STATISTICS:

STATISTICS: BULGARIA, 3Q2018: MTPL business shapes the market in growth and leadership terms

The Bulgarian insurance market saw a 13.5% GWP growth in 3Q2018, to EUR 953.36 million, while paid claims went up overall by only 3.75%, to EUR 407 million. Non-life insurance line, especially the MTPL class, were the market's growth drivers.

Life insurance recorded a significant fall in the traditional products' side, with GWP decreasing y-o-y by almost 16%, a decline which could not be offset by the 22.6% increase in UL products GWP, given the still low weight of this line in the life insurance portfolio.

Total non-life insurance GWP have increased by 18.07%, to EUR 787.15 million, almost entirely thanks to the 38% advance in the MTPL insurance premiums. Paid claims for non-life contracts went up, overall, by 8.86%, while for the MTPL line alone claims expenses increased by about 20%. At the end of 3Q, the MTPL line's weight in the market portfolio has increased by 6.6 percentage points, to 36.93%.

On the non-life insurance side, the Top 5 ranking established after the first half of the year remained unchanged LEV INS, a company belonging to the Bulgarian Lev Corporation AD, is the market leader, accounting for about 13.5% of the market non-life GWP, while the former non-life leader, BULSTRAD - VIG currently ranks second (11.63% of market share). DZI General Insurance ranks third (10.9% market share) while ARMEEC ranks fourth (10.15%). The fifth-place position belongs to EUROINS (7.83%).

On the life insurance side, the market ranking remained unchanged, with BULSTRAD Life-VIG leading the market (24% market share), followed by ALLIANZ Bulgaria (19.58%) and UNIQA Life (17.7%).

Access www.xprimm.com and download the 3Q2018 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

ON THE MOVE

Lloyd's of London announced new members to the Council

Lloyd's of London announced that Albert BENCHIMOL and Victoria CARTER have been appointed respectively External member and Working member of the Lloyd's Council with effect from 1 February 2019. Michael WATSON, currently on the council, has been re-elected as External member.

15.01.2019

TOP EVENT

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.

06.11.2018

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.

05.11.2018

See all