VIG is the new market leader in Bulgaria

12 October 2017 — Vlad BOLDIJAR
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.

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