Insurance premiums down by over 4%

The insurance sector did not remain unscathed by the shrinkage in consumption. At the end of April 2012, the premium income of insurance companies operating in Bulgaria decreased by 4.2%, compared to the same month of 2011, showed data of the Financial Supervision Commission (FSC). The aggregate revenues of companies in the industry amounted to BGN 515 mln.

The general insurance market registered a 5.2% decrease on an annual basis to BGN 431 mln. A year earlier, the sector reported a 1% growth. Experts report that the market share of the top five companies operating in general insurance has increased from the same period of 2011. However, the reverse trend has been observed within the top ten group, whose share has decreased from 2011.

As usual, automobile insurance policies – the compulsory Civil Liability and Autocasco – have the largest share in general insurance, accounting for 76.3% of total premiums, although both of these have registered a decline in premiums. Property policies account for only 16.3% of the revenues in the sector and have recorded an annual decline of 4%.

According to FSC’s data, premium proceeds in life insurance have been growing. At the end of April 2012, the companies in the branch reported a premium income of BGN 83.6 mln, or 1.4% more than in 2011. Like in general insurance, the market share of the top five companies has increased, while that of the top 10 has plummeted. Traditionally for the life insurance sector, the policies Life and Rent account for the biggest share -75.3%, registering a 5.8% increase.

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