Insurers' Premium Income via Brokers in Bulgaria up 1.7% in 2012

Insurers' Premium Income via Brokers in Bulgaria up 1.7% in 2012

The premium income of insurance companies generated via brokers in Bulgaria rose 1.7% to 808.9 million levs ($530.2 million/413.6 million euro) in 2012, the country's financial regulator said.

Bulgarian-registered insurers had a share of 724.8 million levs of the total amount, whereas foreign peers reported 84.1 million levs, the Financial Supervision Commission said in a statement.

Bulgarian general insurance companies pocketed 665.6 million levs in premium income via local brokers last year, up 1.3% on the year. Local life insurers saw their premium income generated through brokers rise by 5.7% to 59.3 million levs.

Bulgarian insurance brokers' revenue from commission fees totalled 150.3 million levs in 2012.

The market was dominated by mandatory third-party liability insurance policies, which accounted for 44.1% of overall general insurance premium income generated via brokers.

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