GENERAL INSURANCE COMPANIES REPORT POSITIVE FIANANCIAL PERFORMANCE FOR THIRD QUARTER OF 2001
Local insurance companies reported premium proceeds of BGL307MN-plus for the first nine months of 2001. Throughout 2000 the gross premium proceeds of the 32 licensed insurance companies totalled BGL386MN. The comparison shows that the persisting upward trend (of about 10%) over the last few years continued in the branch in 2001 as well.Proceeds from general insurance for the first nine months of this year amounted to BGL261,287,000. The contribution of life insurance companies to the positive financial performance in the sector is much more modest with premium proceeds of BGL46,246,000. However, all experts are unanimous that the last quarter of each year is much more lucrative for all kinds of insurers. Thus, the growth of preceeds might well reach 15% in the end of 2001. The nominal value of the aggregate insurance premiums (collected by all insurers) is pre-estimated at over BGL400MN in the beginning of December, and is expected to exceed BGL430-440MN by Christmas.Bulstrad has been the analterable leader on the local insurance market since the beginning of 2001. Still in the first quarter of the year the company made a considerable advance by collecting premium proceeds proceeds of BGL30,198,000 and gaining a 31.56% market share. Towards mid-2001, however, Bulstrad's market share declined to 25.35%, but the company retained its top position. In end-September Bulstrad's proceeds reached BGL65.5MN, and the insurance is still the leader in the branch. The most impressive thing about the company's financial performance is that its premium proceeds for the first nine months of 2001 are just BGL2MN less than for the entire 2000. Analysts of the insurance market predict that if Bulstrad continues to operate at the same speed, its premium proceeds could exceed BGL90MN (an impressively huge amount for Bulgaria). Allianz-Bulgaria also retained its position, next to Bulstrad. The market share of the Bulgarian-German company was 18.81% in the first three quarters of 2001, rating it second on the list of the top insurers on the local market. Its premium proceeds for the January-September period totalled BGL49,142,000.The State Insurance Institute (DZI) - General Insurance holds 17.23% of the makter. The company reported premium proceeds of BGL45,035,000 for the first nine months of 2001, BGL40,463,000 (11 per cent) up from the same period of last year. It should be underlined that DZI - General Insurance had a positive financial performance for the first time in the last few years.