Bulgaria
Growth
Amounts are always in euros: this changes how growth is measured, nothing else.
How growth is measured →Latest news15 Oct 2026: Parliament lets FSC top up the Guarantee Fund and allows 30-day MTPL for motorcycles All news (19) →
Coverage The insurers shown cover the whole market. FSC's statistics cover Bulgarian insurers only. Nine EU branches and about 435 notified cross-border insurers publish no Bulgarian premium; EIOPA puts their direct premium at €167m or more. EIOPA does not endorse this publication and is in no way liable for copyright or other rights infringements, nor for the consequences of using its data. Source.
Market share by insurer
Latest quarter: H1 2026
Premium written H1 2026, year to date: €1.42bn, +1.7% against H1 2025 in local currency. Share change in percentage points against the same period a year earlier.
Largest insurers, H1 2026
Premium year to date and growth; the bar is the share, its change in points under it.
Gains and losses in share
Change in share against H1 2025, in percentage points; an insurer with no premium now has lost its whole share.
- DallBogg · 9 Jul 2026: DallBogg motor claims are passed to the Guarantee Fund for payment
- Euroins · 6 Oct 2026: Fitch raises Euroins outlook to positive and keeps its BB- rating
- DZI · 1 Oct 2026: H1 2026 premiums up 1.7% to EUR 1.42bn as DallBogg drops out of FSC figures
All figures
| Insurer | H1 2026 €m | Share | Δ pp | H1 2025 €m | Growth |
|---|---|---|---|---|---|
| Euroins | 177.3 | 12.5% | +2.5 | 139.5 | +27.1% |
| Bulstrad | 137.6 | 9.7% | +0.6 | 127.5 | +7.9% |
| DZI | 132.3 | 9.3% | +1.2 | 113.6 | +16.4% |
| DZI Life | 111.9 | 7.9% | +3.5 | 61.1 | +83.1% |
| Lev Ins | 108.8 | 7.7% | −0.7 | 117.4 | −7.3% |
| Generali | 102.8 | 7.2% | +1.4 | 81.4 | +26.3% |
| Armeec | 95.6 | 6.7% | +0.5 | 86.8 | +10.0% |
| Allianz Bulgaria | 79.8 | 5.6% | +0.9 | 66.0 | +20.9% |
| Bulstrad Life | 75.8 | 5.3% | +0.8 | 63.0 | +20.3% |
| OZK | 73.9 | 5.2% | +0.9 | 60.0 | +23.2% |
| Bul Ins | 67.4 | 4.7% | +0.4 | 60.8 | +10.7% |
| Allianz Bulgaria Life | 53.1 | 3.7% | +0.7 | 42.5 | +24.9% |
| Groupama | 49.0 | 3.4% | +1.0 | 34.8 | +40.7% |
| UNIQA | 28.9 | 2.0% | −0.3 | 33.2 | −12.8% |
| UNIQA Life | 24.0 | 1.7% | +0.4 | 18.2 | +32.0% |
| European Insurance Company | 16.3 | 1.1% | −0.6 | 24.0 | −32.0% |
| Asset Insurance | 13.5 | 1.0% | +0.1 | 12.5 | +8.1% |
| Bulgaria Insurance | 12.3 | 0.9% | +0.2 | 9.2 | +33.1% |
| Groupama Life | 12.0 | 0.8% | +0.2 | 9.6 | +24.5% |
| GRAWE Life | 9.0 | 0.6% | −0.0 | 8.9 | +0.3% |
| Axiom | 7.1 | 0.5% | +0.1 | 5.8 | +23.6% |
| Instinct | 6.2 | 0.4% | +0.2 | 3.9 | +59.6% |
| Euroins Life | 4.4 | 0.3% | −0.1 | 5.5 | −19.5% |
| Fi Health | 4.0 | 0.3% | −0.0 | 4.0 | −0.9% |
| Barents | 3.8 | 0.3% | +0.0 | 3.2 | +20.6% |
| Saglasie | 3.4 | 0.2% | +0.0 | 3.0 | +12.2% |
| Phoenix Insurance | 2.3 | 0.2% | +0.1 | 1.4 | +57.0% |
| Saglasie Life | 1.9 | 0.1% | −0.0 | 2.3 | −17.3% |
| BAEZ | 1.8 | 0.1% | +0.0 | 1.5 | +20.7% |
| OZOK Ins | 1.7 | 0.1% | +0.0 | 1.6 | +7.6% |
| Phoenix Re | 1.2 | 0.1% | −0.1 | 2.7 | −55.5% |
| Lev Ins Life | 1.1 | 0.1% | −0.0 | 1.2 | −0.7% |
| CKB Life | 0.8 | 0.1% | −0.0 | 0.9 | −17.1% |
| DallBogg no premium in H1 2026 | — | — | −12.8 | 178.6 | — |
| OZOF Doverie no premium in H1 2026 | — | — | −0.8 | 10.6 | — |
| Energia no premium in H1 2026 | — | — | −0.0 | 0.4 | — |
| Market | 1,420.9 | 100% | 1,396.6 | +1.7% |
Each insurer's figures: All insurers, growth and latest quarter → · Full-year outlook →
What's happening in Bulgaria
The latest news on the market's insurers and their supervisor, newest first: facts in Polisa's own words, each with its source.
