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Synopsis
Timetric’s 'Personal Accident and Health Insurance in Bulgaria, Key Trends and Opportunities to 2019' report provides detailed analysis of the market trends, drivers, challenges in the Bulgarian personal accident and health insurance segment.

It provides 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, 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 ' Personal Accident and Health Insurance in Bulgaria, Key Trends and Opportunities to 2019' report provides in-depth market analysis, information and insights into the Bulgarian personal accident and health insurance segment, including:

- The Bulgarian personal accident and health insurance segment’s growth prospects by insurance category

- Key trends, drivers and challenges for the personal accident and health insurance segment

- A comprehensive overview of the Bulgarian economy and demographics

- The various distribution channels in the Bulgarian personal accident and health insurance segment

- Details of the competitive landscape in the personal accident and health insurance segment in Bulgaria

- Details of regulatory policy applicable to the Bulgarian insurance industry

Scope
This report provides a comprehensive analysis of the personal accident and health insurance segment in Bulgaria:

- It provides historical values for the Bulgarian personal accident and health 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 personal accident and health insurance segment, and market forecasts to 2019.

- It profiles the top personal accident and health 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 personal accident and health insurance segment, and each category within it.

- Understand the demand-side dynamics, key market trends and growth opportunities in the Bulgarian personal accident and health insurance segment.

- Assess the competitive dynamics in the personal accident and health 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 personal accident and health gross written premium grew at a review-period CAGR of 22.4%.

- Bulgaria’s public healthcare system is becoming less popular due to shortage of personnel, lack of equipment, and the practice of bribing doctors and nurses to ensure reliable treatment.

- It is mandatory for every Bulgarian to contribute to the NHIF irrespective of whether they are employed or self-employed.

- The health insurance category accounted for 51.1% of the segment's gross written premium in 2014.

- The implementation of Solvency II in Bulgaria and other European countries in January 2016 will be a challenge for domestic insurers.

Table Of Contents

Personal Accident and Health Insurance in Bulgaria, Key Trends and Opportunities to 2019
Table of Contents
1 Key Facts and Highlights
2 Executive Summary
3 Introduction
3.1 What is this Report About?
3.2 Definitions
3.3 Methodology
4 Economy and Demographics
5 Personal Accident and Health Insurance Segment Outlook
5.1 Key Drivers
5.2 Key Trends
5.3 Challenges
5.4 Personal Accident and Health Insurance Growth Prospects by Category
5.4.1 Personal accident insurance
5.4.2 Travel insurance
5.4.3 Health insurance
5.4.4 Non-life health insurance
5.4.5 Life health insurance
6 Analysis by Distribution Channel
7 Competitive Landscape and Strategic Insights
7.1 Overview
7.2 Leading Companies in the Bulgarian Personal Accident and Health Insurance Segment
7.2.1 Armeec Insurance JSC - company overview
7.2.2 Lev Ins AD Insurance Company - company overview
7.2.3 DZI - General Insurance EAD - company overview
7.2.4 ZAD Allianz Bulgaria - company overview
7.2.5 ZAD Allianz Bulgaria Life - company overview
7.2.6 Bulstrad Life Vienna Insurance Group JSC - company overview
7.2.7 DZI - General Insurance EAD - company overview
7.2.8 Uniqa Life Insurance Plc - company overview
7.2.9 UBB-Alico Life Insurance Company AD - company overview
7.2.10 Generali Life Insurance AD - company overview
8 Governance, Risk and Compliance
8.1 Legislation Overview and Historical Evolution
8.2 Latest Changes in Regulations
8.3 Legislation and Market Practice by Type of Insurance
8.3.1 Life insurance
8.3.2 Property insurance
8.3.3 Motor insurance
8.3.4 Liability insurance
8.3.5 Marine, aviation and transit insurance
8.3.6 Personal accident and health insurance
8.4 Compulsory Insurance
8.4.1 Motor third-party liability insurance
8.4.2 Personal accident insurance for passengers on public transport
8.4.3 Workmen's compensation
8.4.4 Air carriers and aircraft operators insurance
8.4.5 Professional indemnity insurance for alternative investment fund managers
8.5 Supervision and Control
8.5.1 International Association of Insurance Supervisors (IAIS)
8.5.2 European Insurance and Occupational Pensions Authority (EIOPA)
8.5.3 Financial Supervision Commission
8.5.4 Federation of European Risk Management Associations (FERMA)
8.6 Non-Admitted Insurance Regulations
8.6.1 Overview
8.6.2 Intermediaries
8.6.3 Market practices
8.6.4 Fines and penalties
8.7 Company Registration and Operations
8.7.1 Types of insurance organization
8.7.2 Establishing a local company
8.7.3 Foreign ownership
8.7.4 Types of license
8.7.5 Capital requirements
8.7.6 Solvency margins
8.7.7 Reserve requirements
8.7.8 Investment regulations
8.7.9 Statutory return requirements
8.7.10 Fee structure
8.8 Taxation
8.8.1 Insurance premium or policy taxation
8.8.2 Withholding taxes on premium paid overseas
8.8.3 Corporate tax
8.8.4 VAT
8.8.5 Captives
8.9 Legal System
8.9.1 Introduction
8.9.2 Access to court
8.9.3 Alternative dispute resolution (ADR)
9 Appendix
9.1 Methodology
9.2 Contact Timetric
9.3 About Timetric
9.4 Timetric's Services
9.5 Disclaimer

