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Synopsis
Timetric’s 'Non-Life Insurance in Bulgaria, Key Trends and Opportunities to 2019' report provides a detailed outlook by product category for the Bulgarian non-life insurance segment, and a comparison of the Bulgarian insurance industry with its regional counterparts.

It provides values for key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions during the review period (2010–2014) and forecast period (2014–2019).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Bulgarian economy and demographics, explains the various types of natural hazard and their impact on the Bulgarian insurance industry, and provides detailed information on the competitive landscape in the country.

The report brings together Timetric’s research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

Summary
Timetric’s ' Non-Life Insurance in Bulgaria, Key Trends and Opportunities to 2019' report provides in-depth market analysis, information and insights into the Bulgarian non-life insurance segment, including:

- The Bulgarian non-life insurance segment’s detailed outlook by product category

- A comprehensive overview of the Bulgarian economy and demographics

- A comparison of the Bulgarian insurance industry with its regional counterparts

- Detailed analysis of various distribution channels in the Bulgarian non-life insurance segment

- Detailed analysis of natural hazards and their impact on the Bulgarian insurance industry

- Details of the competitive landscape in the life insurance segment in Bulgaria

- Details of regulatory policy applicable to the Bulgarian insurance industry

Scope
This report provides a comprehensive analysis of the non-life insurance segment in Bulgaria:

- It provides historical values for the Bulgarian non-life insurance segment for the report’s 2010–2014 review period, and projected figures for the 2014–2019 forecast period.

- It offers a detailed analysis of the key categories in the Bulgarian non-life insurance segment, and market forecasts to 2019.

- It profiles the top non-life insurance companies in Bulgaria, and outlines the key regulations affecting them.

Reasons To Buy
- Make strategic business decisions using in-depth historic and forecast market data related to the Bulgarian non-life insurance segment, and each category within it.

- Understand the demand-side dynamics, key market trends and growth opportunities in the Bulgarian non-life insurance segment.

- Assess the competitive dynamics in the non-life insurance segment.

- Identify growth opportunities and market dynamics in key product categories.

- Gain insights into key regulations governing the Bulgarian insurance industry, and their impact on companies and the industry's future.

Key Highlights
- The non-life segment accounted for 75.9% of the Bulgarian insurance industry’s gross written premium in 2014.

- Motor insurance was the largest non-life category, accounting for 73.2% of the segment’s gross written premium in 2014.

- Bulgaria’s construction industry is expected to be driven by residential, commercial and infrastructure activities.

- Bulgaria’s declining population is a primary concern for insurers.

- Armeec Insurance JSC was the leading insurer as it accounted for 14.1% of the segment’s gross written premium in 2014.

- The country’s non-life insurers are heavily dependent upon brokers, who accounted for 41.6% of the segment’s gross written premium in 2014.

