STATISTICS: BULGARIA, FY2016: Insurers' profit more than doubled last year

Bulgarian insurers ended 2016 with a 4.4% y-o-y growth in GWP, to BGN 2.05 billion (EUR 1.05 billion), while the aggregate value of net profit more than doubled, reaching EUR 61.68 million.

The preliminary data recently published by the Bulgarian FSA show that, per business lines, non-life insurers ended the year with an aggregate net profit of BGN 89.05 million (EUR 45.53 million) vs. BGN 30.58 million (EUR 15.64 million) in 2015. On the life insurance side, the market closed the year with an aggregated profit after tax amounting to BGN 31.59 million (EUR 16.15 million) vs. BGN 29.19 million (EUR 14.93 million) a year before.

In terms of GWP, life insurance market totaled EUR 219 million or 9.5% more y-o-y due the increase of unit-linked segment by more than 116%. ALLIANZ Bulgaria Life, BULSTRAD Life VIG and UNIQA Life were the Top 3 life insurance market leaders, with an aggregate market share of 58.5% of the total life GWP.

The non-life insurance sector generated 79% of the total insurance market, the equivalent of EUR 829.5 million, up by 3.1% y-o-y. LEV INS, BULSTRAD VIG and ARMEEC were the Top 3 general insurers, accounting together 35% of this segment.

Access www.xprimm.com and download the FY2016 Bulgarian insurance market statistics (in EUR and BGN).
  • Gross written premiums
  • Paid claims
  • Growth rates
  • Life and non-life rankings

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

Share |

Related articles

Bulgaria: Boiko ATANASSOV appointed as FSC's head

The Parliament of the Republic of Bulgaria appointed Boiko ATANASSOV as Chairperson of the Financial Supervision Commission (FSC) on March 15, with 134 votes in favour, none opposed or abstained.

2019-03-21

BULGARIA: EUROHOLD turned on profit in 2018

Bulgarian EUROHOLD -owner of EUROINS Insurance Group (EIG) - announced in its preliminary financial report for 2018 - a positive financial result in amount of BGN 1.7 million (EUR 871,800) versus a loss of BGN 17.3 million (EUR 8.84 million) for the comparable period last year.

2019-02-05

ON THE MOVE

Bulgaria: Boiko ATANASSOV appointed as FSC's head

The Parliament of the Republic of Bulgaria appointed Boiko ATANASSOV as Chairperson of the Financial Supervision Commission (FSC) on March 15, with 134 votes in favour, none opposed or abstained.

21.03.2019

TOP EVENT

Climate and cyber: two Cs with catastrophic potential and the insurance business - under debate in Vienna, on April 9

10 years after its inception, the Romanian mandatory dwelling insurance system has progressed and PAID, the pool underwriting and managing the mandatory policies is a strong and financially sound institution. "We are currently managing a reinsurance program worth EUR 920 million, with a pool of excellent reinsurers, more than half of them rated AA+, while the company's solvency rate is of 220%," recently stated Nicoleta RADU, CEO, PAID.

21.03.2019

Conclusions: TBILISI - the first Georgian International Insurance Conference

The first Georgian International Insurance Conference took place on 14 March 2019. The event put under scrutiny the current status and the future development perspectives of the local market, in an attempt of identifying the main growth opportunities. The forthcoming launch of the mandatory MTPL system was the most important topic on the agenda, as this new line of business has the potential to provide for a significant growth, but also to become a market disruptor.

14.03.2019

See all