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Five companies hold 70% of the life insurance market

Publish date 15 October 2014
Five companies hold 70% of the life insurance market image

More and more Bulgarians take out life insurance, according to data from the Financial Supervision Commission.

If as of July 2013 the premium income of the company in the life insurance sector amounted to BGN 182 million, then a year later the statistics show an increase from BGN 15 million to BGN 197 million.

The five largest companies in the sector also hold about 70% of the market share. The leader continues to be Allianz Bulgaria Life with 21.6%, increased from 20.5 percent a year earlier.

Followed by Bulstrad Life Vienna Insurance Group with 17.6 percent and Uniqa Life with 11.3 percent.

The top 5 also includes DZI Life Insurance and UBB Metlife with 10.2 and 9.1 percent.

A total of 75.6 per cent of the premium income in the sector is from life and rent insurance, while Sickness and Accident form 6.2 and 5.7 per cent of the income.

Insurance brokers in the country receive an average of 12.5 percent commission on premium income for sold policies "Life and Rent", 16.9 percent for "Life" related to an investment fund and 25.1 percent for marriage and child insurance.

Source: profit.bg