- LawParliament lets FSC top up the Guarantee Fund and allows 30-day MTPL for motorcycles
Insurance Code changes adopted: the FSC may order Guarantee Fund shortfalls covered on its own initiative, the fund may pay a revoked insurer's motor liabilities for the national bureau, and MTPL may run 30 days for motorcycles.
Source: BTA - CompanyFitch raises Euroins outlook to positive and keeps its BB- rating
Fitch affirmed Euroins' BB- financial strength rating and moved the outlook to positive, citing steadier capital and better reserving; it put Euroins' H1 2026 combined ratio at 91% and solvency cover at 129%.
EuroinsSource: XPRIMM - ResultsH1 2026 premiums up 1.7% to EUR 1.42bn as DallBogg drops out of FSC figures
FSC data: premiums rose 1.74% to EUR 1.42bn; life +37.9%, non-life -4.77%, as MTPL fell 23.7% after DallBogg left the statistics. Euroins led non-life with 15.7%, ahead of Bulstrad (12.21%) and DZI (11.74%).
EuroinsBulstradDZIDallBoggSource: XPRIMM - ResultsGroupama's Bulgarian insurers grow premiums 37% in the first half
Groupama's general and life insurers in Bulgaria wrote EUR 61m in premiums in H1 2026, 37.2% more than a year earlier; net profit rose 25% to EUR 8.5m and the net combined ratio stayed at 83%.
GroupamaGroupama LifeSource: Groupama Bulgaria
15 earlier
- LawRules for an MTPL bonus-malus system published
Amended ordinances No. 49 and No. 54, promulgated on 25 August, set the legal basis for MTPL bonus-malus: insurers will price on five years of claims history, which the Guarantee Fund will certify centrally.
Source: Guarantee Fund - CatastropheHailstorm hits Sofia; insurers give clients more time to report damage
After a storm with hail struck parts of Sofia on 24 August, most insurers extended the deadlines for reporting damage, according to ABZ. Early claims were mainly for flooded cars; no loss estimate was available yet.
Source: BTA (citing ABZ) - DealEuroins Life's shares passed from Euroins Insurance Group to Starcom Holding on the same day, 24 July 2026.Euroins LifeSource: Eurohold Bulgaria warrant prospectus (21 Aug 2026, published by the FSC)
- DealFollowing the FSC approval of 23 July, Euroins Insurance Group transferred its shares in Euroins to Starcom Holding on 24 July 2026.EuroinsSource: Eurohold Bulgaria warrant prospectus (21 Aug 2026, published by the FSC)
- DealIn the same FSC decision, Starcom Holding was approved to take a direct 100% holding in Euroins Life.Euroins LifeSource: FSC decisions of 23 Jul 2026; Gazeta Ubezpieczeniowa (26 Aug 2026)
- DealThe FSC approved an intra-group transfer giving Starcom Holding, Eurohold's majority shareholder, a direct 99.33% holding in Euroins, as Eurohold turns into a pure…EuroinsSource: FSC decisions of 23 Jul 2026; Gazeta Ubezpieczeniowa (26 Aug 2026)
- SupervisorFSC lets Bulgaria Insurance add motor third-party liability
The FSC extended the licence of Bulgaria Insurance to a new class, motor vehicle liability (class 10, risk 10.1), which covers liability arising from the use of land motor vehicles.
Bulgaria InsuranceSource: FSC - SupervisorDallBogg motor claims are passed to the Guarantee Fund for payment
The Guarantee Fund said DallBogg MTPL claims filed before 9 June are being processed and sent to it for payment, and later claims are handed over by the quaestors; it covers MTPL only, not credit or surety policies.
DallBoggSource: Guarantee Fund - SupervisorFSC refers DallBogg asset sales to prosecutors as its policies shrink
The FSC sent prosecutors deals to sell DallBogg's pension company (about EUR 11m) and three properties, none disclosed in its recovery plan. The FSC said active policies were falling by 8,000-10,000 a week.
