Bulgaria: Insurers underwritings fell by 1.5% in 1Q/2011
Gross premiums underwritten by insurance companies in the first three months of this year totaled EUR 201.90 million, down by 1.5% compared to the same period in 2010, and claims paid by Bulgarian insurers in this period amounted to nearly EUR 93 million, according to the report of the local supervisory authority.
On insurance classes, the underwritings from the general insurance segment fell by 2.6%, to EUR 171.70 million. The motor segment held 76.7% (MTPL - 45%, Motor Hull - 31.7%). At the same time, the claims paid on this segment reached EUR 80,214 million, down by 17% compared with 1Q/2010.
Underwritings on the life insurance line amounted to EUR 30.20 million, up by 5.2 percentage points compared to the 2010 results. In the life insurance segment, a significant share is held by the Life and Annuity type insurance - 75.9%. During the reporting period, the claims paid by Bulgarian insurers increased by 18.8% on the life segment, totaling EUR 12.75 million.
Premiums ceded in reinsurance totaled EUR 195.62 million, of which EUR 194.61 million have been transferred to the reinsurance company GPRe, whose majority shareholder is GENERALI PPF Holding.
Currently, on the Bulgarian profile market, 19 companies operate on the non-life segment and 16 - on the life insurance segment. The leader of the non-life segment remains BULSTRAD VIG, with a 15% market share, followed by BUL INS and DZI, with 12.8% and, respectively, 10.9%. Regarding the life segment, the first three places are occupied by ALLIANZ Bulgaria Life (22.4%), DZI (14.9%) and UNIQA Life (11.4%).
Gross premiums underwritten by insurance companies in the first three months of this year totaled EUR 201.90 million, down by 1.5% compared to the same period in 2010, and claims paid by Bulgarian insurers in this period amounted to nearly EUR 93 million, according to the report of the local supervisory authority.