RATE | The Largest Players in Bulgaria’s Insurance Market in 2025

The year 2025 will go down in insurance history as a period of strong market expansion, during which total premium revenue in general insurance reached a historic 4.38 billion leva (2.24 billion euros). This market growth of about 12% is a clear indicator of stability, but a detailed look at the distribution of premiums reveals a concentration among the top players. The top ten companies manage the lion’s share of the market in Bulgaria – over 1.8 billion euros.

Despite the record results, financial analysts and regulators urge that market growth not be interpreted one-sidedly. The main challenge stems from the monopoly of auto insurance policies, which still account for nearly 70% of the general insurance portfolio.

The sector has seen steady growth every year... But because of the large share of the auto insurance business and the mandatory nature of “Civil Liability” insurance, the public and the media associate insurance primarily with this segment... “As a result, we are missing out on the positive impact on the economy and households that a more developed insurance market would have in areas such as protection against natural disasters, protection against loss of income, and pension and health insurance,” commented Nikolay Stanchev, chairman of the Association of Bulgarian Insurers (ABZ).

On the other hand, actual premium revenue in the coming months will be put to the test due to the regulatory case involving “DallBogg: Life and Health.” Data from the Financial Supervision Commission (FSC) show that as of the end of 2025, gross written premiums by the insurer whose license was revoked are estimated at 432 million leva (220 million euros).

The policies in force remain valid, but due to a lack of funds, it is likely that a large portion of the claims costs will have to be covered by the Guarantee Fund. The majority of the company’s business consisted of mandatory “Civil Liability” insurance.

The Financial Supervision Commission (FSC) announced that for many years the market had been distorted by unnaturally low prices – below cost – that the company had been offering.

Insurance involves the accurate assessment of risks and their prudent provisioning, and inevitably hinges on a fair price for insurance coverage. It should be viewed not as a tax, but as an investment in the well-being of society... “People who paid a lower price for insurance with the bankrupt insurer last year will have to pay a higher price with the next insurer the following year, because the new premiums will also have to cover the underfunding of past risks,” commented Plamen Danailov, Deputy Chairman of the Financial Supervision Commission (FSC), in an interview with Economic.bg.

Top 10 Leaders

1. Euroins: 314.83 million euros

“ZD Euroins” AD holds the leading position in the general insurance market with gross premium income of 314,836,954 euros. The company maintains an exceptionally aggressive and strong presence in the auto insurance segment, where scale and market share are of key importance. However, its leadership is developing in a highly competitive environment with low margins, marked by price pressure and high loss ratios under the international “Green Card” system.

2. Bulstrad Vienna Insurance Group: 246.65 million euros

With premium income of 246,657,996 euros, Bulstrad Vienna Insurance Group strengthened its second-place position. As part of a leading international group, the company demonstrates a very high degree of portfolio diversification. Its stable financial position aligns with Plamen Danailov’s view that companies belonging to international groups demonstrate the highest degree of financial preparedness and resilience in the face of new European regulations.

3. DZI – General Insurance: 236.18 million euros

“DZI – General Insurance” EAD rounds out the top three with €236,187,772 in written premium income as of the end of last year. The company traditionally benefits from its strong banking-insurance network and balanced portfolio. DZI is one of the main beneficiaries of the significant growth (24%) in property insurance observed in 2025, driven by a shift in people’s attitudes toward protecting their property against natural disasters.

4. Lev Ins: 212.31 million euros

ZK “Lev Ins” AD reported premium income of 212,315,774 euros. The company has historically been one of the largest players in the mandatory “Civil Liability” insurance market. The company’s business model is directly linked to trends in this segment, placing it at the center of the debate over setting economically justified policy prices in light of rising repair costs at auto repair shops (over 105% increase in labor costs).

5. Armeec: 178.53 million euros

Armeec Insurance ranks fifth with stable premium income of 178,535,640 euros. The company maintains a strong position in its loyal customer segment and sustains balanced market penetration in both auto insurance (“Casco”) and corporate property programs, capitalizing on the general economic recovery.

6. Generali Insurance: 156.45 million euros

Generali Insurance AD generated 156,454,685 euros in premium revenue. The group’s international know-how is reflected in its excellent risk management and strong presence in the health insurance segment, which saw a 23% market surge in 2025, establishing itself as a key social benefit for businesses in Bulgaria.

7. OZK – Insurance: 132.71 million euros

OZK – Insurance JSC ranks seventh with 132,716,343 euros. The company has traditionally maintained a strong presence in public procurement, as well as in insuring municipal property and government entities, which ensures predictability in premium revenue outside the highly volatile, entirely private market.

8. Allianz Bulgaria: 132.45 million euros

Allianz Bulgaria Insurance JSC ranks closely behind OZK with premium revenue of 132,453,820 euros. The company is synonymous with conservative and secure asset management, fully compliant with the “Solvency II” framework. “Allianz” has significant capacity in industrial insurance and long-term savings programs.

9. Bul Ins: 125.17 million euros

Bul Ins AD ranks ninth with written premiums totaling 125,171,945 euros. The company remains strongly focused on the automotive sector, with its performance reflecting market trends toward fleet replacement in the country and the growing penetration of voluntary “Casco” insurance.

10. Groupama Insurance: 77.14 million euros

“Grupama Insurance” EAD rounds out the prestigious Top 10 with premium income of 77,145,764 euros. The French group has demonstrated rapid adaptation and flexibility, focusing on digitalization and innovative InsurTech solutions despite obstacles in national legislation.

The 2025 ranking reveals a stable foundation upon which Bulgaria’s ten largest companies stand. The real challenge facing them in the year of the euro will not simply be increasing gross premium income, but their ability to diversify their portfolios toward property and health insurance policies, transforming the insurance sector into a true driver of long-term economic security.

Translated with DeepL.