DallBoggSource: BTA - PricesAverage MTPL price up about 7% since December, to EUR 160 in May
Guarantee Fund data show the average MTPL price rose about 7% from December 2025 to May 2026, to EUR 160.4, with rises of 20-30% for some vehicle types; ABZ says this only brings prices back to 2021-22 levels.
Source: XPRIMM (ABZ, Guarantee Fund data) - SupervisorFSC opens a review of how insurers set MTPL prices
Acting on its own initiative after complaints of unjustified rises, the FSC began checking insurers' board decisions and technical justifications for MTPL price increases; the competition authority opened its own review.
Source: FSC - SupervisorFSC extends Phoenix Insurance licence to MTPL, credit and suretyship
The FSC allowed Phoenix Insurance to add several classes, including motor vehicle liability, goods in transit, general liability, credit, suretyship and legal expenses.
Phoenix InsuranceSource: FSC
Five-year trend
Premium
Market share of the five largest
Lines in Bulgaria
All figures
Motor TPL, FY 2022: average premium €146 per policy, 4.3 claims per 100 policies, average claim €1,864. Prices in every market on the Motor TPL page →
Claims incurred in Bulgaria
Insurers' claims incurred came to €1.30bn in FY 2025, +25.2% on FY 2024 in BGN: €49 for every €100 of premium. Non-life claims were €1.08bn; life insurance benefits €220m.
Premium and claims incurred, FY 2023–2025
PremiumClaims incurred% claims incurred per €100 of premium
Claims incurred by line, FY 2025
Claims incurred by Bulgarian insurers (claims paid plus the change in claims provisions), before reinsurance: the FSC has published no claims paid since 2023. Source: FSC insurance market statistics. Claims across all markets →
Reinsurance in Bulgaria
Share of non-life premium ceded, by line
Largest cedents
All figures
Capital cover across the market
Groups present
Each group's share of this market, its companies here, and where else it operates.
Profit and capital
Net profit by year
All figures
Each insurer's profit, return on equity and ratios: All insurers, solvency and profit →
Staff and premium per employee
FY 2025 premium over the insurers' reported employees. Agents, banks and group service companies are not employees, so an insurer that sells through others looks more productive: compare insurers of the same type.
Premium per employee, FY 2025
non-lifelife
13 more in the full table below
Size and productivity, FY 2025
Each dot an insurer: employees across (log scale), premium per employee up; the larger the dot, the larger the premium.
By typeMedian per employee
All figures
| Insurer | Type | Employees | Premium €m | Premium per employee |
|---|---|---|---|---|
| Euroins | non-life | 456 | 314.8 | €690k |
| Bul Ins | non-life | 188 | 125.2 | €666k |
| Barents | non-life | 11 | 7.3 | €665k |
| DZI Life | life | 204 | 130.9 | €642k |
| Bulstrad | non-life | 460 | 246.7 | €536k |
| DZI | non-life | 459 | 236.2 | €515k |
| Euroins Life | life | 23 | 9.9 | €430k |
| Instinct | non-life | 20 | 7.7 | €385k |
| Generali | non-life | 415 | 156.4 | €377k |
| Asset Insurance | non-life | 67 | 25.2 | €376k |
| Lev Ins | non-life | 686 | 212.3 | €310k |
| Groupama | non-life | 259 | 77.2 | €298k |
| UNIQA | non-life | 204 | 58.4 | €286k |
| Fi Health | non-life | 28 | 7.7 | €275k |
| UNIQA Life | life | 156 | 40.1 | €257k |
| Axiom | non-life | 49 | 12.3 | €251k |
| Phoenix Insurance | non-life | 13 | 3.2 | €243k |
| Bulgaria Insurance | non-life | 77 | 16.2 | €210k |
| Phoenix Re | non-life | 18 | 2.8 | €157k |
| Saglasie Life | life | 28 | 4.3 | €154k |
| Groupama Life | life | 178 | 20.8 | €117k |
| Lev Ins Life | life | 23 | 2.2 | €94k |
| CKB Life | life | 29 | 1.5 | €53k |
Staff: employees at 31 December as stated in each insurer's annual financial statements (Commercial Register) or SFCR, whole company; Euroins as in its SFCR key figures, Bul Ins, Fi Health and Saglasie the average listed staff; insurers whose reports give no headcount are not shown. Type: life where life insurance is 90% or more of the premium, non-life where it is 10% or less, composite in between. Productivity across all markets →
Questions about Bulgaria
Short answers from the figures on this page.
How big is the Bulgaria insurance market?
