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  4. > Bulgaria Insurance Report Q3 2016

Bulgaria Insurance Report Q3 2016

  • July 2016
  • -
  • Business Monitor International
  • -
  • 62 pages

Includes 3 FREE quarterly updates

BMI View: Bulgaria's insurance market has the potential to grow rapidly from a low base, as averagehousehold income rates improve and in light of the expected wider economic growth in the country. Rates ofpenetration and density are currently low, indicating the market is underdeveloped, particularly in the lifeinsurance sector where coverage is limited. However, both life and non-life insurance premiums areexpected to grow over the medium term, following a short-term contraction, and the market will benefitfrom a gradual improvement in product availability from the leading domestic and regional insurancefirms.

Key Updates & Forecasts

- Corruption is an ongoing concern in Bulgaria and the government is attempting to improve the regulatoryenvironment in order to address investor concerns. The Bulgarian Interior Ministry announced in May2016 that it was undertaking a wide-ranging operation to tackle crimes in the insurance sector, as well astax and customs crimes.

- Following a short-term contraction in 2016, non-life insurance premiums are forecast to grow steadilybetween 2017 and 2020 to reach USD1.1bn in 2020, up from USD845mn in 2016. As a result densityrates will improve from USD119 per capita in 2016 to USD157 per capita by the end of the forecastperiod.

- Slightly stronger growth will be seen in the smaller life insurance market, where premiums are forecast togrow from USD215mn in 2016 to USD278mn in 2020. Density will remain significantly lower, however,at USD40.5 per capita in 2020, up from USD30.3 per capita in 2016.

Table Of Contents

Bulgaria Insurance Report Q3 2016
BMI Industry View 5
Table: Headline Insurance Forecasts (Bulgaria 2013-2020) 5
Insurance 6
Industry Forecast 8
Life Premiums Forecast 8
Table: Life Premiums (Bulgaria 2013-2020) 11
Table: Life Insurance Claims (Bulgaria 2008-2015) 11
Non-Life Premiums Forecast 12
Table: Non-Life Premiums (Bulgaria 2013-2020) 15
Table: Non-Life Insurance Claims (Bulgaria 2009-2015) 17
Non-Life Sub-Sector Forecast 18
Table: Non-Life Insurance Premiums by Product Line (Bulgaria 2013-2020) 28
Insurance Risk/Reward Index 29
Emerging Europe Risk/Reward Index 29
Table: Emerging Europe Insurance Risk/Reward Index - Q316 30
Market Overview 31
Life Market Overview 31
The Product Offering 31
The Competitive Landscape 31
Table: Life Insurance Market (USDmn) 2008-2014 33
Non-Life Market Overview 34
The Product Offering 34
The Competitive Landscape 34
Table: Non-Life Insurance Market (USDmn) 2008-2014 36
Company Profile 38
Allianz 38
Euroins 41
Generali 44
Groupama 47
UNIQA Group 50
Vienna Insurance Group (VIG) 53
Methodology 56
Industry Forecast Methodology 56
Risk/Reward Index Methodology 59
Table: Indicators 61
Table: Weighting of Indicators 62

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