In the first half of 2013, insurance activities were performed by 33 insurers based in the Republic of Bulgaria - 17 in general insurance and 16 in life insurance. Reinsurance activity was performed by two non-life insurance companies, three life insurance companies and one non-life reinsurer.
The gross premium income realized by insurers based in the Republic of Bulgaria for the period January-June 2013 amounts to BGN 828,025 million, an increase of 4.2% on an annual basis compared to a decrease of 2.5% for the same period of 2012. inform the Financial Supervision Commission.
The gross premium income realized by non-life insurance companies amounted to BGN 681,496 million, which is an increase of 2% on an annual basis with a decrease of 3% at the end of June 2012. In the non-life insurance market the largest The 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”) - 71.5%, followed by property insurance (“Fire and natural disasters ”and“ Other property damage ”) - 18%.
The gross premium income realized by life insurers at the end of the first half of 2013 amounted to BGN 146,529 million, which is an increase of 15.8% on an annual basis compared to a growth of 0.6% at the end of June 2012.
The largest share in the premium income realized by life insurers is occupied by life insurance and annuity - 75.6%. Life insurance, related to an investment fund, occupies a share of 5.6% in the structure of the portfolio of life insurers.
The claims arising from non-life insurance amount to BGN 329,316 million, decreasing by 9.1% on an annual basis. The claims paid by life insurers amount to BGN 54,317 million, with an increase of 14.4% on an annual basis. The amount of assets of insurers increased by 6.1% on an annual basis and amounted to BGN 3.08 billion. The amount of assets in non-life insurance increased by 5.3% on an annual basis and reached BGN 1.954 billion, while in life insurance increased by 7.4% and reached BGN 1.129 billion
The total amount of equity of insurers reported an increase of 9.2% on an annual basis and reached BGN 904.7 million, incl. BGN 577,735 million to insurers engaged in non-life insurance and BGN 326.99 million to insurers engaged in life insurance.
The amount of gross technical provisions set aside by non-life insurance companies increased by 1.3% on an annual basis and reached BGN 1.497 billion. The amount of gross technical provisions set aside by life insurers as of June 30, 2013 increased by 12.5% on an annual basis and reached BGN 763,463 million. At the end of June 2013 the companies in the non-life insurance sector reported a positive technical result of BGN 28,379 million compared to BGN 24.56 million at the end of June 2012. The financial result as of June 30, 2013 amounted to BGN 32.31 million compared to BGN 29.32 million for the same period of 2012.
The technical result reported by life insurers at the end of June 2013 was BGN 10.131 million compared to BGN 8.066 million for the same period of 2012, and the financial result was (- 13.134) million BGN compared to BGN 23.235 million. at the end of June 2012
The amount of received premiums for active reinsurance is estimated at BGN 705,814 million, as BGN 5,478 million are recorded by insurers operating in non-life insurance, BGN 3,562 million by life insurers and BGN 696,765 million by GP Reinsurance ”EAD.
The largest share of the market for active reinsurance is occupied by motor insurance ("Civil liability related to the possession and use of motor vehicles" and "Land vehicles, excluding rail vehicles") and property insurance ("Fire and natural disasters" and "Other property damage ”), respectively by 42.2% and 34.3%.
Source: profit.bg