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Which are the largest insurance companies in our country

NEWS_PUBLISH_DATE 12 March 2014
Which are the largest insurance companies in our country image

The five largest non-life insurance companies in Bulgaria hold 56.4% of the market, according to data as of December 31, 2013 of the Financial Supervision Commission. A year earlier, their market share was 1.8% higher.

Only three of the insurers to date have more than 10% market share. The leader Lev Ins has 12.8%, and Armeec and Bulstrad Vienna Insurance Group have respectively 12.46 and 12.14% of the total premium income. DZI General Insurance ranks fourth with 9.95 per cent, ahead of Allianz Bulgaria by 9.01 per cent.

The sixth position is already held by Euroins Bulgaria, which after the purchase of QBE's insurance portfolios already has 8.32 percent market share. The company has not yet consolidated the results of Interamerican Bulgaria, which has 1.37% of the market. It is followed by Bull Ins with a 7.5% share, down from 7.8 per cent a year earlier, as well as Uniqa and Victoria (5.41 and 4.84 per cent).

Generali General Insurance has a share of 3.89%, and OZK General Insurance and Energy has 3.70 and 3.49%. The gross premium income realized by non-life insurance companies at the end of 2013 amounted to BGN 1.425 billion, an increase of 6.5% on an annual basis compared to a decrease of 1.9% in 2012.

In the non-life insurance market, the largest share of the gross premium income realized in the sector is occupied by motor insurance (Civil liability related to the possession and use of motor vehicles and Land vehicles, excluding rail vehicles) - 69.6% , followed by property insurance ("Fire and natural disasters" and "Other property damage") - 18.4%.

Third-party liability insurance

The leading position of Lev Ins is mainly due to the leading role of the insurer in the compulsory Civil Liability Insurance. The premium income of the company is BGN 154 million, followed by Euroins, which in the coming months will most likely climb to the fifth position among the largest insurers in Bulgaria.

Casco

The leader in this type of policy is Armeec, whose premium income reaches BGN 93.8 million. DZI, Bulstrad Vienna Insurance Group and Allianz Bulgaria follow.

Fire and natural disasters

Bulstrad Vienna Insurance Group, Allianz Bulgaria, Victoria and DZI General Insurance are the four companies that Bulgarians prefer to insure their property against fire and natural disasters. Each of them has over BGN 20 million in premium income.

 

Source: profit.bg