site.btaInsurers Report Dynamic Market Growth Trend

There is a clear dynamic trend of market growth in insurance, according to end of end-2021 data of the Financial Supervision Commission (FSC), the Association of Bulgarian Insurers said on Thursday.

As at the end of 2021, proceeds from insurance premiums totalled 3.247 billion leva, increasing by 12.7 per cent. The total amount of insurance payouts stood at 1.295 billion leva, increasing by 7 per cent compared to 2020. This is described as a significant increase, given the coronavirus pandemic, the pandemic-related restrictions, the lowered standard of living of many households, and economic stagnation. In December 2021, the proceeds from insurance premiums marked an increase of 11.5 per cent, compared to the same period of the pre-pandemic 2019.

Life insurance growth in 2021 is particularly intensive, not only recovering from the 2020 drop but marking an increase in proceeds from premiums of 22 per cent, compared to 2019. In 2021, the life insurance share reached 19 per cent of the total insurance market share, compared to the 17 per cent in 2019 and the 15 per cent in 2020.

Non-life insurance increased by 8.2 per cent, year-on-year, totalling 2.640 billion leva at the end of 2021. The total amount of payouts stood at 1.059 billion leva.

The growth of insurance for travelling abroad was particularly dynamic, increasing by some 96 per cent in December 2021, year-on-year.