At the end of March 2024, the insurance market in Bulgaria totaled EUR 574.66 million, down by almost 1% y-o-y, according to the official quarterly figures from the Financial Supervision Commission - FSC.

Life insurance accounted for 16.9% of the market portfolio, about 3 percentage points more than by the end of March 2023. GWP for life insurance increased y-o-y by 22.5%, to EUR 97.2 million.

The non-life insurance segment was the one hindering of the market growth, the MTPL insurance line being the largest “contributor” to the market fall. Overall, GWP for non-life insurance amounted to EUR 477.5 million, down by 4.7% y-o-y. Motor insurance classes’ weight in the market portfolio decreased overall by over 3 percentage points, while the MTPL insurance class’s share in the market portfolio fell by almost 8 percentage points. GWP for MTPL insurance fell by 18.9%, to EUR 199.3 million. On the contrary, Motor Hull GWP increased by 19.4%, to EUR 141.96 million.

Paid claims decreased overall by almost 25%, driven by the significant reduction of paid claims for non-life insurance (-33.4%). Across all non-life insurance lines, paid claims reached EUR 190 million. Once again, the highest contribution to the claims expenses decrease belonged to the motor insurance classes, in particular the MTPL insurance one. In fact, claims paid for MTPL went down by 41%.

Access xprimm.com and download the Q1 2024 Bulgarian insurance market statistics (in EUR and BGN).