SOFIA (Bulgaria), March 19 (SeeNews) - The Bulgarian insurance market shrank by 6.3% to 1.7 billion levs ($1.2 billion/869.2 million euro) last year, the country's financial regulator said on Friday.
The combined gross premium income of the 25 general insurers operating in Bulgaria fell by 4.2% to 1.47 billion levs, while the 17 local life insurers posted a premium income drop of 18% to some 222 million levs, preliminary data of the Financial Supervision Commission (FSC) showed.
General insurers posted a combined technical loss of some 11 million levs for 2009 against a 4.7 million levs for the previous year. Life insurance companies registered a combined technical profit of 10.5 million levs in 2009, compared to a technical loss of 1.6 million levs a year ago.
The insurance market in Bulgaria has been growing steadily in recent years, mainly due to strong income from mandatory insurance policies such as third party liability for motor vehicles. However, the premium income per capita is still half the average of central and eastern Europe.
(1 euro = 1.95583 Bulgarian levs)
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