Five companies have nearly 50% of the revenue generated by the insurance sector

The five largest insurance companies in our country have nearly 50% of the general insurance revenue at the end of September, according to the data of FSC (Financial Supervision Commission). The lion's share of proceeds was generated by DZI – General Insurance JSC, Bulstrad Vienna Insurance Group, Armeec JSC, BulIns JSC and Lev Ins LTD and their total revenue amounted to BGN 448.4 mln for the first nine months of 2011. The branch registered a total revenue of BGN 964 mln, while reporting a 0.3% increase year-on-year. According to statistics, these five companies had 58% of the sector's market share, while their profit amounted to more than BGN 20 mln.

The largest share in the aggregate portfolio of insurance companies continues to be held by car insurance policies such as Autocasco and Civil Liability. These constituted 71.7% of all proceeds of insurance enterprises. The average price of the Civil Liability policy gradually increased from BGN 185 in September 2010 to BGN 207 in September this year. The financial reserves set aside by insurance companies stood at BGN 821 mln, compared to BGN 703 mln last year. This means that more funds can be allocated for insurance compensations, reported FSC experts. The property insurance policies involving the Fire and Natural Disasters Insurance and Other Property Damage generated the second largest share of 18% in premium revenue. The data also showed that the sector is becoming stable and generates good profits. For the first nine months, the life insurance sector generated BGN 40 mln, which is a positive financial result, while a year earlier companies had accumulated a profit of a mere BGN 9 mln. However, the companies' equity in the entire sector dwindled by 10.5% on an annual basis and reached BGN 897 mln. A total of BGN 527 mln of the capital was held by companies operating in the general insurance sector, while BGN 369 mln belonged to the life insurance sector. For the first nine months, branch assets increased by 1.3%, compared to January-September 2010, up to BGN 2.878 bn, and 64.5% of these belonged to the general insurance sector.

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