STATISTICS: BULGARIA, 2008-2017 timeline: claims went up at a double pace than GWP

The Bulgarian insurance market saw a 21.5% increase in GWP volume throughout between 2008 and 2017, the 10 years for which statistical database in presenting market results. The MTPL insurance class had the largest contribution, in absolute terms, to the market growth.

Among the most relevant lines of business, there are two classes that at the end of 2017 were still behind the pre-crisis levels, GWP wise: damages to property insurance (class 10) and Motor Hull insurance (class 3). Yet, the reasons behind this statistical reality seem to be different, as while Motor Hull class saw a continuously negative trend between 2008 and 2013 and currently is still striving to recover and return to the pre-crisis business volume, on the "damages to property" class the negative trend started manifesting itself after 2013, following a number of years of stagnation.

On the paid claims side, the overall 10Y growth was of about 51%, most of it coming from the MTPL insurance line (claims went up 2.5 times), fire insurance (more than doubled) and life insurance (almost double volume of indemnities paid).

2015 seems to have been the best of the 10 years under consideration (2008 - 2017): not only the market has seen the highest growth rate in the last decade, but the year ended with notable results also in profitability terms (aggregate net profit of EUR 27.49 million vs. EUR 7.04 million in 2014 on the non-life insurance segment).

Access and download the 2008-2017 Bulgaria - GWP and paid claims timeline (in EUR, overall market and main lines of business).

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

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