STATISTICS: BULGARIA, 3Q2018: MTPL business shapes the market in growth and leadership terms

The Bulgarian insurance market saw a 13.5% GWP growth in 3Q2018, to EUR 953.36 million, while paid claims went up overall by only 3.75%, to EUR 407 million. Non-life insurance line, especially the MTPL class, were the market's growth drivers.

Life insurance recorded a significant fall in the traditional products' side, with GWP decreasing y-o-y by almost 16%, a decline which could not be offset by the 22.6% increase in UL products GWP, given the still low weight of this line in the life insurance portfolio.

Total non-life insurance GWP have increased by 18.07%, to EUR 787.15 million, almost entirely thanks to the 38% advance in the MTPL insurance premiums. Paid claims for non-life contracts went up, overall, by 8.86%, while for the MTPL line alone claims expenses increased by about 20%. At the end of 3Q, the MTPL line's weight in the market portfolio has increased by 6.6 percentage points, to 36.93%.

On the non-life insurance side, the Top 5 ranking established after the first half of the year remained unchanged LEV INS, a company belonging to the Bulgarian Lev Corporation AD, is the market leader, accounting for about 13.5% of the market non-life GWP, while the former non-life leader, BULSTRAD - VIG currently ranks second (11.63% of market share). DZI General Insurance ranks third (10.9% market share) while ARMEEC ranks fourth (10.15%). The fifth-place position belongs to EUROINS (7.83%).

On the life insurance side, the market ranking remained unchanged, with BULSTRAD Life-VIG leading the market (24% market share), followed by ALLIANZ Bulgaria (19.58%) and UNIQA Life (17.7%).

Access www.xprimm.com and download the 3Q2018 Bulgarian insurance market statistics (in EUR and BGN).

Follow XPRIMM Publications on LinkedIn, for more data on the insurance and financial industry.

Share |

Related articles

Bulgaria: Boiko ATANASSOV appointed as FSC's head

The Parliament of the Republic of Bulgaria appointed Boiko ATANASSOV as Chairperson of the Financial Supervision Commission (FSC) on March 15, with 134 votes in favour, none opposed or abstained.

2019-03-21

BULGARIA: EUROHOLD turned on profit in 2018

Bulgarian EUROHOLD -owner of EUROINS Insurance Group (EIG) - announced in its preliminary financial report for 2018 - a positive financial result in amount of BGN 1.7 million (EUR 871,800) versus a loss of BGN 17.3 million (EUR 8.84 million) for the comparable period last year.

2019-02-05

ON THE MOVE

Bulgaria: Boiko ATANASSOV appointed as FSC's head

The Parliament of the Republic of Bulgaria appointed Boiko ATANASSOV as Chairperson of the Financial Supervision Commission (FSC) on March 15, with 134 votes in favour, none opposed or abstained.

21.03.2019

TOP EVENT

Climate and cyber: two Cs with catastrophic potential and the insurance business - under debate in Vienna, on April 9

10 years after its inception, the Romanian mandatory dwelling insurance system has progressed and PAID, the pool underwriting and managing the mandatory policies is a strong and financially sound institution. "We are currently managing a reinsurance program worth EUR 920 million, with a pool of excellent reinsurers, more than half of them rated AA+, while the company's solvency rate is of 220%," recently stated Nicoleta RADU, CEO, PAID.

21.03.2019

Conclusions: TBILISI - the first Georgian International Insurance Conference

The first Georgian International Insurance Conference took place on 14 March 2019. The event put under scrutiny the current status and the future development perspectives of the local market, in an attempt of identifying the main growth opportunities. The forthcoming launch of the mandatory MTPL system was the most important topic on the agenda, as this new line of business has the potential to provide for a significant growth, but also to become a market disruptor.

14.03.2019

See all