site.btaDomestic General Insurers' Assets Up 12% in 2024 Y/Y

The total assets of Bulgaria-based general insurers with access to the European Union's (EU) single market are growing by 12% year-on-year to BGN 5.891 billion by the end of 2024, according to data released by the Financial Supervision Commission on Thursday.

Gross premiums written by general insurers recorded an increase of 7% over 2024 to BGN 3.906 billion. The value of gross premiums written specifically in motor third party liability insurance amounted to BGN 1.618 billion.

Gross claims incurred by insurers under general insurance at the end of 2024 amount to BGN 1,628 billion. Compared to the end of 2023, gross incurred claims increased by 4%. Approximately half of the gross incurred claims, or a total of BGN 849 million, were for motor liability insurance.

The total assets of life and composite insurers with access to the EU single market amounted to BGN 2.993 billion at the end of 2024, growing by 15% year-on-year.

Gross written premiums generated by life and composite insurers amounted to BGN 781.1 million at the end of 2024, up 7% compared to the end of 2023.

Gross claims incurred by life insurers and insurers with mixed activities at the end of 2024 amounted to BGN 406.3 million, up 22% from the previous year.

At the end of 2024, the number of domestic insurers amounts to 36, including 26 general insurers and 10 life and composite insurers.