Bulgarian insurers wrote gross premiums worth EUR 1.19 billion in the first half of 2024, which is by 3.3% over the 1H2023 result. According to data provided by the market authority, life insurance GWP accounted for EUR 203.5 million, 9% up y-o-y, while non-life GWP reached EUR 989.9 million, 2.7% up y-o-y.

The motor insurance segment, which continues to account for 58% of the total market GWP. In the first half of the year, the motor segment saw overall a 3% increase in GWP, to EUR 700.7 million. However, the two classes within the segment saw very different dynamics: while the MoD insurance class recorded a 16.3% GWP growth, the MTPL insurance line saw an almost 5% fall in premiums.

At the end of June 2024, the assets managed by insurance companies operating in Bulgaria reached EUR 5.5 billion, which indicates a 6% increase y-o-y, a Central Bank’s statement showed. The assets of non-life insurers grew by 2.8% y-o-y to EUR 3.9 billion, which represents a share of 70.5% of total insurance assets. While the assets of life insurers climbed by 14.6% to EUR 1.63 billion, making up 29.5% of overall assets.

Securities other than shares accounted for 47.7% of all insurance companies' assets at the end of June (vs 45.9% a year earlier). Shares and other equity took up 25.7% (vs 22.2% in the same period of 2023), and the share of receivables from insurance operations dropped by 4.4 p.p. to 7.2%, the source writes.

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