The insurance market contracted by 1.5% YoY in Q1’11 to BGN 395m, according to preliminary data published by the FSC. General insurance premiums in Q1 came to BGN 336m, down by 2.6% YoY, while life insurance premiums for the same period reached BGN 59m, up 5.2% YoY. General insurance claims in Q1 decreased by 17% YoY to BGN 157m, while claims in the life insurance sector grew by 18.8% YoY to reach BGN 25m. First quarter general insurers’ technical result was positive at BGN 528k compared to BGN 9m a year ago, the bottom line result was also positive at BGN 4.9m but down by 73% YoY. The reported technical result in the life insurance sector for Q1 was at BGN 458k down by 90% on the year. The bottom line result was down by 68% on an annual basis to reach BGN 2.1m at 31 March 2011.