Gross Premium Income of Health Insurance Companies in Bulgaria Up 12% in 2007

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Gross Premium Income of Health Insurance Companies in Bulgaria Up 12% in 2007

At the end of 2007 the gross premium income of voluntary health insurance companies stood at 25.314 million leva (12.9 mln euros), against 22.62 million leva (11.5 mln euros) in 2006, which is a hike of 11.9% y/y.

The value of claims paid on voluntary health insurance policies amounted to 15.323 million leva (7.8 mln euros), compared with 12.599 mln leva (6.4 mln euros) in 2006, or a 21.6% growth year on year.

The amount of gross health insurance reserves (the amount of funds necessary for covering future claims) is up 51% in 2007 to 10.377 mln leva (5.3 mln euros).

The technical result of the companies in the sector of voluntary health insurance was negative, at -4,986 leva.

Broken down to different types of insurance packages, only the following recorded a positive result for the year: “Other health insurance packages”(964,000 leva), “Medical assistance”(326,000 leva), “Medical assistance services in relation to household or other conditions” (211,000 leva).

Assets in the sector rose 54.6% in 2007 to 45.243 mln leva (23.13 mln euros). At the end of the year, the sector's capital was up 36.5% y/y to 27.969 mln leva (4.3 mln euros).

The packages “Other health insurance” and “Medical assistance outside hospitals” account for the largest share in the gross revenues, respectively, 32.21% and 21.03%.

The number of clients of the voluntary health insurance companies stands at 263,754 as at the end of 2007, compared with 374,289 at the end of 2006.

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