STATISTICS: BULGARIA, FY2019: insurers reported impressive growth-rates in GWP and profitability

12 March 2020 — Andrei Victor
Bulgarian insurers reported FY2019 GWP of BGN 2.9 billion (~EUR 1.5 billion), about 15% more y-o-y, according to year-end market statistics published by FSC. During the period, Bulgarian insurers paid claims worth of EUR 620.2 million, 8.4% more y-o-y, of which about EUR 530 million being related to non-life LoBs.

Per business lines, about 83% represented non-life GWP (EUR 1.23 billion, 15.5% more y-o-y), the remaining rest of 17% being accounted by life products GWP (EUR 255 million, up by 11.4% y-o-y).

In terms of GWP, the largest life insurers in the country were BULSTRAD Life Vienna Insurance Group (30.3 % market share), followed by DZI Life Insurance (22.06% ) and ALLIANZ Bulgaria Life (18.13 %). On non-life segment, Lev Ins led the market (13.1%), followed by BULSTRAD VIG (11.5%) and DZI with a share of 10.6%.

Eleven active life insures reported aggregate market profit of BGN 28.68 million (~EUR 14.67 million) vs. BGN 21.33 million in 2018, the most profitable being ALLIANZ Life (BGN 7.14 million), DZI Life (BGN 6.56 million) and UNIQA Life (BGN 6.48 million). On the other side were Saglasie (loss of BGN 0.29 million) and EUROINS Life (loss of BGN 0.53 million).

In case of non-life insurers the the aggregate market result totaled BGN 118.97 million (~EUR 60.83 million) vs. BGN 41.55 million. The "champions" were DZI General Insurance (BGN 26.93 million) followed by GENERALI (BGN 20.80 million) and ALLIANZ Bulgaria (BGN 18.23 million), while the largest loss was reported by the local subsidiary of GROUPAMA (BGN -1.62 million).

Access and download the latest Bulgarian insurance market statistics (in EUR and BGN).

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