Page 31 - Turkinsurance Digital Magazine

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Density and penetration rates in life and non- as 2.4% in total, including 2.1% in non-life branches and 0.3% in
life branches life branches.
Total Life Non life According to the data of the Bulgarian Financial Supervision Com-
Density 239 27 212 mission for 2019, motor own damage has the largest majority in
total premium production with 27.1%. Other property and casualty
Penetration 2,4 0,3 2,1
is in second place with 22.5%, health is in third place with 18%,
and non-life branches produced in the country in 2019 amounted to MTPL is in fourth place with 15.1% share.
USD 1 billion 638 million, while in 2020 this figure increased to
USD 1 billion 651 million. Non-life branches make up 89% of the An average of EUR 27 per capita was spent on life insurance in Bul-
total production, while the life branch has 1% of the total premium garia in 2019. Around seven times as much, EUR 186, was spent
production. However, in 2020, the nominal total premium produc- on non-life insurance. According to Axco Global Statistics, this cor-
tion growth was seen as 0.8%, while inflation adjusted premium responds to a total per capita premium of EUR 213 per year for
production is reflected as a 2.06% decrease. However, the change insurance services.
in non-life branches is reflected as a decrease of 1.8% in real terms;
the change in life branches is reflected as a decrease of 8.6%. The underwriting rates in the country, which are not yet high enough,
have high potential in terms of the future of insurance.
Premium production of the 5 largest companies operating in the
country accounts for 57% of total production, while the first 2 com- GDP - composition, by end use
panies own 27%.
household consumption %61.6
“Density in life insurance is around 11,3%; non government consumption %16
life insurance is around 88,7%” investment in fixed capital %19.2

investment in inventories %1.7
It is seen that the life branch has a density of 11.3% and non-life exports of goods and services %66.3
branches have a density of 88.7% in the insurance sector of the
country. However, the penetration rate in the country is reflected imports of goods and services %-64.8