Bulgaria Insurance Market Suffers 10% Drop

The third party liability insurance policy has registered a rise in premiums in Bulgaria and safeguarded Bulgaria's insurance market against a greater market drop. Photo by BGNES

Bulgarian insurance market has registered a 10% drop for January and February, data by the Bulgarian Financial Supervision Commission shows.

Life insurances have suffered the greatest decrease in premium revenues. The overall gains of the branch amount to BGN 270 000.

Car insurance companies continue to have a substantial market share of 75% - the bulk of premium revenues are from car collision policies and the obligatory third party liability insurance.

Data by the Commission shows that the drop in premium gains in February 2010 is greater than that in January by about 8,5%. this is partly due to the great number of third party liability insurances that have been issued at the beginning of the year.

The third party liability insurance policy has in fact registered high premiums for the first two months of 2010 which has safeguarded the Bulgarian insurance market against an even greater drop.

The other two insurance policies with a rise in revenues are the 'legal expenses' and 'financial guarantee' policies – yet the two have a comparatively small market share.

The Bulgarian-based general insurance companies have suffered a 3,6% drop, with car collision policies registering a 10% decrease in premiums.

In the life insurance sector there has been a rise in the premiums of the marriage insurance policies and the children life insurances.

We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!