Insurers in Bulgaria sold police officers for over BGN 2.1 billion in the third quarter of 2021.
Growth in profits, revenues from sold protection policies and significantly less paid indemnities are reported by protection companies on the Bulgarian market (non-life and life insurance) as of September 30, 2021. interim financial statements for the third quarter of the year by the 34 protected companies operating on the Bulgarian market.
In both protected sectors, police officers sold a total of BGN 2,166,969,326, targeting BGN 1,768,499,298 in the second quarter of the year, an increase of 22.53%. At the same time, the compensations paid amounted to a total of BGN 962,142,150, compared to BGN 637,471,248 in the second quarter, which is also an increase, and higher, by 50.93 percent.
On the other hand, the total profit increased by 73.81% from BGN 139,358 thousand in the second quarter to BGN 242,219 thousand in the third quarter. Twenty-four non-life insurance companies reported annual profits of BGN 189,935 thousand, and ten life insurance companies – BGN 52,284 thousand.
Eight reinsurance campaigns sold policies for a total of BGN 1,502,567,525, of which for non-life insurance for BGN 1,463,505,387 and for life insurance for BGN 39,062,138. At the same time, they paid the indemnities for a total of BGN 624,631,749, of which BGN 618,762,361 for general insurance and BGN 5,869,388 for life insurance.
General insurance
The companies in the general insurance have sold insurances for a total of BGN 2,002,952,121, aimed at BGN 1,338,353,825 in the second quarter of last year, which is a huge decrease of BGN 664,598,296.
The largest shares are occupied by the policies for motor vehicles (71.5% or BGN 899,996,891 under the Civil Liability, Compliance with Motor Vehicles Insurance and BGN 531,425,753 under the Voluntary Motor Casco Voluntary Insurance for Land Vehicles without Rails), followed by from the insurance “Fire and natural disasters” (12.3% or BGN 236,752,524), “Accident and use” (5.0% or BGN 100,167,350), “Loans, guarantees and other expenses” (3.9% or BGN 64,179,908) ), “General Civil Liability” (2.3% or BGN 46,323,654), “Travel Assistance” (2.7% or BGN 54,215,067) and the share of the other 4 types of insurance is 2.0 per cent or BGN 35,774,792.
The profit of the 24 companies from the General Insurance is BGN 189,935 thousand, increasing by BGN 57,834 thousand from BGN 132,101 thousand compared to the second quarter.
Top 10 companies in general insurance by premium income:
- Lev Ins Insurance Company – 12.88% market share and BGN 257,993,025 premium income;
- Euroins Insurance Company – 12.68% and BGN 253,924,491;
- ZAD Bulstrad Vienna Insurance Group (3rd place in July) – 11.80% and BGN 236,265,708;
- DZI – General Insurance – 10.49% and BGN 210,072,946;
- ZAD Armeec – 8.19% and BGN 164,137,616;
- ZAD DallBogg: Life and Health – 7.61% and BGN 152,394,512;
- ZAD OZK – Insurance – 6.92% and BGN 138,585,849;
- Bull Ins Insurance Company – 6.72% and BGN 134,594,630;
- Generali Insurance – 6.71% and BGN 134,453,596;
- Allianz Bulgaria Insurance Company – 6.23% and BGN 124,877,366.
The other 14 companies have a total market share of 9.79%.
As of the end of the third quarter of 2021, the indemnities paid by the General Insurance Companies reached BGN 798,124,945, targeting BGN 525,609,559 in the second or BGN 272,515,386 more. The largest share of 71.5% of motor insurance or a total of BGN 1,431,422,644 from Civil Liability, which are observed with the possession of a motor vehicle (BGN 899,996,891) and under the voluntary motor hull insurance, are connected with the possession of land vehicles without rails (BGN 531,425,753), followed by the insurance “Fire and natural disasters” (12.7% and BGN 236,752,524), “Accident and research” (5.0% and BGN 100,167,350), “General Civil liability “(2.3% and BGN 46,323,654),” Loans, guarantees, miscellaneous financial losses and legal expenses “(3.9% and BGN 75,683,195),” Travel assistance “(2.7% and BGN 54 215,067 leva). The other 4 types of insurance account for only 2.0% market share.
Top 10 of the companies in the general insurance with paid indemnities:
- Lev Ins Insurance Company – 12.88% market share and BGN 257,993,025 paid;
- Euroins Insurance Company – 12.68% and BGN 253,924,491;
- ZAD Bulstrad Vienna Insurance Group – 11.80% and BGN 236,265,708;
- DZI – General Insurance – 10.49% and BGN 210,072,946;
- ZAD Armeec – 8.19% and BGN 164,137,616;
- ZAD DallBogg: Life and Health – 7.61% and BGN 51,500,714;
- ZAD OZK – Insurance – 6.92% and BGN 138,585,849;
- Bull Ins Insurance Company – 6.72% and BGN 134,594,630;
- Generali Insurance – 6.71% and BGN 134,453,596.
- Allianz Bulgaria Insurance Company – 6.23% and BGN 124,877,366;
The remaining 14 non-life insurance companies account for 9.77% of the total market share of claims paid.
Life insurance
The ten Life Insurance companies sold security policies for BGN 439,206,280 in the third quarter of 2021, compared to BGN 296,310,148 in the second quarter or 48.23% more, according to the FSC’s general data. Of these, 40.1% and BGN 176,116,817 form the life insurance, followed by the life and annuity insurance (36.9% and BGN 162,074,048,048), the Sickness insurance (BGN 13.1% and BGN 57,573), insurance (5.9% and BGN 25,719). BGN 638), “Accident” (2.9% and BGN 12,796,638) and “Marriage and Child Insurance” (1.1% and BGN 4,968,402).
As of the end of August, the life defenders reported a total profit of BGN 52,284 thousand, which is BGN 45,027 thousand more than BGN 7,257 thousand compared to the second quarter.
Top 5 of Life Insurance Companies by Premium Income:
- Allianz Bulgaria Life Insurance Company – 31.9% market share and attracted premium income for BGN 140,241,811;
- DZI-Life Insurance – 23.9% and BGN 104,766,331;
- ZEAD Bulstrad Life Vienna Insurance Group – 20.0% and BGN 87,623,368;
- UNICA Life Insurance Company – 11.2% and BGN 49,318,643;
- GRAVE Bulgaria Life insurance – 5.6% and BGN 24,804,910.
The other five Life Insurance companies have a 7.5 market share in terms of premium income.
As of the end of July, the indemnities paid by the life insurance companies reached BGN 164,017,205, increasing by 22.7% from BGN 111,861,689 compared to the second quarter. The largest share of 61.1% and BGN 100,251,886 is occupied by the Life and Rent insurance, followed by Investment Fund Life (16.6% and BGN 27,225,059), Sickness (15.5% and BGN 25,467 8). BGN), Additional insurance (3.1% and BGN 5,108,349), Marriage and child insurance (2.9% and BGN 4,729,068) and Accident (0.8% and BGN 1,235,027).
Top 5 of the Life Insurance Companies for paid benefits:
- Allianz Bulgaria Life Insurance Company – 34.8% market share and BGN 57,142,619 paid compensations;
- DZI-Life Insurance – 20.3% and BGN 33,357,359;
- ZEAD Bulstrad Life Vienna Insurance Group – 18.5% and BGN 30,336,073;
- UNICA Life Insurance Company – 10.1% and BGN 16,646,176;
- GRAVE Bulgaria Life insurance – 7.0% and BGN 11,467,181.
The other five life insurance companies account for 9.2% of the total market share of paid benefits.