RESULTS ON THE INSURANCE MARKET IN FEBRUARY 2015
According to data for February 2015 provided by the Financial Supervision Commission, the revenues of insurance companies have grown by 8.1% compared to the same period in 2014, an increase achieved mainly due to life insurance companies. Because of the specifics of the Bulgarian insurance market and the occurrence of insured events in 2014 which led to losses in the sector, non-life insurance companies predictably report an increase of only 3.8% compared to the same period last year. The structure of the non-life insurance market is dominated by Motor insurance which corresponds to a market share of 69%, compared to 31% for non-motor insurance.
The total amount of paid claims also increases by 30.1% compared to same period in 2014 /the growth of paid claims in the non-life segment amounts to 35.1%/.
The company with the highest market share in January is BULSTRAD VIENNA INSURANCE GROUP with 17.4%, followed by ARMEEC with 12.4% and LEV INS with 10.7%. The January results of BULSTRAD demonstrate its traditionally balanced and stable structure of premium income: 51.5% from Motor insurance and 48.5% from other insurances. A similar structure characterizes the premiums of the insurers VICTORIA, UNIQA, ALLIANZ BULGARIA and GENERALI.
BULSTRAD is the uncontested leader with the highest market share in the Accident segment /including the compulsory accident insurance of passengers in the public transport/ of 22%, Goods in Transit (Cargo) insurance – 44%, Fire and Natural Perils – 33%, General Public Liability – 34%, Marine insurance – 64%, Aviation insurance – 93%, and Aviation insurance for third-party liability – 66%.