Table Of Contents

Non-Life Insurance in Bulgaria, Key Trends and Opportunities to 2019
Table of Contents
1 Key Facts and Highlights
2 Executive Summary
3 Economy and Demographics
4 Segment Outlook
4.1 Regional Comparison
4.2 Segment Indicators
4.2.1 Gross written premium and penetration
4.2.2 Policies sold
4.2.3 Claims
4.2.4 Profitability
4.2.5 Assets and investments
5 Outlook by Category
5.1 Motor Insurance
5.1.1 Product overview
5.1.2 Premium
5.1.3 Policies
5.1.4 Claims
5.1.5 Profitability
5.2 Property Insurance
5.2.1 Product overview
5.2.2 Premium
5.2.3 Policies
5.2.4 Claims
5.2.5 Profitability
5.3 Marine, Aviation and Transit Insurance
5.3.1 Product overview
5.3.2 Premium
5.3.3 Policies
5.3.4 Claims
5.3.5 Profitability
5.4 Liability Insurance
5.4.1 Product overview
5.4.2 Premium
5.4.3 Policies
5.4.4 Claims
5.4.5 Profitability
6 Distribution Channel Outlook
6.1 Analysis by Distribution Channel
6.1.1 Brokers
6.1.2 Agencies
6.1.3 Direct marketing
6.1.4 Bancassurance
7 Natural Hazards
7.1 Flooding
7.2 Storms
7.3 Exposure
8 Competitive Landscape
8.1 Company Rankings
8.2 Comparison of the Top Five Insurers
8.2.1 Gross written premium
8.3 Company Profiles
8.3.1 Armeec Insurance JSC - company overview
8.3.2 ZAD Bulstrad Vienna Insurance Group - company overview
8.3.3 Lev Ins AD Insurance Company - company overview
8.3.4 DZI - General Insurance EAD - company overview
8.3.5 ZAD Allianz Bulgaria - company overview
9 Governance, Risk and Compliance
9.1 Legislation Overview and Historical Evolution
9.2 Latest Changes in Regulations
9.3 Legislation and Market Practice by Type of Insurance
9.3.1 Life insurance
9.3.2 Property insurance
9.3.3 Motor insurance
9.3.4 Liability insurance
9.3.5 Marine, aviation and transit insurance
9.3.6 Personal accident and health insurance
9.4 Compulsory Insurance
9.4.1 Motor third-party liability insurance
9.4.2 Personal accident insurance for passengers on public transport
9.4.3 Workmen's compensation
9.4.4 Air carriers and aircraft operators insurance
9.4.5 Professional indemnity insurance for alternative investment fund managers
9.5 Supervision and Control
9.5.1 International Association of Insurance Supervisors (IAIS)
9.5.2 European Insurance and Occupational Pensions Authority (EIOPA)
9.5.3 Financial Supervision Commission
9.5.4 Federation of European Risk Management Associations (FERMA)
9.6 Non-Admitted Insurance Regulations
9.6.1 Overview
9.6.2 Intermediaries
9.6.3 Market practices
9.6.4 Fines and penalties
9.7 Company Registration and Operations
9.7.1 Types of insurance organization
9.7.2 Establishing a local company
9.7.3 Foreign ownership
9.7.4 Types of license
9.7.5 Capital requirements
9.7.6 Solvency margins
9.7.7 Reserve requirements
9.7.8 Investment regulations
9.7.9 Statutory return requirements
9.7.10 Fee structure
9.8 Taxation
9.8.1 Insurance premium or policy taxation
9.8.2 Withholding taxes on premium paid overseas
9.8.3 Corporate tax
9.8.4 VAT
9.8.5 Captives
9.9 Legal System
9.9.1 Introduction
9.9.2 Access to court
9.9.3 Alternative dispute resolution (ADR)
10 Databook
10.1 Policies and Premium
11 Definitions and Methodology
11.1 Definitions
11.2 Methodology
12 About Timetric
12.1 Contact Timetric
12.2 About Timetric
12.3 Timetric's Services
12.4 Disclaimer

