STATISTICS: BULGARIA, 1H2018: LEV INS overtook BULSTRAD - VIG, becoming the non-life insurance market leader

In the first half of 2018, the Bulgarian insurance market maintained a growth rhythm close to that established during the previous year, reporting a 7.9% y-o-y increase in GWP, to EUR 627.5 million.

With a premium volume decreasing y-o-y by 5%, the life insurance segment lost about 2.5 percentage points of its market weight, currently accounting for 18.3% of total GWP. But it should be mentioned that the Unit-Linked insurance products class saw an impressive double-digit growth rate, increasing their share in the market portfolio by about 1 pp, to 3.56%. However, this growth was not enough to offset the decline recorded from the traditional products segment (life insurance and annuities class).

On the non-life side, GWP went up by 11.3%, to EUR 512.7 million, the unchallenged driver of this growth being the motor insurance segment, which recorded an overall increase of 16.8%, to EUR 377 million. In fact, the MTPL insurance line provided for most of the growth (over 70% of the extra EUR 54.3 million added to the previous year's GWP volume). Moreover, motor insurance lines are the only business lines with a relevant presence in the market portfolio which saw a positive trend, increasing their aggregate market weight to about 60% of the market GWP. Property insurance saw a negative trend, with GWP declining by 4.2%, to EUR 72.46 million, despite the country's significant exposure to Nat Cat risks.

As compared with 1H2017, the non-life market ranking in GWP terms saw some changes: LEV INS, a company belonging to the Bulgarian Lev Corporation AD, has become the market leader, accounting for about 13.2% of the market non-life GWP, while the former non-life leader, BULSTRAD - VIG currently ranks second (12.17% of market share). Also, the companies holding the third and fourth ranks have switched places; at the end of June 2018, DZI General Insurance ranked third (10.77% market share) while ARMEEC ranked fourth (10.63%). ALLIANZ Bulgaria has lost its fifth place position to EUROINS, while GENERALI Insurance and BUL INS have switched places 7 and 9.

On the life insurance side, the market ranking remained unchanged, with BULSTRAD Life-VIG leading the market (23.3% market share), followed by ALLIANZ Bulgaria (20.24%) and UNIQA Life (18%).

Access and download the 1H2018 Bulgarian insurance market statistics (in EUR and BGN).

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

Share |

Related articles


AIG Life Limited (UK) announces the appointment of a new CEO

AIG Life Limited (UK) announced the appointment of Philip WILLCOCK - the former CEO of AVIVA's Indonesian and Italian ventures - as CEO, subject to regulatory approval, effective March 1, 2019. He will be based in London and will report to Adam WINSLOW, CEO, International, Life & Retirement.


Sylva de FLUITER takes over as head of UNIQA Re AG

Sylva de FLUITER will take over as head of UNIQA Re AG in Zurich as of 1 January 2019, the Austrian group announced. Until year end she will work hand in hand with long-time Managing Director Hans Uwe MULLER, who will retire after 14 years at UNIQA Re.


MERCER to name Bala VISWANATHAN Chief Operating Officer

MERCER, the consulting subsidiary of MMC - Marsh & McLennan Companies, announced that Bala VISWANATHAN, CEO of Jardine Lloyd Thompson Group plc (JLT) UK & Ireland Employee Benefits, will join MERCER as Chief Operating Officer.



Reducing the risks in agriculture by using insurance means, discussed in Skopje

On November 1st, an Agricultural insurance conference took place in Skopje, Macedonia, organized by the Insurance Supervision Agency in cooperation with the Ministry of Agriculture, Forestry and Water Economy. Drawing attention to the necessity of reducing the risks in agriculture by using insurance was the event's main purpose.


IIF 2018 - Insurance in a DIGITAL WORLD

Emmanuel DJENGUE, Innovation Director, Europe - RGAX, Spain is the Keynote Speaker at IIF 2018 - Insurance in a DIGITAL WORLD Conference in Bucharest, on November 27.


See all