STATISTICS: EIG Re and MTPL segment pushed the Bulgarian market to EUR 580 million (+28%) at the end of Q1 2023

6 September 2023 — Andrei VICTOR
STATISTICS: EIG Re and MTPL segment pushed the Bulgarian market to EUR 580 million (+28%) at the end of Q1 2023

Bulgarian insurance market totaled BGN 1.13 billion (EUR 580 million) at the end of March 2023, up by 28.2% y-o-y, according to the official quarterly figures from the Financial Supervision Commission - FSC.

Life insurers' GWP declined by 11.6% y-o-y to BGN 155 million (EUR 79 million), while the non-life field expanded by 38% y-o-y to BGN 980 million / ~EUR 501 million – out of which MTPL – BGN 481 million / EUR 246 million - +59% y-o-y.

DZI Life Insurance was the biggest player on the life insurance market with GWP of ~EUR 28 million (35.4% market share), while EIG Re - a subsidiary of Euroins Insurance Group - was the largest insurer on the non-life insurance market with GWP worth EUR 93.4 million. A year ago, EIG Re held about 0.7% market share, according to FSC statistics.

The expansion of Bulgarian insurance market, especially the non-life segment is the result of the forced exit of Euroins subsidiary from the Romanian insurance market. After the ASF Romania withdrew the license of Euroins Romania in March, Euroins transfered the Romanian entity's portfolio (the market leader and the largest MTPL insurer in the country) to EIG Re.

Access xprimm.com and download the Q1 2023 Bulgarian insurance market statistics (in EUR and BGN).
 

1744 views