STATISTICS: Bulgarian, 2023: Insurance market exceeded EUR 2 billion for the first time

4 June 2024 — Andrei VICTOR
STATISTICS: Bulgarian, 2023: Insurance market exceeded EUR 2 billion for the first time

Bulgarian insurance market reported January-December 2023 GWP worth BGN 4.38 billion (EUR 2.24 billion), up by 21.29% y-o-y, according to the official figures published on Financial Supervisory Commission website. Life insurers' GWP increased by 16% to BGN 725.50 million, while non-life insurers' GWP rose by 22.39% to BGN 3.66 billion.

The value of paid claims by insurers increased by 29.84% y-o-y to BGN 1.86 billion (~EUR 953.8 million) due to the 34% growth rate posted on the non-life segment (to BGN 1.56 billion).

In terms of premiums, DZI Life was the biggest player on the life insurance market with GWP of BGN 271.36 million (market share of 37.40%), while LEV INS was the largest insurer on the non-life insurance market with GWP of BGN 500.89 million (13.70% market share).

Access xprimm.com and download the FY2023 Bulgarian insurance market statistics (in EUR and BGN).
 

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