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Bulgaria’s insurance market up by 23% in January-July

Submitted on Tuesday, 7 October 2008No Comment

Bulgaria’s general insurance steamed ahead in the first seven months of the year, posting a 23 per cent year-on-year increase in premium incomes to 847.7 million leva, Financial Supervision Commission data has showed.

Motor insurance generated the bulk of the premium revenue, accounting for about 70 per cent, with comprehensive coverage policies alone fetching more than 395 million leva.

Property insurance gained new momentum, generating over 142 million leva in premiums.

Premiums from railroad vehicles insurance doubled, and marine insurance premiums added more than a third.

The life insurance segment posted a 28 per cent year-on-year increase to over 303 million leva in January-July, compared with the same period of 2007. Life and annuity policies continued to dominate the market, but accident insurance also gained a ground.

Unit-linked insurance gathered premiums in excess of 12 million leva, grabbing nearly eight per cent of the market in the period reviewed.

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