Insurers in Bulgaria wrote €2.68bn of premium in FY 2025, +12.0% on FY 2024 in BGN. That is 2.3% of GDP and €417 per person.
Who is the largest insurer in Bulgaria?
Euroins is the largest insurer in Bulgaria with 11.7% of premium (€315m) in FY 2025, ahead of Bulstrad (9.2%) and DZI (8.8%); the three largest write 30% of the market.
How many insurance companies are there in Bulgaria?
36 insurers wrote premium in Bulgaria in FY 2025: 26 non-life and 10 life.
Which insurance groups are present in Bulgaria?
Polisa records 12 insurance groups in Bulgaria in FY 2025; the largest by premium are KBC 13.7%, VIG 13.5%, Eurohold 12.1%, Allianz 8.5%. Insurers with no group (independent or not in a group) write 17.4% of the premium.
What is the largest line of business in Bulgaria?
Motor TPL is the largest line in Bulgaria with 31.7% of premium (€852m) in FY 2025, then casco with 25.6%; life insurance is 16.6% of the market.
How well capitalised are the insurers in Bulgaria?
The median SCR ratio of the insurers in Bulgaria was 175% at 31 December 2025: the typical insurer held 1.8 times the capital Solvency II requires. 31 of the 36 insurers publish it.
RegulationRule changes5 rule changes that reach insurers in Bulgaria, with their dates
- Solvency II review · Applies from 30 January 2027
- Motor liability: prices move in different directions · Romania's price cap ended 1 July 2025
- AI Act: pricing rules for life and health delayed · High-risk rules from 2 December 2027
- Recovery and resolution of insurers · Applies from 30 January 2027
- DORA: digital operational resilience · In application since 17 January 2025
Spotted a wrong figure? Tell us and include the source.
All insurers
ExcelDownload CSVLicence| Insurer | Premium | Share |
|---|---|---|
| Euroins | 314.8 | 11.7% |
| Bulstrad | 246.7 | 9.2% |
| DZI | 236.2 | 8.8% |
| DallBogg | 220.9 | 8.2% |
| Lev Ins | 212.3 | 7.9% |
| Armeec | 178.5 | 6.6% |
| Generali | 156.4 | 5.8% |
| OZK | 132.7 | 4.9% |
| Allianz Bulgaria | 132.4 | 4.9% |
| DZI Life | 130.9 | 4.9% |
| Bul Ins | 125.2 | 4.7% |
| Bulstrad Life | 117.0 | 4.4% |
| Allianz Bulgaria Life | 94.9 | 3.5% |
| Groupama | 77.2 | 2.9% |
| UNIQA | 58.4 | 2.2% |
| UNIQA Life | 40.1 | 1.5% |
| European Insurance Company | 35.9 | 1.3% |
| Asset Insurance | 25.2 | 0.9% |
| GRAWE Life | 23.4 | 0.9% |
| Groupama Life | 20.8 | 0.8% |
| Bulgaria Insurance | 16.2 | 0.6% |
| OZOF Doverie | 14.5 | 0.5% |
| Axiom | 12.3 | 0.5% |
| Euroins Life | 9.9 | 0.4% |
| Instinct | 7.7 | 0.3% |
| Fi Health | 7.7 | 0.3% |
| Barents | 7.3 | 0.3% |
| Saglasie | 5.9 | 0.2% |
| OZOK Ins | 5.7 | 0.2% |
| Saglasie Life | 4.3 | 0.2% |
| Phoenix Insurance | 3.2 | 0.1% |
| BAEZ | 2.9 | 0.1% |
| Phoenix Re | 2.8 | 0.1% |
| Lev Ins Life | 2.2 | 0.1% |
| CKB Life | 1.5 | 0.1% |
| Energia | 0.7 | 0.0% |
CiteCite this pageThe reference in APA style and as BibTeX, each with a copy button, and the terms of reuse
Polisa compiles the figures; the original sources are named on this page and on the method page.
Polisa. (2026). Bulgaria insurance market: market shares, lines, solvency and claims [Data version 2026-11-11.13378f]. Retrieved November 11, 2026, from https://polisapro.com/markets/bg
BibTeXShow entry
@misc{polisa_markets_bg_2026,
author = {{Polisa}},
title = {Bulgaria insurance market: market shares, lines, solvency and claims},
year = {2026},
version = {2026-11-11.13378f},
howpublished = {\url{https://polisapro.com/markets/bg}},
note = {Accessed 11 November 2026}
}Reuse: Polisa's compilation CC BY 4.0 · source data: FSC (public information, no licence stated), Registry Agency (single pages viewed and printed), insurers' SFCRs (public disclosures, linked).