List of Tables
Table 1: Bulgarian Non-Life Insurance - Key Facts, 2014
Table 2: Bulgarian Non-Life Insurance - Leading Insurers' Segment Shares, 2014
Table 3: Bulgarian Government Credit Ratings
Table 4: Bulgarian Non-Life Insurance - Gross Written Premium (BGN Million and US$ Million), 2010-2014
Table 5: Bulgarian Non-Life Insurance - Penetration (%), 2010-2014
Table 6: Bulgarian Non-Life Insurance - Gross Written Premium (BGN Million and US$ Million), 2014-2019
Table 7: Bulgarian Non-Life Insurance - Penetration (%), 2014-2019
Table 8: Bulgarian Non-Life Insurance - Premium per Capita (BGN and US$), 2010-2014
Table 9: Bulgarian Non-Life Insurance - Premium per Capita (BGN and US$), 2014-2019
Table 10: Bulgarian Non-Life Insurance - Number of Policies Sold (Thousand), 2010-2014
Table 11: Bulgarian Non-Life Insurance - Number of Policies Sold (Thousand), 2014-2019
Table 12: Bulgarian Non-Life Insurance - Paid Claims (BGN Million and US$ Million), 2010-2014
Table 13: Bulgarian Non-Life Insurance - Paid Claims (BGN Million and US$ Million), 2014-2019
Table 14: Bulgarian Non-Life Insurance - Profitability Ratio (%), 2010-2014
Table 15: Bulgarian Non-Life Insurance - Profitability Ratio (%), 2014-2019
Table 16: Bulgarian Non-Life Insurance - Total Assets (BGN Billion and US$ Billion), 2010-2014
Table 17: Bulgarian Non-Life Insurance - Total Assets (BGN Billion and US$ Billion), 2014-2019
Table 18: Bulgarian Non-Life Insurance - Total Investment Income (BGN Million and US$ Million), 2010-2014
Table 19: Bulgarian Non-Life Insurance - Total Investment Income (BGN Million and US$ Million), 2014-2019
Table 20: Bulgarian Non-Life Insurance - Investment Portfolio (BGN Million), 2010-2014
Table 21: Bulgarian Non-Life Insurance - Investment Portfolio (BGN Million), 2014-2019
Table 22: Bulgarian Non-Life Insurance - Gross Written Premium by Category (BGN Million), 2010-2014
Table 23: Bulgarian Non-Life Insurance - Gross Written Premium by Category (BGN Million), 2014-2019
Table 24: Bulgarian Motor Insurance - Gross Written Premium by Sub-Category (BGN Million), 2010-2014
Table 25: Bulgarian Motor Insurance - Gross Written Premium by Sub-Category (BGN Million), 2014-2019
Table 26: Bulgarian Motor Insurance - Number of Policies Sold by Sub-Category (Thousand), 2010-2014
Table 27: Bulgarian Motor Insurance - Number of Policies Sold by Sub-Category (Thousand), 2014-2019
Table 28: Bulgarian Motor Insurance - Paid Claims (BGN Million and US$ Million), 2010-2014
Table 29: Bulgarian Motor Insurance - Paid Claims (BGN Million and US$ Million), 2014-2019
Table 30: Bulgarian Motor Insurance - Loss Ratio (%), 2010-2014
Table 31: Bulgarian Motor Insurance - Loss Ratio (%), 2014-2019
Table 32: Bulgarian Property Insurance - Gross Written Premium by Sub-Category (BGN Million), 2010-2014
Table 33: Bulgarian Property Insurance - Gross Written Premium by Sub-Category (BGN Million), 2014-2019
Table 34: Bulgarian Property Insurance - Number of Policies Sold by Sub-Category (Thousand), 2010-2014
Table 35: Bulgarian Property Insurance - Number of Policies Sold by Sub-Category (Thousand), 2014-2019
Table 36: Bulgarian Property Insurance - Paid Claims (BGN Million and US$ Million), 2010-2014
Table 37: Bulgarian Property Insurance - Paid Claims (BGN Million and US$ Million), 2014-2019
Table 38: Bulgarian Property Insurance - Loss Ratio (%), 2010-2014
Table 39: Bulgarian Property Insurance - Loss Ratio (%), 2014-2019
Table 40: Bulgarian Transport Network - Global Rankings, 2013
Table 41: Bulgarian Marine, Aviation and Transit Insurance - Gross Written Premium (BGN Million), 2010-2014
Table 42: Bulgarian Marine, Aviation and Transit Insurance - Gross Written Premium (BGN Million), 2014-2019
Table 43: Bulgarian Marine, Aviation and Transit Insurance - Number of Policies Sold (Thousand), 2010-2014
Table 44: Bulgarian Marine, Aviation and Transit Insurance - Number of Policies Sold (Thousand), 2014-2019
Table 45: Bulgarian Marine, Aviation and Transit Insurance - Paid Claims (BGN Million and US$ Million), 2010-2014
Table 46: Bulgarian Marine, Aviation and Transit Insurance - Paid Claims (BGN Million and US$ Million), 2014-2019
Table 47: Bulgarian Marine, Aviation and Transit Insurance - Loss Ratio (%), 2010-2014
