Bulgaria's Insurance Market Shrinks by 3.1% in 2010 Y/Y

The Bulgarian insurance market declined by 3.1% in 2010 compared with 2009, according to preliminary data of the Financial Supervision Commission.

Thus, in 2010, the combined insurance premiums in Bulgaria amounted to BGN 1.63 B. The general insurance premiums were BGN 1.38 B, a decline of 5.2% on an annual basis, while the life insurance grew by 10.5% to reach BGN 245.7 M. Car insurance raised 36.2% of the total general insurance premiums.

The total volume of the reinsurance reached BGN 1.42 B, while the total general insurance claims in 2010 were BGN 750 M, a growth of 1.4% year-on-year. The total life insurance claims grew by 8.3% reaching BGN 98.7%.

At the end of 2010, the total assets of the insurance companies in Bulgaria amounted to BGN 2.9 B, an increase of 5.2% year-on-year. The major reinsurance company GP Prezastrahovane has BGN 1.6 B in assets, up from BGN 1.1 B at the end of 2009.

The gross technical reserves of the general insurance firms increased by 8% to reach BGN 1.37 B; the reserves of the life insurers grew by 13.2% to reach BGN 572.1 M.

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