List of Tables
Table 1: Bulgarian Personal Accident and Health Insurance - Key Facts, 2014
Table 2: Insurance Industry Definitions
Table 3: Bulgarian Government Credit Ratings
Table 4: Bulgarian Personal Accident and Health Insurance - Gross Written Premium by Category (BGN Million), 2010-2014
Table 5: Bulgarian Personal Accident and Health Insurance - Gross Written Premium by Category (US$ Million), 2010-2014
Table 6: Bulgarian Personal Accident and Health Insurance - Gross Written Premium by Category (BGN Million), 2014-2019
Table 7: Bulgarian Personal Accident and Health Insurance - Gross Written Premium by Category (US$ Million), 2014-2019
Table 8: Bulgarian Personal Accident and Health Insurance - Direct Written Premium by Category (BGN Million), 2010-2014
Table 9: Bulgarian Personal Accident and Health Insurance - Direct Written Premium by Category (US$ Million), 2010-2014
Table 10: Bulgarian Personal Accident and Health Insurance - Direct Written Premium by Category (BGN Million), 2014-2019
Table 11: Bulgarian Personal Accident and Health Insurance - Direct Written Premium by Category (US$ Million), 2014-2019
Table 12: Bulgarian Personal Accident and Health Insurance - Net Earned Premium (BGN Million), 2010-2014
Table 13: Bulgarian Personal Accident and Health Insurance - Net Earned Premium (BGN Million), 2014-2019
Table 14: Bulgarian Personal Accident and Health Insurance - Paid Claims by Category (BGN Million), 2010-2014
Table 15: Bulgarian Personal Accident and Health Insurance - Paid Claims by Category (US$ Million), 2010-2014
Table 16: Bulgarian Personal Accident and Health Insurance - Paid Claims by Category (BGN Million), 2014-2019
Table 17: Bulgarian Personal Accident and Health Insurance - Paid Claims by Category (US$ Million), 2014-2019
Table 18: Bulgarian Personal Accident and Health Insurance - Incurred Loss by Category (BGN Million), 2010-2014
Table 19: Bulgarian Personal Accident and Health Insurance - Incurred Loss by Category (US$ Million), 2010-2014
Table 20: Bulgarian Personal Accident and Health Insurance - Incurred Loss by Category (BGN Million), 2014-2019
Table 21: Bulgarian Personal Accident and Health Insurance - Incurred Loss by Category (US$ Million), 2014-2019
Table 22: Bulgarian Personal Accident and Health Insurance - Net Written Premium by Category (BGN Million), 2010-2014
Table 23: Bulgarian Personal Accident and Health Insurance - Net Written Premium by Category (US$ Million), 2010-2014
Table 24: Bulgarian Personal Accident and Health Insurance - Net Written Premium by Category (BGN Million), 2014-2019
Table 25: Bulgarian Personal Accident and Health Insurance - Net Written Premium by Category (US$ Million), 2014-2019
Table 26: Bulgarian Personal Accident and Health Insurance - Loss Ratio (%), 2010-2014
Table 27: Bulgarian Personal Accident and Health Insurance - Loss Ratio (%), 2014-2019
Table 28: Bulgarian Personal Accident and Health Insurance - Commission and Expenses (BGN Million), 2010-2014
Table 29: Bulgarian Personal Accident and Health Insurance - Commission and Expenses (BGN Million), 2014-2019
Table 30: Bulgarian Personal Accident and Health Insurance - Combined Ratio (%), 2010-2014
Table 31: Bulgarian Personal Accident and Health Insurance - Combined Ratio (%), 2014-2019
Table 32: Bulgarian Personal Accident and Health Insurance - Total Assets (BGN Million), 2010-2014
Table 33: Bulgarian Personal Accident and Health Insurance - Total Assets (BGN Million), 2014-2019
Table 34: Bulgarian Personal Accident and Health Insurance - Total Investment Income (BGN Million), 2010-2014
Table 35: Bulgarian Personal Accident and Health Insurance - Total Investment Income (BGN Million), 2014-2019
