: BULGARIA, 1H2016: 5.6% up y-o-y, capitalizing on the life and motor insurance lines growth

According to data published by the FSC - Financial Supervision Commission, Bulgarian insurers recorded in 1H2016 a GWP worth EUR 528.15 million, 5.6% 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 (~44%) on the Unit-Linked insurance line and the motor insurance lines, the Motor Hull and MTPL lines' contribution, in absolute terms, to the GWP growth being almost equal.

Non-life insurance saw a 4.4% increase in GWP. Motor insurance premium production went up by 6.25%, to EUR 292 million, capitalizing on the positive trend observed on the motor lines. Some increase in prices, a persisting revival of the car sales - although at a lower pace than in 2015 -, as well as an invigorated bank lending activity were the main drivers of the positive evolution.

The MTPL business maintained a positive trend, with a 5.5% increase in GWP. However, claims paid also went up, even at a higher pace, of 21%, in part as a result of the introduction of the new Insurance Code which provides for extended scope of insurance and higher coverage limits for death on roads and bodily injuries, of EUR 5 million.

Property insurance remained at a very low level and saw a 3.8% decrease in GWP, despite the severe natural weather events which affected the country. However, as the first part of the year was rather calm in weather related events terms, claims went down by about 27% as compared with 2015.

BULSTRAD VIG, LEV INS and ARMEEC are leading non-life insurers, with an aggregated market share of 36.7%, while on the life insurance side the top 3 is formed by ALLIANZ Bulgaria Life, BULSTRAD Life VIG and UNIQA Life, accounting together for more 58% of the life GWP.

Read more about the Bulgarian insurance market evolution in 1H2016 in the forthcoming issue of XPRIMM Insurance Report 1H2016, to be released on October, 23rd, on the occasion of the Baden-Baden XPRIMM Reception (Kurhaus Casino, Runder Saal).

Access and download the 1H2016 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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