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Insurance Intelligence

Providing expert analysis, independent market insight and company data on the insurance industry.

Insurance market reports are produced following a country visit with interviews with professionals working in the sector with systematic updates to information throughout the cycle. Covering market developments, macroeconomic factors and comprehensive details of the regulatory environment including relevant taxation as well as market indicators and company statistics.

Axco’s Bulgaria Non-Life Insurance Market Report (P&C) also comprises a detailed analysis of lines of business and sub-classes such as natural hazards, property, construction and machinery breakdown, motor, workers compensation & employers’ liability and liability.

The Life & Benefits Report for Bulgaria includes detail on social security, healthcare, individual life assurance and pensions information as well as market statistics and life company statistics

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Information for Bulgaria can be seen in:

Insurance Market Reports (Non-Life) Insurance Market Reports (Life & Benefits) Employee Benefits Reports Global Statistics Regulatory Alerts Market Profiles Insight Compliance Insight EB Compliance Point Clinical Trials Axco API

Country Information

Capital city
Real GDP growth (%)
Inflation (%)
latest GWP
Insurance Penetration (%)

6.90 mn

Bulgaria occupies the south-eastern corner of the Balkan Peninsula. Approximately 60% of the country is mountainous, but the two lowland areas are fertile and productive. The Danube forms much of the country's northern border and is navigable throughout its length. Bulgaria has an ageing and declining population estimated at 6.95 million in 2020.

The Bulgarian non-life market experienced a year of significant premium growth in 2019, with gross written premium (including non-life PA and healthcare) of BGN 2.41bn (USD 1.32bn), a 15.52% increase on 2018. Motor premiums drove market growth in 2019, which were subject to rate increases of 40% plus after a Supreme Court ruling in July 2018 opened the way for a significant rise in future and past claims concerning moral damages.

In 2018, the Bulgarian insurance market consisted of 37 insurers- of these, 25 were general insurers, 11 were life writers, and one was a professional reinsurer. The main distribution channels are commission-only agents, brokers and, for life insurance, banks.

Bulgaria has a comprehensive social security system providing old age, disability and survivor pensions, work accident compensation, sick pay, maternity benefits, child allowances and universal healthcare. A mandatory insurance system funds public health services.

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