Bulgaria
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Bulgaria 3Q2023 Market Portofolio
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Bulgarian insurance broker SDI’s acquisition by Acrisure approved by the competition authority
Bulgaria's competition authority said it approved the takeover of local insurance broker SDI Group by Poland's Unilink, a subsidiary of US financial technology and insurance holding Acrisure, SeeNews wrote.
21 February 2024BULGARIA: ABZ: in 2023 the market continued to be dominated by motor insurance
The insurance sector in Bulgaria experienced sustained growth in 2023, and as a result of the pandemic, people are increasingly thinking about protecting their health and life, not just their cars, Ivana Dimova, a member of the Board of Directors of the ABZ (Association of Bulgarian Insurers) believes.
10 January 2024STATISTICS: Bulgarian market increased to ~EUR 1.7 billion during Q1-Q3 2023
Bulgarian insurance market reported January-September 2023 GWP worth BGN 3.29 billion (EUR 1.68 billion), up by 24.21% y-o-y, according to the official quarterly figures published on Financial Supervisory Commission website. Life insurers' GWP increased by 20.63% to BGN 533.99 million, while non-life insurers' GWP rose by 24.93% to BGN 2.75 billion.
10 January 2024STATISTICS: BULGARIA, 1H 2023: motor insurance classes’ weight in the portfolio increased by 3 pp
At the end of June 2023, the insurance market in Bulgaria totaled EUR 1.15 billion, up by 25.9% y-o-y, according to the official quarterly figures from the Financial Supervision Commission - FSC.
12 October 2023BULGARIA: Generali Insurance received the first award at the "Insurers for Society 2023" competition
The winners of the ninth edition of the "Insurers for Society 2023" competition received their awards at a solemn ceremony on October 3, 2023, ABZ (Association of Bulgarian Insurers) wrote.
10 October 2023STATISTICS: 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.
6 September 2023Acrisure buys Bulgarian insurance broker SDI
The Bulgarian insurance broker SDI becomes part of the American fintech company Acrisure. The transaction is expected to be finalized by the end of September.
16 August 2023Fitch affirms Euroholds rating at B with a stable outlook and removes the watch over the company
Fitch Ratings, one of the largest rating agencies worldwide, has affirmed its assessment to Eurohold Bulgaria AD's Long Term Issuer Default Rating at 'B' with a stable outlook. In a statement, the agency has also pointed out it had removed it from its watch list for a possible negative outlook on the rating (Rating Watch Negative, RWN).
29 June 2023BULGARIA: ABZ: Bulgarians insure three times less than other Europeans
The insurance penetration rate in Bulgaria is only 2.4%, while the European average is about 7.4%, which means Bulgarians insure three times less than other Europeans. The problem with the low share of insured property is especially serious, as there will be more and more natural disasters going forward, as Yuri Kopach, Chairman of the Board of Directors of ABZ said.
29 June 2023BULGARIA: financial assets of insurers are between 3.5% and 4% of the country's GDP
The market recent results show success, and the insurance industry continues to move forward with serious growth rates, especially compared to other areas of the economy, as was emphasized by Konstantin Velev, executive director of Armeets company, during the specialized edition "Insurance - reality and opportunities" broadcast on May 20, ABZ reports.
30 May 2023BULGARIA: new chairman of the Board of ABZ elected
A new composition and chairman of the ABZ (Association of Bulgarian Insurers) Board were elected at the Association's annual meeting on May 17, 2023, ABZ announced on its website.
25 May 2023BULGARIA: Bulstrad Vienna Insurance Group and DZI-Life Insurance win the annual award in non-life and life insurance
On May 17, 2023, the next edition of the annual award ceremony in the insurance sector and the pension insurance - "Insurer of the Year", "Pension Insurance Company of the Year", "Insurer broker of the Year" 2022 took place in Bulgaria, ABZ (Association of Bulgarian Insurers) reports. The best performing companies from the insurance and pension insurance sector in 2022 were honored.
25 May 2023Bulgaria: KBC Bank merges with UBB creating the country's largest lender by assets
Bulgarian commercial banks UBB - United Bulgarian Bank and KBC Bank Bulgaria, - both of them owned by Belgian financial group KBC- have legally formalised their merger, creating the country's largest lender by assets, according to a press release posted on UBB website.
3 May 2023STATISTICS: YE 2022 profits of Bulgarian insurers expanded to almost EUR 125 million
Bulgarian insurance market ended 2022 with a total GWP of BGN 3.61 billion (EUR 1.85 billion), up by 10.87% y-o-y, according to the market figures from the Bulgarian Financial Supervision Commission (FSC). Per business lines, 82.69% represented non-life GWP (EUR 1.53 billion, 12.69% more y-o-y), the remaining 17.31% being accounted by life GWP (EUR 319.76 million, up by 2.95% y-o-y).
20 April 2023BULGARIA: at the end of 2022, the assets of Bulgarian insurers went down by 4.8%
By the end of December 2022, the assets managed by Bulgarian insurance companies amounted to about BGN 9.64 billion (EUR 4.9 billion), which represents a decrease of 4.8% y-o-y, SeeNews wrote with reference to the Central Bank.
15 March 2023Bulgaria: Management Financial Group targets the non-life insurance market
Bulgaria-based holding company Management Financial Group (MFG) said on Friday that it is entering the market of general insurance to expand its portfolio of services, SEE News reported.
16 February 2023STATISTICS: Bulgarian insurers posted profits worth EUR 126 million at the end of Q3 2022
Bulgarian insurance market reported January-September 2022 net profits worth BGN 245.78 million (EUR 125.67 million), up by 1.47% y-o-y as compared with the snapshot on 30 September 2021 (BGN 242.22 million), according to the market statistics published on Financial Supervisory Commission website.
19 January 2023EIG divested its interest in the insurance companies in Russia and Belarus
Euroins Insurance Group (EIG), part of Eurohold Bulgaria, announced it has signed an agreement to sell its subsidiary in Belarus and the group's stake in a company in Russia. The new owner of the two insurers is a Russian company.
9 January 2023World Bank Group member IFC acquires stake in VIG's Bulgarian pension fund Doverie
International Finance Corporation (IFC), a member of the World Bank Group, takes a stake of around 10% in Doverie, the pension fund in Bulgaria in which the Vienna Insurance Group (VIG) holds a majority stake. The cooperation aims to strengthen and jointly further expand the Bulgarian pension insurance market.
9 January 2023Eurohold's 9 months revenue tripled to EUR 2.4 billion
Eurohold Bulgaria AD, a leading energy and financial group in Southeast Europe, reported strong results in the third quarter of 2022 consolidating its very positive performance since the beginning of the year, according to the company's consolidated interim financial statement for the period.
7 December 2022
