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Bulgarian non-life insurers grow Jan-Aug GWP backed by motor insurance

Author Mario Tanev
Bulgarian non-life insurers grow Jan-Aug GWP backed by motor insurance Author: Ken Teegardin. License: Creative Commons, Attribution 2.0 Generic.

SOFIA (Bulgaria), October 14 (SeeNews) - Bulgaria-based non-life insurance companies increased their gross written premiums (GWP) to 1.61 billion levs ($908 million/823 million euro) in the first eight months of 2019 from 1.38 billion levs in the same period of last year, according to data from the Financial Supervision Commission.

The rise was mostly driven by motor vehicle liability insurance premiums, which grew to 755.4 million levs in the January-August period of 2019 from 616.6 million levs in the comparable period of 2018, financial regulator data, published on Friday, showed.

Motor insurance premiums formed 74.3% of the total gross premiums in the review period, followed by fire, natural forces and property insurance with 11.5% of the total, and accident and sickness with 4.7%.

Lev Ins was the biggest player on the non-life insurance market with gross premiums of 225.3 million levs in the first eight months of the year, equal to a market share of 14.0%.

Bulstrad Vienna Insurance Group and DZI - General Insurance followed with market shares of 12.0% and 10.7% in the review period.

Euroins and Armeec wrapped up the top five, with market shares of 9.7% and 9.4%, respectively.

(1 euro = 1.95583 levs)