The indemnities paid last year under the Civil Liability Insurance are 331.15 million, according to the FSC data. There is a certain decrease, as in 2014 the paid claims were for BGN 355.75 million. However, there is an increase in the compensations under the Casco policies - BGN 364.35 million were paid, compared to BGN 311.34 million. BGN for 2014. This is probably due to the frequent natural disasters in 2014 and 2015. In the summer of 2014 due to floods and heavy hail in Sofia, many cars were damaged. Most of them were repaired at the beginning of 2015. In life insurance, the most paid amounts are under the Life and Rent policies - BGN 116 million, compared to BGN 109 million in 2014. In health insurance last year BGN 11.77 million were paid under the "Illness" policies, compared to BGN 10.27 million in 2014.
Low interest rates on bank deposits drive not only the real estate market, but also other savings options. In 2015, there was a boom in life insurance, which also has a savings element. Revenues of life insurance companies increased by 15.2% to a total of BGN 392.4 million, according to data from the Financial Supervision Commission for 2015. The largest increase of 63% is in life insurance related to investment fund. The premium income of the companies from these policies has increased by BGN 10.4 million to BGN 27 million. The amount is not large, but the serious growth is indicative of the desire of people to find alternative options for saving. In the risk insurance "Life" (with coverage only of the risk "death") in 2015 there is an increase in premium income by 30% to BGN 64.7 million. And in insurance for pension or annuity premium income increases by 28% , or by nearly BGN 15 million to BGN 67.4 million. The amounts invested in life insurance are not large against the background of the total amount of deposits in banks. However, both in the real estate market and in the savings policies, there is a serious movement as a result of the falling interest rates of the banks. However, rising revenues have not helped increase companies' profits. In 2015, the profit of life insurers decreased by 7.3% to BGN 29.98 million, compared to BGN 32.35 million in 2014.
There is also growth in the non-life insurance market. The total amount of premium income increased by 9.5% to BGN 1.57 billion. But this growth is much smaller than for Life policies. As in the case of compulsory motor third party liability insurance for drivers, the collected premium income increased by 7% to BGN 580.66 million. In the case of Casco policies, there was an increase of 12.16% to BGN 483.8 million. insurance companies specializing in non-life insurance in 2015 jumped 4.1 times to BGN 54.03 million.
Source: standartnews.com