site.btaBulgarian Insurers Report 50% Growth in Health Insurance Y/Y

The development of Bulgaria’s insurance market is dominated by positive dynamics and sustainable growth. Over the past decade, premium income has increased 2.5 times to reach BGN 4.38 billion in 2023, with an annual growth rate of 21%. Premiums in general insurance surged by 22.7% year-on-year, by 15% in life insurance, and by 50% in health insurance, the Association of Bulgarian Insurers (ABI) told BTA on occasion of Insurer's Day.

The professional holiday is celebrated on October 1, the day the first Bulgarian insurance company, Bulgaria, was established in Ruse, on the Danube, in 1891.

Bulgarian insurance has had an eventful history over the years. Its foundations were laid in the late 19th century, and by the early 20th century, Bulgaria became the leader in the insurance sector among Balkan countries. The industry weathered financial crises and wars, steadily building a resilient market and earning people’s trust. Bulgarian insurance has gone through nationalization, followed by a revival of private enterprise in the early 1990s, ultimately evolving into the modern insurance market of today. It now operates within the framework of European legislation as part of the broader European market.

Insurance companies in Bulgaria are the third most important institutional investors in the country. They provide a wide range of products and services to their clients, introducing innovations and optimizing business processes, ABI said.

ABI includes 29 member companies, representing over 92% of the Bulgarian insurance market.

The award ceremony for the winners of the Insurer of the Year, Pension Insurance Company of the Year, and Insurance Broker of the Year for 2023 will be held at the Hotel Marinela in Sofia on Tuesday. The annual awards, which will be handed out for the sixteenth year in a row, recognize excellence in the insurance and pension sectors in Bulgaria. The event is organized by the Higher School of Insurance and Finance, the Association of Bulgarian Insurers, the Bulgarian Association of Supplementary Pension Security Companies, the Prof. Dr. Veleslav Gavriiski Foundation, and the Bulgarian Association of Insurance Brokers.