Bulgaria
Acrisure 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 2023BULGARIA: financial assets of insurers are between 3.5% and 4% of the country's GDP
The market recent results show success, and the insurance industry continues to move forward with serious growth rates, especially compared to other areas of the economy, as was emphasized by Konstantin Velev, executive director of Armeets company, during the specialized edition "Insurance - reality and opportunities" broadcast on May 20, ABZ reports.
30 May 2023BULGARIA: new chairman of the Board of ABZ elected
A new composition and chairman of the ABZ (Association of Bulgarian Insurers) Board were elected at the Association's annual meeting on May 17, 2023, ABZ announced on its website.
25 May 2023BULGARIA: Bulstrad Vienna Insurance Group and DZI-Life Insurance win the annual award in non-life and life insurance
On May 17, 2023, the next edition of the annual award ceremony in the insurance sector and the pension insurance - "Insurer of the Year", "Pension Insurance Company of the Year", "Insurer broker of the Year" 2022 took place in Bulgaria, ABZ (Association of Bulgarian Insurers) reports. The best performing companies from the insurance and pension insurance sector in 2022 were honored.
25 May 2023Bulgaria: KBC Bank merges with UBB creating the country's largest lender by assets
Bulgarian commercial banks UBB - United Bulgarian Bank and KBC Bank Bulgaria, - both of them owned by Belgian financial group KBC- have legally formalised their merger, creating the country's largest lender by assets, according to a press release posted on UBB website.
3 May 2023STATISTICS: YE 2022 profits of Bulgarian insurers expanded to almost EUR 125 million
Bulgarian insurance market ended 2022 with a total GWP of BGN 3.61 billion (EUR 1.85 billion), up by 10.87% y-o-y, according to the market figures from the Bulgarian Financial Supervision Commission (FSC). Per business lines, 82.69% represented non-life GWP (EUR 1.53 billion, 12.69% more y-o-y), the remaining 17.31% being accounted by life GWP (EUR 319.76 million, up by 2.95% y-o-y).
20 April 2023BULGARIA: at the end of 2022, the assets of Bulgarian insurers went down by 4.8%
By the end of December 2022, the assets managed by Bulgarian insurance companies amounted to about BGN 9.64 billion (EUR 4.9 billion), which represents a decrease of 4.8% y-o-y, SeeNews wrote with reference to the Central Bank.
15 March 2023Bulgaria: Management Financial Group targets the non-life insurance market
Bulgaria-based holding company Management Financial Group (MFG) said on Friday that it is entering the market of general insurance to expand its portfolio of services, SEE News reported.
16 February 2023STATISTICS: Bulgarian insurers posted profits worth EUR 126 million at the end of Q3 2022
Bulgarian insurance market reported January-September 2022 net profits worth BGN 245.78 million (EUR 125.67 million), up by 1.47% y-o-y as compared with the snapshot on 30 September 2021 (BGN 242.22 million), according to the market statistics published on Financial Supervisory Commission website.
19 January 2023EIG divested its interest in the insurance companies in Russia and Belarus
Euroins Insurance Group (EIG), part of Eurohold Bulgaria, announced it has signed an agreement to sell its subsidiary in Belarus and the group's stake in a company in Russia. The new owner of the two insurers is a Russian company.
9 January 2023World Bank Group member IFC acquires stake in VIG's Bulgarian pension fund Doverie
International Finance Corporation (IFC), a member of the World Bank Group, takes a stake of around 10% in Doverie, the pension fund in Bulgaria in which the Vienna Insurance Group (VIG) holds a majority stake. The cooperation aims to strengthen and jointly further expand the Bulgarian pension insurance market.
9 January 2023Eurohold's 9 months revenue tripled to EUR 2.4 billion
Eurohold Bulgaria AD, a leading energy and financial group in Southeast Europe, reported strong results in the third quarter of 2022 consolidating its very positive performance since the beginning of the year, according to the company's consolidated interim financial statement for the period.
7 December 2022BULGARIA: ABZ: by the end of June the insurance market maintained stability and a positive direction of development
According to the market regulator, in the first six months the insurance market maintained stability and a positive direction of development, which is a good result in view of the serious challenges such as political instability, economic difficulties and inflation, problems with the entire chain of supplies caused by the pandemic and the war in Ukraine, Association of Bulgarian Insurers (ABZ) wrote.
20 October 2022BULGARIA: ABZ organized an anniversary conference "140 years of insurance in Bulgaria" on October 5, 2022
The Bulgarian insurance sector celebrates 140 years of insurance in Bulgaria and 30 years since establishment of the Association of Bulgarian Insurers (ABZ) in 2022. In honor of these anniversaries, ABZ organized an anniversary conference "140 years of insurance in Bulgaria" on October 5, 2022 at the Hyatt Hotel, the Association said.
13 October 2022STATISTICS: BULGARIA, 1H2022: 7% y-o-y increase in the market aggregate profit
Bulgarian insurance market totaled almost BGN 1.8 billion (EUR 918 million) at the end of June 2022, up by 9.8% y-o-y, according to the official data provided by Financial Supervision Commission - FSC. The number of insurance companies active in Bulgaria decreased to 44 at the end of June from 51 a year earlier.
13 October 2022BULGARIA: ABZ: most of the owners still do not insure their property
Most of the owners in Bulgaria still do not insure their property as either because people hope that nothing terrible will happen, or because they rely on government assistance in the event of a serious damage, said Nina KOLCHAKOVA, ABZ (Association of Bulgarian Insurers) General Secretary.
22 September 2022BULGARIA: at the end of June the insurance sector's assets decreased by 3.8% y-o-y
A the end of June 2022, the assets of the Bulgarian insurance companies reached BGN 9.17 billion (EUR 4.7 billion), which is 3.8% less y-o-y, SeeNews reports according to the quarterly insurance sector report of the Bulgarian National Bank.
16 September 2022BULGARIA: ABZ: Only 6-7% of the properties of individuals are insured
In the last 10 years there has been no change in home property insurance - only 6-7% of the properties of individuals are insured in Bulgaria. This is an extremely low percentage, especially considering that the majority of people live in their own homes, said Konstantin VELEV, Chairman of the Board of the Association of Bulgarian Insurers (ABZ) in his interview on September 09.
13 September 2022
