Insurance Companies' Income in First Half of 2010 3.5 per cent down

Insurance Companies' Income in First Half of 2010 3.5 per cent down

The gross premium income (GPI) earned by insurance companies in Bulgaria between January and June 2010 totalled 810,673,000 leva, 3.5 per cent down year on year, according to the Financial Supervision Commission.

GPI from general insurance services stood at 689,931,000 leva, 5.1 per cent less than a year earlier.

Motor vehicle insurance held the largest share of the general insurance market, generating 70.7 per cent of GPI. This included all-risk insurance (36.6 per cent of total GPI) and civil liability insurance (34.1 per cent).

GPI earned by life insurers over the six-month period totalled 120,742,000 leva. This implies a 6.7 per cent increase year on year.

Life-insurance-plus-rent services held the largest share of GPI in life insurance, at 76.8 per cent.

General insurance claims amounted to 382,124,000 leva, 6.2 per cent up year on year. Life insurers paid out 51,015,000 leva in claims, 20.1 per cent more than a year earlier.

Insurers' assets as at June 30, 2010 stood at 2,835,065,000 leva, 8.1 per cent up year on year. Insurers' own capital grew 11.7 per cent to 966,970,000 leva.

Companies active in the general insurance sector reported a positive financial result in January-June 2010, amounting to 15,267,000 leva, compared with 6,888,000 leva a year earlier. The financial result reported by life insurers was 14,623,000 leva, compared with 16,198,000 leva a year earlier.

GPI from voluntary health insurance in the period under review stood at 24,521,000 leva, 5.9 per cent up year on year.

In January-June 2010, companies active in voluntary health insurance achieved a positive financial result amounting to 912,000 leva, compared to 1,962,000 leva in January-June 2009. The number of health-insured persons under contracts with voluntary health insurance companies, valid as at June 30, 2010, was 200,866.


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