Table 48: Bulgarian Marine, Aviation and Transit Insurance - Loss Ratio (%), 2014-2019
Table 49: Bulgarian Liability Insurance - Gross Written Premium (BGN Million), 2010-2014
Table 50: Bulgarian Liability Insurance - Gross Written Premium (BGN Million), 2014-2019
Table 51: Bulgarian Liability Insurance - Number of Policies Sold (Thousand), 2010-2014
Table 52: Bulgarian Liability Insurance - Number of Policies Sold (Thousand), 2014-2019
Table 53: Bulgarian Liability Insurance - Paid Claims (BGN Million and US$ Million), 2010-2014
Table 54: Bulgarian Liability Insurance - Paid Claims (BGN Million and US$ Million), 2014-2019
Table 55: Bulgarian Liability Insurance - Loss Ratio (%), 2010-2014
Table 56: Bulgarian Liability Insurance - Loss Ratio (%), 2014-2019
Table 57: Bulgarian Non-Life Insurance - Direct Written Premium by Distribution Channel (BGN Million), 2010-2014
Table 58: Bulgarian Non-Life Insurance - Direct Written Premium by Distribution Channel (BGN Million), 2014-2019
Table 59: Bulgarian Non-Life Insurance - Direct Written Premium by Distribution Channel (%), 2010-2019
Table 60: Bulgarian Average Annual Loss by Hazard, 1990-2014
Table 61: Bulgarian Non-Life Insurance - Shares of Top Insurers (%), 2014
Table 62: Armeec Insurance JSC, Key Facts
Table 63: Armeec Insurance JSC, Key Financials (BGN Million), 2010-2014
Table 64: ZAD Bulstrad Vienna Insurance Group, Key Facts
Table 65: ZAD Bulstrad Vienna Insurance Group, Key Financials (BGN Million), 2010-2014
Table 66: Lev Ins AD Insurance Company, Key Facts
Table 67: Lev Ins AD Insurance Company, Key Financials (BGN Million), 2010-2014
Table 68: DZI General Insurance EAD, Key Facts
Table 69: DZI General Insurance EAD, Key Financials (BGN Million), 2010-2014
Table 70: ZAD Allianz Bulgaria, Key Facts
Table 71: ZAD Allianz Bulgaria, Key Financials (BGN Million), 2010-2014
Table 72: Bulgaria - Insurance Regulatory Framework Key Features
Table 73: Bulgaria - Life Insurance Regulatory Framework
Table 74: Bulgaria - Property Insurance Regulatory Framework
Table 75: Bulgaria - Motor Insurance Regulatory Framework
Table 76: Bulgaria - Liability Insurance Regulatory Framework
Table 77: Bulgaria - Minimum Coverage for Aircraft Third-Party Liability Per Accident Per Aircraft
Table 78: Bulgaria - Corporate Tax Rates for the Financial Year 2015
Table 79: Bulgarian Insurance Industry - Policies and Premium, 2010-2014
Table 80: Bulgarian Insurance Industry - Policies and Premium, 2014-2019
Table 81: Bulgarian Non-Life Insurance - Policies and Premium, 2010-2014
Table 82: Bulgarian Non-Life Insurance - Policies and Premium, 2014-2019
Table 83: Bulgarian Non-Life Insurance - Property Insurance Policies and Premium, 2010-2014
Table 84: Bulgarian Non-Life Insurance - Property Insurance Policies and Premium, 2014-2019
Table 85: Bulgarian Non-Life Insurance - Motor Insurance Policies and Premium, 2010-2014
Table 86: Bulgarian Non-Life Insurance - Motor Insurance Policies and Premium, 2014-2019
Table 87: Bulgarian Non-Life Insurance - Liability Insurance Policies and Premium, 2010-2014
Table 88: Bulgarian Non-Life Insurance - Liability Insurance Policies and Premium, 2014-2019
Table 89: Bulgarian Non-Life Insurance - Marine, Aviation and Transit Insurance Policies and Premium, 2010-2014
Table 90: Bulgarian Non-Life Insurance - Marine, Aviation and Transit Insurance Policies and Premium, 2014-2019
Table 91: Bulgarian Non-Life Insurance - Gross Written Premium by Sub-Category (BGN Million), 2010-2014
Table 92: Bulgarian Non-Life Insurance - Gross Written Premium by Sub-Category (BGN Million), 2014-2019
Table 93: Bulgarian Non-Life Insurance - Direct Written Premium by Sub-Category (BGN Million), 2010-2014
Table 94: Bulgarian Non-Life Insurance - Direct Written Premium by Sub-Category (BGN Million), 2014-2019
Table 95: Bulgarian Non-Life Insurance - Penetration by Sub-Category (%), 2010-2014
Table 96: Bulgarian Non-Life Insurance - Penetration by Sub-Category (%), 2014-2019
Table 97: Bulgarian Non-Life Insurance - Number of Active Policies by Sub-Category (Thousand), 2010-2014
Table 98: Bulgarian Non-Life Insurance - Number of Active Policies by Sub-Category (Thousand), 2014-2019
Table 99: Insurance Industry Definitions

