STATISTICS: BULGARIA, 1H2019: MTPL and the sickness insurance line were the main growth drivers

10 October 2019 — Daniela GHETU
Bulgarian insurers have achieved GWP worth EUR 755.6 million in 1H2019, 20.4% up y-o-y. Paid claims increased, at the same time by 10.8%, to EUR 295.76 million. The MTPL insurance line was the main growth driver, providing for almost 60% of the extra premiums volume.

On the life insurance side, GWP went up by 18.3%, to EUR 135.8 million, the largest part of the premium increase being provided by the sickness insurance class, a line of business that reached an about 4% share in the market portfolio after recording an y-o-y GWP increase of about two and a half times.

Non-life classes fared well, recording positive changes in the premiums volume, except for the credit insurance line, for which GWP went down by 12.5% y-o-y.

Motor insurance lines saw an overall 19.25% GWP growth, but the real driver was the MTPL line (GWP up by 29%, to EUR 283.27 million). The total weight in the market portfolio remained quasi constant for the motor lines (close to 60%), but inside the category, while MTPL gained 2.5 percentage points of weight, the Motor Hull line saw a similar change, of opposite sign. It is also noteworthy that the significant increase in premiums was not accompanied by a remarkable growth of the paid claims.

Property insurance lines recorded an overall 6.5% increase in GWP, but paid claims grew by 86.73%. On both trends, the fire insurance class played the main role.

Access and download the 1H2019 Bulgarian insurance market statistics (in EUR and BGN).

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