Table 36: Bulgarian Personal Accident and Health Insurance - Net Written Premium (% of GWP), 2010-2014
Table 37: Bulgarian Personal Accident and Health Insurance - Net Written Premium (Percentage of Gross Written Premium), 2014-2019
Table 38: Bulgarian Personal Accident Insurance - Direct Written Premium (BGN Million), 2010-2014
Table 39: Bulgarian Personal Accident Insurance - Direct Written Premium (BGN Million), 2014-2019
Table 40: Bulgarian Personal Accident Insurance - Loss Ratio (%), 2010-2014
Table 41: Bulgarian Personal Accident Insurance - Loss Ratio (%), 2014-2019
Table 42: Bulgarian Travel Insurance - Direct Written Premium (BGN Million), 2010-2014
Table 43: Bulgarian Travel Insurance - Direct Written Premium (BGN Million), 2014-2019
Table 44: Bulgarian Travel Insurance - Loss Ratio (%), 2010-2014
Table 45: Bulgarian Travel Insurance - Loss Ratio (%), 2014-2019
Table 46: Bulgarian Health Insurance - Gross Written Premium by Sub-Category (BGN Million), 2010-2014
Table 47: Bulgarian Health Insurance - Gross Written Premium by Sub-Category (US$ Million), 2010-2014
Table 48: Bulgarian Health Insurance - Gross Written Premium by Sub-Category (BGN Million), 2014-2019
Table 49: Bulgarian Health Insurance - Gross Written Premium by Sub-Category (US$ Million), 2014-2019
Table 50: Bulgarian Non-Life Health Insurance - Direct Written Premium (BGN Thousand), 2010-2014
Table 51: Bulgarian Non-Life Health Insurance - Direct Written Premium (BGN Million), 2014-2019
Table 52: Bulgarian Non-Life Health Insurance - Paid Claims (BGN Thousand), 2010-2014
Table 53: Bulgarian Non-Life Health Insurance - Paid Claims (BGN Million), 2014-2019
Table 54: Bulgarian Non-Life Health Insurance - Loss Ratio (%), 2010-2014
Table 55: Bulgarian Non-Life Health Insurance - Loss Ratio (%), 2014-2019
Table 56: Bulgarian Non-Life Health Insurance - Net Written Premium (BGN Thousand), 2010-2014
Table 57: Bulgarian Non-Life Health Insurance - Net Written Premium (BGN Million), 2014-2019
Table 58: Bulgarian Life Health Insurance - Direct Written Premium (BGN Million), 2010-2014
Table 59: Bulgarian Life Health Insurance - Direct Written Premium (BGN Million), 2014-2019
Table 60: Bulgarian Life Health Insurance - Paid Claims (BGN Million), 2010-2014
Table 61: Bulgarian Life Health Insurance - Paid Claims (BGN Million), 2014-2019
Table 62: Bulgarian Life Health Insurance - Loss Ratio (%), 2010-2014
Table 63: Bulgarian Life Health Insurance - Loss Ratio (%), 2014-2019
Table 64: Bulgarian Life Health Insurance - Net Written Premium (BGN Million), 2010-2014
Table 65: Bulgarian Life Health Insurance - Net Written Premium (BGN Million), 2014-2019
Table 66: Insurers in the Bulgarian Accident and Health insurance Segment, 2014
Table 67: Armeec Insurance JSC, Key Facts
Table 68: Lev Ins AD Insurance Company, Key Facts
Table 69: DZI General Insurance EAD, Key Facts
Table 70: ZAD Allianz Bulgaria, Key Facts
Table 71: ZAD Allianz Bulgaria Life, Key Facts
Table 72: Bulstrad Life Vienna Insurance Group JSC, Key Facts
Table 73: DZI General Insurance EAD, Key Facts
Table 74: Uniqa Life Insurance Plc, Key Facts
Table 75: UBB-Alico Life Insurance Company AD, Key Facts
Table 76: Generali Life Insurance AD, Key Facts
Table 77: Bulgaria - Insurance Regulatory Framework Key Features
Table 78: Bulgaria - Life Insurance Regulatory Framework
Table 79: Bulgaria - Property Insurance Regulatory Framework
Table 80: Bulgaria - Motor Insurance Regulatory Framework
Table 81: Bulgaria - Liability Insurance Regulatory Framework
Table 82: Bulgaria - Minimum Coverage for Aircraft Third-Party Liability Per Accident Per Aircraft
Table 83: Bulgaria - Corporate Tax Rates for the Financial Year 2015

