March 12 (SeeNews) - Bulgarian non-life insurance companies increased their combined net profit to 119 million levs ($78.1 million/70.8 million euro) in 2019 from 91.1 million levs in 2018, according to data from the Financial Supervision Commission.
The rise in profit was supported by an 15.8% increase in gross written premiums (GWP) to 2.4 billion levs in 2019, financial regulator data, published on Wednesday, showed.
The rise in GWP was mostly driven by motor vehicle liability insurance premiums, which grew to 1.1 billion levs last year from 935.6 million levs in 2018.
Lev Ins was the biggest player on the non-life insurance market with gross premiums of 316.7 million levs in the review period, equal to a market share of 13.1%. Bulstrad Vienna Insurance Group and DZI - General Insurance followed with market shares of 11.5% and 10.6%, respectively.
The total assets of Bulgarian insurers amounted to 4.3 billion levs at the end of 2019, up from 3.8 billion levs a year earlier.
(1 euro = 1.95583 levs)