The non-life insurance market remains at levels close to those in 2019, according to FSC data. The amount of premium income as of October was BGN 2,027 million with a slight increase of + 0.4% on an annual basis. Compared to the results from August (+ 1.5%) and September (+ 1.7%), a slight downward trend is reported. The indemnities paid in the general insurance amount to BGN 833 million, by 4.1% less compared to the same period for 2019.
The premium income under Motor Third Party Liability Insurance as of October is BGN 906 million, with a growth of 0.5% in practice remaining at the levels of 2019. The paid indemnities increase - by 6.3% on an annual basis. In Casco insurance there is almost no change compared to 2019, the premium income has a slight decrease of - 0.4%.
In terms of property insurance, a rate of development is still reported, relatively higher than that of mass car insurance. According to Fire and Natural Disasters, the increase in premium income on an annual basis is 9%. The most significant growth was in the case of industrial fire insurance of 12.5%, and in the case of fire and other hazards it was 6.7%. According to "Property damage" the premium income increased by 1.5%, with insurance "Theft, robbery, vandalism" the growth was 3.2%.
The decrease in premium income under travel assistance insurance remains significant, as of October it is 40%. However, if we compare with the reported decline of -49.2% compared to June 2020, we can find a positive trend, probably due to the although weak activation of travel during the period.
In life insurance the premium income reached BGN 361 million as of October, the decrease on an annual basis is - 12.7%. If we take into account that the decline in the first half of 2020 is -14.3%, and in September - 13.6%, then we can see a slight trend towards a "decline in the decline." The amount of paid indemnities in life insurance as of October 2020 reached BGN 147 million, 6.5% higher than in the same period of 2019.
The total premium income for the insurance market is BGN 2,388 million, -1.8% lower than in the same period of 2019, and the decline is comparable to that of the first half of 2020 - 2%. The compensations paid as of October are BGN 980 million, a decrease of - 2.7% on an annual basis.
