site.btaProceeds from Insurance Premiums in January-June 2020 Drop by 2.04 Per Cent from Like Period in 2019

September 24 (BTA) - Aggregate data about the insurance market show a tendency for gradual recovery, the Association of Bulgarian Insurers said on Thursday.

The proceeds from insurance premiums in January-June 2020 totalled 1,447 million leva, which is 2.04 per cent lower than the like period in 2019. The decrease in the premiums proceeds year-on-year in April was 2.58 per cent, and in May, 3.48 per cent.

The total amount of insurance payouts stood at 587 million leva, up 1.49 per cent year-on-year.

Data from the Financial Supervision Commission show that the general insurance market is stable, despite the overall economic stagnation caused by the coronavirus situation.

Stable results are reported in respect of the most common motor vehicle insurance products.

Proceeds from premiums in the third party motor insurance increased by 1.26 per cent compared to the like period in the preceding year, after a drop in April and May. Vehicle insurance premiums dropped by about one per cent year-on-year, which can be described as negligible.

Proceeds from premiums for property insurance continued to increase. Fire and natural disasters insurance increased by 18.75 per cent year-on-year, and insurance for damage to property grew by 4.73 per cent. Loans insurance increased by 13.69 per cent.

Insurance for some modes of transport and travel continued to decrease, which is to be expected. Proceeds from premiums for help during trips dropped by 45 per cent while no proceeds are reported from green card insurance in June 2020.

Proceeds from life insurance premiums continued to decrease, while life insurance payouts increased, which is to be expected during a time of economic insecurity. The January-June proceeds totalled 227 million leva, down 14.34 per cent year-on-year, while payouts stood at 87.9 million leva, up by 14.32 per cent. RI/ZH//