Winter Tourism: 1.8 Million Visit Bulgaria
Bulgaria has witnessed a bustling winter tourism season, with a total of 1.8 million tourists gracing its picturesque landscapes from December 1 to March 25
Vienna Insurance Group (VIG) is moving in the fast lane in Bulgaria. According to current data from the local financial supervisory authority, the two VIG Group companies Bulstrad and Bulstrad Life are number 1 in the Bulgarian insurance market.
VIG has a combined market share of 14.5 percent in Bulgaria, and generated gross written premiums of around EUR 84 million in the first half of 2017.
The property and casualty insurer, Bulstrad, collected around EUR 58 million in premiums in the first half of the year, and has a market share of 12.7 percent in the non-life insurance market. In the life segment, Bulstrad Life wrote gross written premiums of EUR 26 million in the first six months of this year. Bulstrad Life’s market share of 21.5 percent in the life insurance market makes it number 1 in Bulgaria.
Excellent performance by the VIG Group companies
“VIG is performing very well in Bulgaria. Its leading position is primarily due to positive performance in the motor lines of business and health insurance. Promoting the health insurance segment is part of our ‘Agenda 2020’ management programme. We are already well on our way with this strategic objective in Bulgaria, which can also be seen from our figures”, stated Peter Höfinger, Member of the VIG Managing Board, responsible for Bulgaria.
Bulstrad Life is also number 1 in the health insurance segment, where it generated around EUR 8.5 million in premiums in the first half of 2017. This corresponds to a 27 percent share of the total health insurance market in Bulgaria. VIG is also majority shareholder of the largest Bulgarian pension fund, PAC Doverie, which has more than 1.2 million members. Its market share of 26.6 percent also makes Vienna Insurance Group number 1 here.
Bulgaria offers great potential
Bulgaria has a population of around 7.2 million that spends an average of around EUR 150 per capita for insurance each year. In comparison, per capita insurance expenditures are around EUR 2,000 per year in Austria. The large difference illustrates the enormous potential of this market for Vienna Insurance Group. In its 25 markets, VIG is now, in addition to Bulgaria, also market leader in Austria, the Czech Republic, Slovakia, Romania, the Baltic States and Macedonia.
Source: The Financial
We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!
The real estate sector in Sofia has shown resilience in the face of ongoing pandemic challenges, maintaining stability across all segments in the first quarter of the year
Bulgaria has witnessed a bustling winter tourism season, with a total of 1.8 million tourists gracing its picturesque landscapes from December 1 to March 25
Trade relations between Bulgaria and Ukraine have reached unprecedented heights, with bilateral trade hitting a record 3 billion USD in 2022, according to statements made during the recent Bulgarian-Ukrainian business forum
As of 2022, the count of fellow countrymen who purchased real estate overseas reached 2,154, based on data from the National Revenue Agency referenced by "Telegraph"
Bulgaria's long-anticipated entry into the Eurozone may face a delay, as the country is unlikely to meet the inflation criterion required for the introduction of the euro on January 1, 2025
FlixBus, the renowned European bus company, is set to launch new routes to and from Bulgaria in anticipation of the summer season
UN Happiness Report: Bulgaria's Astonishing Leap in Rankings
Bulgaria: 3 Regions With Lowest Life Expectancy - EU Report 2022