Bulgarias general insurance market shrinks 2.5% y/y in Jan-Nov 2012.

By bne IntelliNews January 18, 2013
Bulgaria's general insurance market shrank by 2.5% y/y from January to November 2012, the financial supervision commission reported. Total gross premiums reached BGN 1.168bn (EUR 597mn) against BGN 1.198bn in the year-ago period. The claims on general insurance contracts totalled BGN 628mn, up by 8% y/y. Armeec was the leader on the general insurance market with a share of 12.9% as of end-November. Second ranked Bulstrad Vienna Insurance group with a share of 12.8%. Lev Ins held 12.3% of the market, positioning it third. Unlike the general insurance market, the life insurances segment expanded by 6.2% y/y to BGN 231mn in Jan-Nov 2012. Leader on the life-insurance market was Allianz Bulgaria Life controlling a share of 23%.
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