STATISTICS: BULGARIAN insurers' Q1 GWP grows 13%

25 June 2015 — Vlad BOLDIJAR
The total of gross written premiums of Bulgarian insurers in the first three months of 2015 was BGN 506 million (EUR 258.7 million), up by 13.3% from a year earlier, according to the quarterly statistics published on the country's financial regulator website. The value of paid claims was up by 32% to BGN 259 million (EUR 132.5 million).

Bulgaria's non-life insurers accounted for 78% of total market (vs. 80.8% in 1Q2014). In absolute values, the non-life GWP increased by an annual rate of 9.5% to BGN 395 million. In terms of GWP, the main non-life sub-segments were the two motor insurance classes (MTPL and motor hull) and the property insurance line (fire, allied perils and damages to property, summed). The three mentioned business lines generated about 67.2% of the total GWP. It is worth mentioning that the growth-rates reported on these segments were 8% (in case of MTPL), 12.6% - motor hull and 13.2% - property policies. In terms of paid claims, property and motor insurances generated more than 80% of the total market (about BGN 208 million).

In case of life insurers, in 1Q2015, the reported value of gross written premiums was BGN 111 million, which represents a growth of 29% from a year earlier. The positive dynamic of this segment was driven by the 355% growth rate reported by the unit-linked products and by the 12% increase on traditional life insurance policies, respectively.

Access and download the 1Q2015 Bulgarian insurance market statistics (in EUR and BGN).
  • Gross written premiums
  • Paid claims
  • Growth rates
  • Life and non-life rankings

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