Bulgarian insurance brokers' mediated GWP up by 15.6% y-o-y

Bulgarian insurance brokers have mediated gross premiums worth BGN 617.9 million (EUR 315.9 million), 15.6% up y-o-y, in 1H2017. The largest share of the total mediated premium came from the MTPL insurance line.

According to the latest data published by the Bulgarian Financial Supervisory Commission, of the total mediated premium volume, BGN 539.37 million (with reported BGN 496.43 million in 1H2016), or 87.3%, represent the mediate GWP in favor of insurers domiciled in the Republic of Bulgaria.

Of the premium income realized by the insurance brokers in favor of the domestic insurers, BGN 479.37 million were realized in the non-life insurance while BGN 52.34 million in life insurance.

In the structure of insurance premiums realized by insurance brokers premium income as of 30.06.2017 the largest share occupied the motor insurance - "Third party liability related to the possession and use of motor vehicles" (47% share of subscribed non-life insurance premiums ) and "Land vehicles without rail vehicles" (36% of the gross written premiums), followed by "Fire and natural disasters" (6% share of non-life insurance premiums written) and "Other Damage to property "(3% share of the record s premium life insurance).

In life insurance, the premium earned by the insurance brokers as of 30 June 2017 was written mainly under life and retirement insurance (65% share of subscribed life insurance premiums), followed by sickness insurance (16% Share of subscribed life insurance premiums) and "Accident" (8% share of subscribed life insurance premiums).

The commission income of insurance brokers in 1H 2017 amounted to BGN 119.81 million , increasing by 10.6% on an annual basis.

Of all commissions, 90.2% represent the revenues from non-life insurance and 9.2% in life insurance respectively.

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