2002: SMALL INSURANCE COMPANIES GREW MOST TANGIBLY
The aggregate premium proceeds of insurance companies reached BGN399,993,000 by December 2002 (according to data of the insurers). The figures are not conclusive and the amount will certainly increase because DZI General Insurance and QBE - Sofia have not yet sumbitited any information about their proceeds for the past fiscal year. The insurers' proceeds for 2001 totalled BGN391MN.The insurance and reinsurance company Bulstrad rates first again by BGN101,036,000 (marking a 19% increase from the same period of 2001), and Allianz - Bulgaria is second. Regarding the several following positions there are no surprises as compared to the previous rankings. In the middle row the privatized insurer Armeetz moved from 13th to 11th place, although according to the company's Executive Director Rumen Georgiev its real operations began only in September 2002. The international insurance company Europe succeed to make a huge leap over the last three months of last year - from 17th position in the third quarter to 11th for the entire 2002. Levsky Spartak, Municipal Insurance Company, and Interamerican Bulgaria moved one step forward each, rating 13th, 14th and 15th respectively. Hanover COOP Bulgaria also managed to advance two positions ahead and rated 16th. The most recent player on the local insurance market - the insurance company Victoria (the former Mel Ins) reported proceeds of BGN700,000, rating it last but one. The Bulgarian Association for Export Insurance rates last (18th place) with proceeds of BGN167,000.In the sphere of life insurance the surprise was Bulgarski Imoti (Bulgarian Estates) which jumped from the 7th to the 2nd position, reporting proceeds of almost BGN29,900,000. Mariana Yankova, Director of Life Insurance in the company, explained: We achieved that remarkable performance because we restructured our activities. As we were not satisfied with the results for the first nine months of 2002, we decided to improve our organization. We availed ourselves of the opportunities offered in the sphere of taxation (the already repealed taxation regime under which the entire amount of life insurance istallments was tax-exempt). Orel Life rates first with proceeds of BGN32,339,000. The other top performer was Bulstrad DSK Life with proceeds of almost BGN10,500,000, which is a 254% growth as compared to December 31, 2001. The proceeds of Dobroudja-M Life and AIG Life also marked a considerable growth. Grave Bulgaria reported double increase - from BGN1,433,000 to BGN3MN.