Bulgaria
BULGARIA: ABZ: only 8% of homes are insured
According to Vesselin Angelov, member of the Board of Directors of the Association of Bulgarian Insurers (ABZ), about 85% of people in Bulgaria live in their own homes, but only about 8% of them are insured. However, in recent years, a positive trend has been observed - the share of insured homes is gradually increasing, ABZ writes.
27 January 2025BULGARIA: non-life represents 70.7% of total insurance assets at the end of September
The assets managed by insurance companies operating in Bulgaria amounted to nearly BGN 11.3 billion (EUR 5.8 billion) at the end of September, growing by 8.8% y-o-y, SeeNews writes with reference to the central bank.
17 December 2024BULGARIA: Fitch Ratings maintains at B+ the IFS rating of Euroins
Fitch Ratings has maintained at B+ the insurer financial strength (IFS) rating of Bulgaria's Insurance Company Euroins, the main operating subsidiary of Euroins Insurance Group (EIG), part of Eurohold Bulgaria, with a stable outlook, as SeeNews reports.
3 December 2024STATISTICS: BULGARIA 1H2024: modest growth amidst the divergent trends in the motor insurance
Bulgarian insurers wrote gross premiums worth EUR 1.19 billion in the first half of 2024, which is by 3.3% over the 1H2023 result. According to data provided by the market authority, life insurance GWP accounted for EUR 203.5 million, 9% up y-o-y, while non-life GWP reached EUR 989.9 million, 2.7% up y-o-y.
7 November 2024STATISTICS: BULGARIA 1Q2024: MTPL insurance drove the negative dynamic of the market
At the end of March 2024, the insurance market in Bulgaria totaled EUR 574.66 million, down by almost 1% y-o-y, according to the official quarterly figures from the Financial Supervision Commission - FSC.
21 October 2024BULGARIA: ABZ: Positive dynamics and sustainable growth on the insurance market
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.
9 October 2024BULGARIA: at the end of June, the assets of the insurance sector rise to EUR 5.5 billion
At the end of June, 2024, the assets managed by insurance companies operating in Bulgaria reached BGN10.82 billion (EUR 5.5 billion), which indicates a 6% increase y-o-y, SeeNews reports referring to the Central Bank’s statement.
18 September 2024BULGARIA: The assets of the insurance sector reached EUR 5.49 billion by the end of March
The assets of Bulgarian insurance companies reached BGN 10.74 billion (EUR 5.49 billion) at the end of March, which indicates a y-o-y rise of 4.5%, SeeNews reports referring to the Central Bank’s statement.
11 June 2024STATISTICS: Bulgarian, 2023: Insurance market exceeded EUR 2 billion for the first time
Bulgarian insurance market reported January-December 2023 GWP worth BGN 4.38 billion (EUR 2.24 billion), up by 21.29% y-o-y, according to the official figures published on Financial Supervisory Commission website. Life insurers' GWP increased by 16% to BGN 725.50 million, while non-life insurers' GWP rose by 22.39% to BGN 3.66 billion.
4 June 2024BULGARIA: ABZ: people are spending more on home insurance
According to data from two consecutive surveys by MoitePari.bg and ABZ, within one year the share of people who purchased home insurance has increased by 7%, said Nina Kolchakova, General Secretary of the ABZ, Association of Bulgarian Insurers reports.
30 May 2024BULGARIA: The annual awards for 2023 to be presented on May 21
For the sixteenth consecutive year, the most prestigious annual awards in the insurance and pension insurance sector in Bulgaria will be presented - "Insurer of the Year", "Pension Insurance Company of the Year", "Insurance Broker of the Year", ABZ (Association of Bulgarian Insurers) announced.
14 May 2024Bulgarian insurance broker SDI’s acquisition by Acrisure approved by the competition authority
Bulgaria's competition authority said it approved the takeover of local insurance broker SDI Group by Poland's Unilink, a subsidiary of US financial technology and insurance holding Acrisure, SeeNews wrote.
21 February 2024BULGARIA: ABZ: in 2023 the market continued to be dominated by motor insurance
The insurance sector in Bulgaria experienced sustained growth in 2023, and as a result of the pandemic, people are increasingly thinking about protecting their health and life, not just their cars, Ivana Dimova, a member of the Board of Directors of the ABZ (Association of Bulgarian Insurers) believes.
10 January 2024STATISTICS: Bulgarian market increased to ~EUR 1.7 billion during Q1-Q3 2023
Bulgarian insurance market reported January-September 2023 GWP worth BGN 3.29 billion (EUR 1.68 billion), up by 24.21% y-o-y, according to the official quarterly figures published on Financial Supervisory Commission website. Life insurers' GWP increased by 20.63% to BGN 533.99 million, while non-life insurers' GWP rose by 24.93% to BGN 2.75 billion.
10 January 2024STATISTICS: BULGARIA, 1H 2023: motor insurance classes’ weight in the portfolio increased by 3 pp
At the end of June 2023, the insurance market in Bulgaria totaled EUR 1.15 billion, up by 25.9% y-o-y, according to the official quarterly figures from the Financial Supervision Commission - FSC.
12 October 2023BULGARIA: Generali Insurance received the first award at the "Insurers for Society 2023" competition
The winners of the ninth edition of the "Insurers for Society 2023" competition received their awards at a solemn ceremony on October 3, 2023, ABZ (Association of Bulgarian Insurers) wrote.
10 October 2023STATISTICS: EIG Re and MTPL segment pushed the Bulgarian market to EUR 580 million (+28%) at the end of Q1 2023
Bulgarian insurance market totaled BGN 1.13 billion (EUR 580 million) at the end of March 2023, up by 28.2% y-o-y, according to the official quarterly figures from the Financial Supervision Commission - FSC.
6 September 2023Acrisure buys Bulgarian insurance broker SDI
The Bulgarian insurance broker SDI becomes part of the American fintech company Acrisure. The transaction is expected to be finalized by the end of September.
16 August 2023Fitch affirms Euroholds rating at B with a stable outlook and removes the watch over the company
Fitch Ratings, one of the largest rating agencies worldwide, has affirmed its assessment to Eurohold Bulgaria AD's Long Term Issuer Default Rating at 'B' with a stable outlook. In a statement, the agency has also pointed out it had removed it from its watch list for a possible negative outlook on the rating (Rating Watch Negative, RWN).
29 June 2023BULGARIA: ABZ: Bulgarians insure three times less than other Europeans
The insurance penetration rate in Bulgaria is only 2.4%, while the European average is about 7.4%, which means Bulgarians insure three times less than other Europeans. The problem with the low share of insured property is especially serious, as there will be more and more natural disasters going forward, as Yuri Kopach, Chairman of the Board of Directors of ABZ said.
29 June 2023
