The insurance market in Bulgaria can be characterized by positive dynamics and sustainable growth, as over the past 10 years, premium income has increased more than 2.5 times, reaching BGN 4.4 billion (EUR 5.49 billion) in 2023, with annual growth of 21%, according to Veselin Angelov, member of the Board of Directors of ABZ and executive director of Allianz Bulgaria, the Association wrote.

Veselin Angelov noted that the positive trend is an indicator of the growing confidence of consumers and improvement of the insurance culture. The 2023 results indicate that non-life premiums increased by 22.7%, and life - by 15%, while the growth in health insurance was especially significant – 50% y-o-y.

At the same time, compared to other European countries, the Bulgarian insurance market lags behind, including in terms of market structure. Non-life premium income accounts for nearly 80% of the market, with motor insurance strongly dominating. "In more developed economies, the ratio is almost the opposite, life insurance is dominant there, as the risks related to life and health should be a priority in insurance, while here they remain with a small share", he explained.

At the same time, there is a positive trend of growth in life insurance, which is an indicator that the economy is developing well. Veselin Angelov pointed out that more and more people voluntarily take out home insurance. This growing interest is due to the increasing frequency of natural disasters. However, Bulgaria remains far from average European levels of insurance penetration. Insured homes in Bulgaria are about 8-10%, while in neighboring countries this share is significantly higher - in Romania it is about 20%, in the countries of Central Europe - 30-50%, he added.