INSURANCE PROCEEDS CONTINUE TO GROW
Insurance companies reported BGN268.709MN in premium proceeds for the first quarter of 2005, up 29.8% from the same period of last year. According to data of the Insurance Supervision department with the Commission for Financial Supervision, proceeds from sale of polices in general insurance totalled BGN237.919MN in the first three months of 2005, marking a 27.17% growth year-on-year. Aggregate proceeds from life insurance for the same period amounted to BGN30.790MN, up 54.49% from the first quarter of 2004.The Bulstrad insurance and reinsurance company is again the leader among general insurance firms with proceeds of BGN49.939MN and a 20.99% market share. DZI-General Insurance follows with proceeds of BGN42.990MN and a 18.07% market share. Allianz Bulgaria insurance and reinsurance company reported BGN36.753MN in proceeds for the January 1-March 31, 2005 period, and the Bul Ins insurance company had BGN23.856MN from insurance sales. The Levsky Spartak insurance company ranks fifth in terms of general insurance proceeds, amounting to BGN17.998MN. MZK Europe is in the queue, with premium proceeds of only BGN195,261 for the first three months of this year. Bul Ins is the leader in automobile insurance, reporting premium proceeds of BGN20.560MN from Casco insurance, and holding a 25% market share. Allianz Bulgaria follows, with Casco insurance policies worth BGN13.258MN. Next come Bulstrad, with BGN12.262MN, and DZI-General Insurance, with proceeds of BGN11.882MN. Incomes from the obligatory Civil Liability insurance total BGN82.550MN. DZI-General Insurance AD is No 1 in terms of sales, amounting to BGN18.841MN. BGN1.685MN of that amount is accounted for by Green Card insurance policies. Bulstrad is second with BGN17. 598MN, of which BGN4.206MN from Green Card. The Vitosha insurance and reinsurance company is third, with premiums totalling BGN11.099MN, of which BGN1.023MN from Green Card. Levsky Spartak does not sell Green Card, but has reported proceeds of BGN10.906MN.According to data of the Commission for Financial Supervision, compensations, paid for the first quarter of 2005 amounted to BGN68.095MN, 84.08% of which for Casco and Civil Liability policies.DZI AD is the top performer in life insurance with its premium proceeds of BGN8.773MN and a 28.49% market share. Next come Allianz Bulgaria-Life, with incomes of BGN8.385MN and a 27.23% market share, and Orel-Life, with incomes of BGN3.698MN.In the first three months of 2005 the insurance companies, selling life insurance, paid compensations totalling BGN8.808MN, 66.18% of which covered accidents insured by the Life and Rent policies, data of the supervising institution showed.The data of the Insurance Supervision department with the Commission for Financial Supervision come as a proof of the increased demand for insurance products during the first three months of this year. The growth from the same period of 2004 is almost 30 per cent.