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Final: Insurers with 7.7% growth for 2013

NEWS_PUBLISH_DATE 25 June 2014
Final: Insurers with 7.7% growth for 2013 image

The gross premium income for 2013, realized by the insurers licensed in the Republic of Bulgaria, amounts to BGN 1.724 billion. On an annual basis, an increase in premiums of 7.7% is reported with a decrease of 1.9%, calculated at the end of 2012.

This increase is a consequence of the re-licensing of the existing health insurance companies as insurers, respectively of the mergers of such companies into existing insurers.

Excluding the effect of premiums written by relicensed health insurance companies, the growth of gross premium income is estimated at 5.8% on an annual basis.

The gross premium income realized at the end of 2013 by non-life insurance companies amounted to BGN 1.426 billion, incl. BGN 30.93 million, subscribed by the re-licensed in 2013 health insurance companies.

Compared to the end of 2012, an increase of 6.5% is reported on an annual basis. If the premiums written by the relicensed health insurance companies are not taken into account, the growth of the gross premium income in the general insurance sector is estimated at 4.2% on an annual basis.

On the non-life insurance market, the largest share of the gross premium income 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%.

Compared to the end of 2012, premiums for civil liability insurance related to the possession and use of motor vehicles reported an increase of 10.8% on an annual basis. This change is a result of an increase in the average number of insured motor vehicles in 2013 by 2.1% compared to the end of 2012.

The premium income recorded under the Sickness insurance increased from BGN 344 thousand as of December 31, 2012 to BGN 36,561 million at the end of 2013.

This increase is a consequence of the re-licensing of twelve of the health insurance companies, as well as the transfer of the health insurance portfolio of Generali Zakrila Health Insurance AD ​​to Generali Zastrahovane AD.

The gross premium income realized by life insurers at the end of 2013 amounted to BGN 298.25 million, an increase of 14% on an annual basis (compared to a decrease of 6.9% at the end of 2012).

Compared to the end of 2012, an increase in premium income was reported for thirteen of the life insurers. The most serious increase is observed in the activity of life insurance cooperatives.

The largest share in the premium income from life insurance is occupied by life insurance and rent - 74.3%, followed by Accident insurance with a share of 8.1% and Life insurance related to an investment fund (7.3%).

The amount of active reinsurance premiums received is estimated at BGN 1.476 billion, with BGN 65.221 million recorded by non-life insurers, BGN 6.486 million by life insurers and BGN 1.404 billion by GP Reinsurance ”EAD.

Compared to the end of 2012, at the end of the reporting period a decrease of 0.8% is calculated in the total amount of premium income received from active reinsurance. The premiums received by GP Reinsurance EAD at the end of 2013 reported a decrease of 4% on an annual basis.

The largest share of the active reinsurance market is occupied by car insurance ("Civil liability related to the possession and use of vehicles" and "Land vehicles", excluding rail vehicles) - 43%, followed by property insurance ("Fire and natural disasters ”and“ Other property damage ”with a share of 34.4%.

The claims arising from non-life insurance amount to BGN 619,589 million, which is an increase of 3% on an annual basis.

The claims paid by the life insurers amount to BGN 117.256 million and report an increase of 10.8% on an annual basis. Twelve of the life insurers reported an increase in the amount of benefits paid by them compared to the end of 2012.

The amount of insurers' assets at the end of 2013 increased by 6% on an annual basis and amounted to BGN 3.286 billion, of which 63.7% to non-life insurers and 36.3% to life insurers.

Assets in the non-life insurance sector reported an increase of 5.8% on an annual basis and reached 2.094 billion. The assets of life insurers increased by 6.3% on an annual basis and amounted to BGN 1.192 billion.

At the end of 2013, the total value of funds invested by non-life insurance companies amounted to BGN 1.303 billion, which is an increase of 5.8% on an annual basis. The value of investments of life insurers amounted to BGN 1.043 billion and increased by 6.7% on an annual basis.

At the end of 2013, the companies in the non-life insurance sector reported a positive technical result of BGN 82,005 million, compared to BGN 37,672 million at the end of 2012.

The financial result as of December 31, 2013 amounts to BGN 66,596 million.

The technical result reported by life insurers at the end of 2013 amounted to BGN 19,464 million, compared to BGN 9,664 million at the end of 2012, and the financial result was BGN 10,589 million, compared to BGN 28,328 million at the end. in 2012

Source: Insurance.bg