List of Figures
Figure 1: Bulgarian Real GDP, 2010-2019
Figure 2: BGN - US$ Exchange Rate, 2010-2019
Figure 3: Bulgarian Consumer Price Inflation, 2010-2019
Figure 4: Bulgarian Current Account Balance (Percentage of GDP), 2010-2019
Figure 5: Bulgarian Unemployment Rate, 2010-2019
Figure 6: Bulgarian Population by Age Group, 1993-2025
Figure 7: Bulgarian Non-Life Insurance Penetration - Regional Comparison (%), 2014
Figure 8: Bulgarian Insurance Segment Direct Written Premium Shares - Regional Comparison (%), 2014
Figure 9: Bulgarian Non-Life Insurance - Gross Written Premium (BGN Million), 2010-2019
Figure 10: Bulgarian Non-Life Insurance - Penetration (%), 2010-2019
Figure 11: Bulgarian Non-Life Insurance - Premium per Capita (BGN), 2010-2019
Figure 12: Bulgarian Non-Life Insurance - Number of Policies Sold (Thousand), 2010-2019
Figure 13: Bulgarian Non-Life Insurance - Paid Claims (BGN Million), 2010-2019
Figure 14: Bulgarian Non-Life Insurance - Profitability Ratio (%), 2010-2019
Figure 15: Bulgarian Non-Life Insurance - Total Assets (BGN Million), 2010-2019
Figure 16: Bulgarian Non-Life Insurance - Total Investment Income (BGN Million), 2010-2019
Figure 17: Bulgarian Non-Life Insurance - Investment Portfolio (BGN Million), 2010-2019
Figure 18: Bulgarian Non-Life Insurance - Investment Portfolio Dynamics by Category, 2010-2019
Figure 19: Bulgarian Non-Life Insurance - Gross Written Premium by Category (BGN Million and US$ Million), 2010-2019
Figure 20: Bulgarian Non-Life Insurance - Gross Written Premium Dynamics by Category, 2010-2019
Figure 21: Bulgarian Total Vehicle Registration (Thousand), 2010-2014
Figure 22: Bulgarian Motor Insurance - Gross Written Premium by Sub-Category (BGN Million), 2010-2019
Figure 23: Bulgarian Motor Insurance - Gross Written Premium Dynamics by Sub-Category, 2010-2019
Figure 24: Bulgarian Motor Insurance - Number of Policies Sold by Sub-Category (Thousand), 2010-2019
Figure 25: Bulgarian Motor Insurance - Paid Claims (BGN Million), 2010-2019
Figure 26: Bulgarian Motor Insurance- Earned Premium, Incurred Loss and Loss Ratio (BGN Million and %), 2010-2019
Figure 27: Bulgarian Property Insurance - Construction Value Output by Category (BGN Million), 2010-2019
Figure 28: Bulgarian Property Insurance - Gross Written Premium by Sub-Category (BGN Million), 2010-2019
Figure 29: Bulgarian Property Insurance - Gross Written Premium Dynamics by Sub-Category, 2010-2019
Figure 30: Bulgarian Property Insurance - Number of Policies Sold by Sub-Category (Thousand), 2010-2019
Figure 31: Bulgarian Property Insurance - Paid Claims (BGN Million), 2010-2019
Figure 32: Bulgarian Property Insurance - Earned Premium, Incurred Loss and Loss Ratio (BGN Million and %), 2010-2019
Figure 33: Bulgarian Import-Export of Goods (US$ Billion), 2010-2014
Figure 34: Bulgarian Marine, Aviation and Transit Insurance - Gross Written Premium (BGN Million), 2010-2019
Figure 35: Bulgarian Marine, Aviation and Transit Insurance - Number of Policies Sold (Thousand), 2010-2019
Figure 36: Bulgarian Marine, Aviation and Transit Insurance - Paid Claims (BGN Million), 2010-2019
Figure 37: Bulgarian Marine, Aviation and Transit Insurance - Earned Premium, Incurred Loss and Loss Ratio (BGN Million and %), 2010-2019
Figure 38: Bulgarian Liability Insurance - Gross Written Premium (BGN Million), 2010-2019
Figure 39: Bulgarian Liability Insurance - Number of Policies Sold (Thousand), 2010-2019
Figure 40: Bulgarian Liability Insurance - Paid Claims (BGN Million), 2010-2019
Figure 41: Bulgarian Liability Insurance - Earned Premium, Incurred Loss and Loss Ratio (BGN Million and %), 2010-2019
Figure 42: Bulgarian Non-Life Insurance - Direct Written Premium by Distribution Channel (%), 2010, 2014 and 2019
Figure 43: Bulgarian Frequency of Hazards by Type, 1990-2014
Figure 44: Bulgarian Mortality of Hazards by Type, 1990-2014
Figure 45: Bulgarian Economic issues of Hazards by Type, 1990-2014
Figure 46: Bulgarian Non-Life Insurance - Shares of Top Insurers (%), 2014
Figure 47: Bulgarian Non-Life Insurance - Top Insurers' Gross Written Premium Growth Relative to the Overall Segment (%), 2010-2014
Figure 48: Bulgaria - The Three Pillars of Solvency II
Figure 49: Bulgaria - Insurance Supervision and Control at Various Levels
Figure 50: Bulgaria - Insurance Regulatory Frameworks for Company Registration and Operation

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