Bulgaria Based Insurance Company Premiums Drop by 5,9%

The insurance companies based in Bulgaria drew up the balance sheet for 2009. Photo by BGNES

The premiums of the Bulgaria based insurance companies in 2009 have dropped by 5,9%, according to official data.

The insurance policies sold in 2009 amount to an overall BGN 1,68 B, said Thursday Bulgaria’s Financial Supervision Commission (KFN).

The sum does not include the premiums of the AIG Bulgaria for 2008 and 2009 as the company was restructured and merged with the Chartis Europe S.A.

The Bulgarian based general insurance companies have sold policies for BGN 1,46 B or 3,8% less than last year. The overall profits of the sector amount to BGN 26,7 B.

Car insurance policies take up the biggest market share with 71,6%. Collision coverage has a market share of 41,6% while the obligatory third party liability insurance has generated 30,2% of the amassed premiums.

Life insurances have experienced a substantial drop by 17,7% when compared to 2008. The claims that have been made amount to BGN 761,3 B or 0,8% less than in 2008.

The assets of the Bulgaria based insurance companies have increased by 10,5 % amounting to almost BGN 2,8 B. 65% of the assets belong to the general insurance companies who have invested BGN 1,1 B by the end of last year and the bulk of those means (88%) have gone into the Bulgarian economy.

Life insurance companies have invested BGN 844,3 B – 66 % of those investments have been made in Bulgaria and the remaining 33% in the EU.

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