STATISTICS: BULGARIA, 3Q: 22% increase in life GWP and better profitability on non-life segment
Among all non-life insurance classes, MTPL held about 30% of total, followed by motor hull (25%) and property insurances which accounted for 13.4% of the market. In terms of growth rates, financial loss insurance and credit policies reported the largest increases (+60.5%, and +36.5%), while damages to property class was down by 3.2%.
In terms of GWP, on the life segment the market leader was ALLIANZ Bulgaria Life (26% market share), while the non-life ranking was lead by ARMEEC with a market share of 13.7%.
According to the Bulgarian FSA data, life insurers ended the first three quarters of 2015 with an aggregate profit of EUR 12.3 million (vs. EUR 16 million in 3Q2014). Ten insurers ended the period "in black", while the other five player reported losses. The FSA statistics showed that the most profitable life insurers were DZI Life (EUR 4.3 million), followed by UBB-METLIFE (EUR 2.7 million) and ALLIANZ Bulgaria Life (EUR 2.5 million).
On the other hand, the non-life insurance market recorded a better profitability, with an aggregated after tax result amounting to EUR 29.6 million (vs. EUR 66.1 thousands in 3Q2014). Of 30 non-life insurers, 18 reported profits, while the remaining 12 ended the period "in red". The most profitable insurers were ENERGIA (EUR 7.9 million), ARMEEC (EUR 6.2 million) and OZK Insurance (EUR 4.2 million), while the largest losses were reported by BULSTRAD VIG (EUR 833 thousands) and UNIQA (EUR 668 thousands).
Access www.xprimm.com and download the 3Q2015 Bulgarian insurance market statistics (in EUR and BGN).
- Gross written premiums
- Paid claims
- Growth rates
- Life and non-life rankings
- Market shares