Bulgarian insurance market totaled almost BGN 1.8 billion (EUR 918 million) at the end of June 2022, up by 9.8% y-o-y, according to the official data provided by Financial Supervision Commission – FSC. The number of insurance companies active in Bulgaria decreased to 44 at the end of June from 51 a year earlier.
Life insurers’ GWP increased by 7.7% y-o-y to EUR 163.3 million, all classes recording a rather modest positive trend except for the UL products line which saw a 2.6% decline in premiums. Non-life insurers’ GWP rose by 10.3% to EUR 754.7 million.
On the non-life side, among the main LoBs, property insurance class “Damages to property”, including agricultural insurance, as well as the Motor Hull class in the motor insurance segment, saw the strongest growth rates, in the double-digit range.
DZI Life Insurance was the biggest player on the life insurance market with GWP of EUR 47.3 million, while Euroins Insurance was the largest insurer on the non-life insurance market with GWP worth EUR 116.4 million.
In terms of profitability, the local insurance market posted an aggregate profit worth BGN 149.3 million (EUR 76.33 million), about 7% more as compared with the first half of 2021 (BGN 139.25 million/EUR 71.2 million).
