Bulgaria Insurance Report Q1 2015

Dec 31, 2014 - Business Monitor International - 74 pages - USD $1,295
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The latest data from the regulator and from the leading insurers confirm our view that the prospects for Bulgaria's under-developed insurance sector remain uninspiring.

Bulgaria's insurance sector has many features in common with others in Central and Eastern Europe, although it is less developed by most metrics. The strengths include the access to capital and (if needed) reinsurance of most insurers, many of whom are subsidiaries of multi-national majors. These companies bring know-how in terms of product innovation and multi-channel distribution strategies. They are also disciplined in terms of underwriting.

However, weaknesses prevail. As in much of the region, volumes in the (vastly more important) non-life segment have been constrained by the softness of the economy and are likely to continue to be so. The competitive landscape is fragmented, which means that pressure on prices is generally downwards. This is at a time that claims losses have surged, in part because of the hailstorms in Sofia in early July 2014. Consolidation of the segment is taking place: indeed, expansion by acquisition is a clear strategy of local group Euroins.

The life segment is at an embryonic stage of development. Premiums have been rising at double-digit rates in local currency terms (from a very low base). However, the momentum is slowing. The trade association has just launched its first nationwide campaign to boost understanding of life insurance, which is currently low. However, low household incomes remain the main challenge for the segment.

According to the regulator, non-life premiums and life premiums grew by 3% and 10% respectively in the first 10 months of 2014 relative to the previous corresponding period. The development of premiums through 2015 in USD terms is likely to be constrained by currency movements.

Recent Developments
  • Severe hailstorms swept Sofia on July 8 2014, causing substantial claims losses.
  • On October 13 2014, the insurers' trade...

The Bulgaria Insurance Report has been researched at source and features Business Monitor International (BMI)'s independent assessment and forecasts for the insurance sector. It examines industry developments, key growth drivers and risk management projections, including the macroeconomic situation, government policy, regulatory environment and the level of development and potential for growth, broken down by line. Leading insurers are profiled, covering premiums, products and services and competitive positioning.

BMI's Bulgaria Insurance Report provides professionals, consultancies, government departments, regulatory bodies and researchers with independent forecasts and regional competitive intelligence on the Bulgarian insurance industry.

Key Benefits
  • Benchmark BMI's independent insurance industry forecasts for Bulgaria to test other views - a key input for successful budgeting and strategic business planning in Bulgaria's insurance market.
  • Target business opportunities and risks in Bulgaria through our reviews of latest industry trends, regulatory changes and major deals, investments and macroeconomic developments.
  • Exploit latest competitive intelligence on your competitors, partners and clients via our Company Profiles (inc. SWOTs, KPIs and latest activity).

BMI Industry View

Summary of BMI’s key industry forecasts and views, covering the Life and Non-Life segments, the evolving competitive landscape and business operational risks.

Industry SWOT Analysis

Analysis of the major Strengths, Weaknesses, Opportunities and Threats within the insurance sector and within the broader political, economic and business environment.

BMI Industry Forecasts

Historic data series (2005-2014) and forecasts to end-2019 for key industry indicators, supported by explicit assumptions, plus analysis of key risks to the main forecasts. Indicators include:
  • Life/non-life Premiums: Total premium growth (USDmn), premium growth (% y-o-y), penetration (% of GDP), density (USD per capita) for Life and Non-Life sectors, claims reinsurance, and assets and liabilities.
  • Non-life subsectors: Data on gross written premiums for all major Non-Life segments (motor, transport, property, personal accident, health, general liability and credit financial).
BMI’s Insurance Risk Reward Index

BMI’s Risk Reward Indices provide investors (Life and Non-Life) looking for opportunities in the region with a clear country-comparative assessment of a market’s risks and potential rewards. Each of the country markets are scored using a sophisticated model that includes more than 40 industry, economic and demographic data points to provide an indices of highest to lowest appeal to investors, with each position explained.

Company Profiles*

Examines the competitive positioning and short- to medium-term business strategies of key industry players. The latest financial and operating statistics and key company developments are also incorporated within the company profiles, enabling a full evaluation of recent company performance and future growth prospects.

Growth Drivers & Risk Management Projections

Key data and forecasts to end-2019 focusing on the growth drivers and downside risks to specific insurance lines including:
  • Population: Male/female, by age group, active/pensionable/youth population % of total, urban/rural population % of total.
  • Freight: Tonnage – air freight, rail freight, road freight, inland waterway.
  • Motor: Fleet size by type of vehicle % change y-o-y.
  • Epidemiology: Disease Adjusted Life Years and private health expenditure.
Market Overview & Rankings

Illustration of the insurance industry via rankings tables comparing gross written premiums by company (USDmn) and market share (%) for the top 20 players in both Life and Non-Life. This chapter also includes in-depth regional analysis of the market position, business strategies and investment potential of the leading insurance companies.


The insurance Reports draw on an extensive network of primary sources, such as multilateral organisations, government departments, industry associations, chambers and company reports.

*Company profiles are not available for every country. Those reports instead contain information on the current activities of prominent companies operating in the market.

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Business Monitor International (BMI) offers a comprehensive range of products and services designed to help senior executives, analysts and researchers assess and better manage operating risks, and exploit business opportunities, across 175 markets. BMI offers three main areas of expertise: Country Risk BMI's country risk and macroeconomic forecast portfolio includes weekly financial market reports, monthly regional Monitors, and in-depth quarterly Business Forecast Reports. Industry Analysis BMI covers a total of 17 industry verticals through a portfolio of services, including Daily Alerts, monthly regional Insights, and in-depth quarterly Country Forecast Reports.