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Aug 29, 2023 15:03 EEST
August 29 (SeeNews) - The combined gross written premiums (GWP) of non-life insurance companies in Bulgaria increased to 979.65 million levs ($541.5 million/500.9 million euro) between January and March, compared to 709.9 million levs in the like period of 2022, the Bulgarian financial regulator said.
EIG Re, a subsidiary of Euroins Insurance Group, itself part of energy and insurance conglomerate Eurohold Bulgaria [BUL:EUBG], held the largest share of the market, or 18.6%, with GWP amounting to 182.6 million levs, the Financial Supervision Commission (FSC) said in a data release on Friday.
Last year, EIG Re held a share of 0.72% of the market, with GWP of 5.09 million levs, according to first quarter data from 2022 available on the FSC's website.
After the Romanian market regulator withdrew the licence of Euroins Romania in March, Eurohold undertook a series of measures which included the transfer of the Romanian entity's portfolio to Sofia-based EIG Re.
According to the FSC data, Lev Ins was the second-largest non-life insurer with GWP of 114.4 million levs as of end-March, giving it an 11.7% market share. Bulstrad Vienna Insurance Group and Euroins each held a market share of 10.5%, with GWP of 102.96 million levs and 102.5 million levs, respectively.
EIG Re was also the market leader in terms of payments made, with 189.9 million levs, or 34% of all payments in the review period, followed by Euroins and Lev Ins. Total payments made in the first three months of 2023 were 559.1 million levs, compared to 266.5 million levs a year earlier.
Total assets of non-life insurers in Bulgaria amounted to just under 5 billion levs in the first quarter, down from 5.45 billion levs a year earlier, the data showed.
At the end of March, there were 23 non-life insurance companies active in Bulgaria.
(1 euro = 1.95583 levs)
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