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 Personal Accident and Health Insurance - Gross Written Premium by Category (BGN Million), 2010-2019
Figure 8: Bulgarian Personal Accident and Health Insurance - Gross Written Premium by Category (Percentage Share), 2014 and 2019
Figure 9: Bulgarian Personal Accident and Health Insurance - Gross Written Premium Dynamics by Category, 2010-2019
Figure 10: Bulgarian Personal Accident and Health Insurance - Direct Written Premium by Category (BGN Million), 2010-2019
Figure 11: Bulgarian Personal Accident and Health Insurance - Direct Written Premium by Category (Percentage Share), 2014 and 2019
Figure 12: Bulgarian Personal Accident and Health Insurance - Gross Written Premium Dynamics by Category, 2010-2019
Figure 13: Bulgarian Personal Accident and Health Insurance - Net Earned Premium (BGN Million), 2010-2014
Figure 14: Bulgarian Personal Accident and Health Insurance - Net Earned Premium (BGN Million), 2014-2019
Figure 15: Bulgarian Personal Accident and Health Insurance - Paid Claims by Category (BGN Million), 2010-2019
Figure 16: Bulgarian Personal Accident and Health Insurance - Incurred Loss by Category (BGN Million), 2010-2019
Figure 17: Bulgarian Personal Accident and Health Insurance - Net Written Premium by Category (BGN Million), 2010-2019
Figure 18: Bulgarian Personal Accident and Health Insurance - Loss Ratio (%), 2010-2014
Figure 19: Bulgarian Personal Accident and Health Insurance - Loss Ratio (%), 2014-2019
Figure 20: Bulgarian Personal Accident and Health Insurance - Commission and Expenses (BGN Million), 2010-2014
Figure 21: Bulgarian Personal Accident and Health Insurance - Commission and Expenses (BGN Million), 2014-2019
Figure 22: Bulgarian Personal Accident and Health Insurance - Combined Ratio (%), 2010-2014
Figure 23: Bulgarian Personal Accident and Health Insurance - Combined Ratio (%), 2014-2019
Figure 24: Bulgarian Personal Accident and Health Insurance - Total Assets (BGN Million), 2010-2014
Figure 25: Bulgarian Personal Accident and Health Insurance - Total Assets (BGN Million), 2014-2019
Figure 26: Bulgarian Personal Accident and Health Insurance - Total Investment Income (BGN Million), 2010-2014
Figure 27: Bulgarian Personal Accident and Health Insurance - Total Investment Income (BGN Million), 2014-2019
Figure 28: Bulgarian Personal Accident and Health Insurance - Net Written Premium (% of GWP), 2010-2014
Figure 29: Bulgarian Personal Accident and Health Insurance - Net Written Premium (Percentage of Gross Written Premium), 2014-2019
Figure 30: Bulgarian Personal Accident and Health Insurance - Investment Portfolio (BGN Million), 2010-2014
Figure 31: Bulgarian Personal Accident and Health Insurance - Investment Portfolio (% Share), 2010 and 2014
