According to the market regulator, in the first six months the insurance market maintained stability and a positive direction of development, which is a good result in view of the serious challenges such as political instability, economic difficulties and inflation, problems with the entire chain of supplies caused by the pandemic and the war in Ukraine, Association of Bulgarian Insurers (ABZ) wrote.

It is noted that the sector remains resilient despite all the challenges. The premium income at the end of June reached BGN 1,795.3 million (~EUR 0.91 billion), which is 9.8% more compared to June 2021. Paid claims were 9.3% higher y-o-y and amounted to BGN 696.8 million.

The non-life market achieved a growth in premium income of 10.3% y-o-y and as of June it reached BGN 1,476 million. Motor insurance remains highly dominant with BGN 592 million, yet the increase was weak (1.4%). Motor Hull saw a more significant growth of the premium income of 15% to BGN 405 million. Agroinsurance accounts for an insignificant share of the non-life market, although it recorded an annual increase of 19.6% to BGN 14 million.

Market data as of June 2022 demonstrate a slowdown in the growth rate in life insurance to 7.8% with collected premium income of BGN 319.3 million. Paid claims amount to BGN 131 million, which is 17% more than in the same period in 2021. The trend of increased interest in health insurance continues. Insurance against illnesses as of June amounted to nearly BGN 107.4 million, with annual growth of 19.6%.

*EUR 1 = BGN 1.96 (01.07.2022)