VIG is the new market leader in Bulgaria

Austrian insurer VIG announced that its Bulgarian units BULSTRAD and BULSTRAD Life dominate the local insurance market, a combined market share of 14.5% in Bulgaria and GWP of EUR 84 in 1H2017.

VIG representatives pointed out that the current figures published by the Bulgarian Financial Supervisory Authority (FSC) show that the two VIG Group companies BULSTRAD and BULSTRAD Life are the largest in their respective field of operations of the Bulgarian insurance market.

According to the FSC data, the property and casualty insurer BULSTRAD, collected around EUR 58 million in GWP in 1H2017, and has a market share of 12.7% in the non-life segment. In the life segment, BULSTRAD Life wrote GWP of EUR 26 million while the company's market share of 21.5% makes it the largest life insurer in the country.

"VIG is performing very well in Bulgaria. Its leading position is primarily due to positive performance in the motor lines of business and health insurance. Promoting the health insurance segment is part of our 'Agenda 2020' management programme. We are already well on our way with this strategic objective in Bulgaria, which can also be seen from our figures", stated Peter HOFINGER, Member of the VIG Managing Board, responsible for Bulgaria.

BULSTRAD Life is also number 1 in the health insurance segment, where it generated around EUR 8.5 million in premiums in the first half of 2017. This corresponds to a 27% share of the total health insurance market in Bulgaria.

VIG is also majority shareholder of the largest Bulgarian pension fund, PAC Doverie, which has more than 1.2 million members. Its market share of 26.6% also makes VIG the leader of this segment.

Bulgaria has a population of around 7.2 million that spends an average of around EUR 150 per capita for insurance each year. "In comparison, per capita insurance expenditures are around EUR 2,000 per year in Austria. The large difference illustrates the enormous potential of this market for Vienna Insurance Group. In its 25 markets, VIG is now, in addition to Bulgaria, also market leader in Austria, the Czech Republic, Slovakia, Romania, the Baltic States and Macedonia", pointed out the Austrian insurer.

Related articles

ZURICH expects USD 700 million in Q3 hurricane claims

ZURICH Insurance Group said that it expects to pay out aggregate Q3 claims related to the three major hurricanes impact - Harvey, Irma and Maria, worth of USD 700 million (net of reinsurance and before tax). After tax, the losses are expected to be around USD 620 million.

2017-10-19

A.M. Best downgrades credit ratings of GENERALI Lebensversicherung A.G.

A.M. Best has downgraded the Financial Strength Rating to A- (Excellent) from A (Excellent) and the Long-Term Issuer Credit Rating to "a-" from "a" of GENERALI Lebensversicherung A.G. (Germany). Concurrently, A.M. Best has placed these Credit Ratings (ratings) under review with negative implications.

2017-10-12

UNIQA invests EUR 1 million in a Czech start-up

UNIQA Insurance Group invests EUR 1 million into the Czech fintech company TWISTO as part of a EUR 5 million series A investment round with Lead investor ING Group taking EUR 4 million.

2017-10-12

ON THE MOVE

WTW appoints Neil IRWIN to lead CEEMEA Region

WILLIS TOWERS WATSON (WTW) has appointed Neil IRWIN as the new leader of the Central and Eastern Europe, Middle East, and Africa (CEEMEA) region. He takes up his new position with immediate effect, and will be based in Dubai.

TOP EVENT

The 9th International Istanbul Insurance Conference started today in Istanbul

In emerging markets like Turkey, there can be a significant difference between the insured and total insurable losses. Parametric insurance is a smart way to close this protection gap. While the traditional products cover an insured loss, parametric products provide financial protection for various expenses from financial liabilities to contingent loss of profit which, in return, decreases the economic loss burden following a CAT event.

04.10.2017

61st "Rendez-Vous de Septembre" ends today in Monte Carlo: review

The 61st edition of the "Rendez-Vous de Septembre", the annual traditional meeting of reinsurers ends today in Monte Carlo. The Nat Cat insurance protection gap, as well as the global insurance market readiness to deal with the increasing complexity of the cyber risks were among the most debated topics.

14.09.2017

See all