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

20 December 2018 — Daniela GHETU
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 and download the 3Q2018 Bulgarian insurance market statistics (in EUR and BGN).

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