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Bulgarian insurers estimate a price increase for MTPL

The price for MTPL premiums issued in Bulgaria could see an increase of 5 - 10% by the end of this year, according to the estimations made by representatives of the profile local companies, quoted by www.insurance.profit.bg.
This increase is a consequence of the introduction of a 2% tax on written premiums, starting January the 1st, 2011.

On the other hand, the Insurers Association President in Bulgaria, Orlin PENEV, considers that this rate increase should not be significant.

"At a medium rate of EUR 102 on MTPL premiums, this tax should be only EUR 2. The insurance companies will still offer composed packages - MTPL and Motor Hull insurance - at a competitive price", believes Orlin PENEV.

Currently, 15% of the cars registered in Bulgaria do not have a MTPL premium. This might determine the European Committee to reintroduce the necessity of owning a Green Card policy. This kind of measure would have a dramatic effect on the MTPL price.

Regarding the insurance market evolution in this country, the President of the Professional Union estimates that insurance business will stagnate in 2011. A slight increase might be caused by the underwritings on the motor lines, currently representing 72% of the total market. A linear evolution might also be seen in the life and property insurance segments.

Author: Olesea ADONEV on 24.01.2011

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