Bulgarian insurance market generated €1.19 bn in gross premiums in the first half of 2024, a 3.3% rise compared to 1H2023. Market authority data shows that life insurance GWP reached €203.5 mn, growing 9% year-on-year, while non-life GWP increased by 2.7% to €989.9 mn, according to XPRIMM.
The motor insurance segment made up 58% of total market GWP. This segment saw a 3% rise in GWP, totaling €700.7 mn. However, performance within the segment varied significantly.
Motor Own Damage (MoD) insurance surged by 16.3%, while MTPL premiums fell by nearly 5%.
Insurance Premiums Distribution
By the end of June 2024, Bulgarian insurance companies managed assets worth €5.5 bn, up 6% from the previous year, according to the Central Bank.
Non-life insurers’ assets rose 2.8% to €3.9 bn, representing 70.5% of total insurance assets. Life insurers saw a 14.6% increase in assets, reaching €1.63 bn and accounting for 29.5% of the total.
At the end of June, securities other than shares comprised 47.7% of insurance companies’ assets, up from 45.9% a year earlier. Shares and other equity accounted for 25.7%, an increase from 22.2% in 2023. Receivables from insurance operations decreased by 4.4 percentage points to 7.2%.
Asset Composition
The health insurance sector has also experienced significant growth. Over the past decade, premium income has increased 2.5 times, reaching BGN 4.38 bn in 2023, with an annual growth rate of 21%. Notably, health insurance premiums surged by 50% year-on-year, indicating a growing demand for health-related coverage.
Overall, the Bulgarian insurance market continues to evolve, with both life and non-life segments contributing to its development. The sector’s adaptability and growth reflect its capacity to meet the changing needs of consumers and the broader economic environment.