Figure 32: Bulgarian Personal Accident and Health Insurance Penetration (Ratio of Direct Premiums to GDP), 2010-2014
Figure 33: Bulgarian Personal Accident and Health Insurance - Density (Direct Premium per Capita), 2010-2014
Figure 34: Bulgarian Personal Accident Insurance - Direct Written Premium (BGN Million), 2010-2014
Figure 35: Bulgarian Personal Accident Insurance - Direct Written Premium (BGN Million), 2014-2019
Figure 36: Bulgarian Personal Accident Insurance - Loss Ratio (%), 2010-2014
Figure 37: Bulgarian Personal Accident Insurance - Loss Ratio (%), 2014-2019
Figure 38: Bulgarian Travel Insurance - Direct Written Premium (BGN Million), 2010-2014
Figure 39: Bulgarian Travel Insurance - Direct Written Premium (BGN Million), 2014-2019
Figure 40: Bulgarian Travel Insurance - Loss Ratio (%), 2010-2014
Figure 41: Bulgarian Travel Insurance - Loss Ratio (%), 2014-2019
Figure 42: Bulgarian Health Insurance - Gross Written Premium by Sub-Category (BGN Million), 2010-2019
Figure 43: Bulgarian Health Insurance - Gross Written Premium Dynamics by Sub-Category, 2010-2019
Figure 44: Bulgarian Non-Life Health Insurance - Direct Written Premium (BGN Million), 2010-2014
Figure 45: Bulgarian Non-Life Health Insurance - Direct Written Premium (BGN Million), 2014-2019
Figure 46: Bulgarian Non-Life Health Insurance - Paid Claims (BGN Million), 2010-2014
Figure 47: Bulgarian Non-Life Health Insurance - Paid Claims (BGN Million), 2014-2019
Figure 48: Bulgarian Non-Life Health Insurance - Loss Ratio (%), 2010-2014
Figure 49: Bulgarian Non-Life Health Insurance - Loss Ratio (%), 2014-2019
Figure 50: Bulgarian Non-Life Health Insurance - Net Written Premium (BGN Million), 2010-2014
Figure 51: Bulgarian Non-Life Health Insurance - Net Written Premium (BGN Million), 2014-2019
Figure 52: Bulgarian Life Health Insurance - Direct Written Premium (BGN Million), 2010-2014
Figure 53: Bulgarian Life Health Insurance - Direct Written Premium (BGN Million), 2014-2019
Figure 54: Bulgarian Life Health Insurance - Paid Claims (BGN Million), 2010-2014
Figure 55: Bulgarian Life Health Insurance - Paid Claims (BGN Million), 2014-2019
Figure 56: Bulgarian Life Health Insurance - Loss Ratio (%), 2010-2014
Figure 57: Bulgarian Life Health Insurance - Loss Ratio (%), 2014-2019
Figure 58: Bulgarian Life Health Insurance - Net Written Premium (BGN Million), 2010-2014
Figure 59: Bulgarian Life Health Insurance - Net Written Premium (BGN Million), 2014-2019
Figure 60: Bulgaria - The Three Pillars of Solvency II
Figure 61: Bulgaria - Insurance Supervision and Control at Various Levels
Figure 62: Bulgaria - Insurance Regulatory Frameworks for Company Registration and Operation

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