Bulgaria Insurance Report Q2 2015

Feb 12, 2015 - Business Monitor International - 80 pages - USD $1,295
Abstract Table of Contents Request Details Related
For some time, we have seen Bulgaria's insurance sector as being underdeveloped, and with limited scope for growth. This remains the case. Constraints and challenges include the small size of the economy, and the low income levels of many households. These factors will limit volumes and growth therein. The fragmented nature of the non-life segment means that prices are more likely to fall than to rise. Development of the life segment is being held back by a lack of understanding of the benefits of life insurance.

The Financial Services Commission (FSC- the regulator), non-life and life premiums rose by 3% and 10% respectively in BGN terms during the first 10 months of 2014, relative to the previous corresponding period. In the short-term, the main factor limiting the growth of premiums in USD terms will be the slippage in the BGN. However, we are looking for total premiums to be broadly unchanged in local currency terms until 2017.

As the case in much of Central and Eastern Europe, volumes in the Bulgarian non-life segment have been held back by the general softness of the economy. They will likely continue to be so. Pricing pressure is downwards: this is the result of the fragmented competitive landscape, in which the numerous players lack pricing power. There is no obvious catalyst for an increase in penetration (premiums as a percentage of GDP) from levels that are low by most standards.

Claims losses have been surging, in part because of the hailstorms which swept across Sofia in early July. This has had an impact on profitability. We remain of the view that consolidation within the non-life segment will continue. Indeed, local group Euroins, one of the larger non-life companies is building up its capital base having already undertaken significant acquisitions from multi-nationals who are no longer committed to the Bulgarian market (i.e. QBE and Achmea).

Whether the sector is able to sustain superior rates of growth from 2020, beyond the end of...

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).
Coverage

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.

Sources

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.


Order This Report
FORMAT: PDF - Download Now with 3 Quarterly Updates $1,295 USD
LICENSE: Single-User
DELIVERY: Instant Download

EASY ORDERING
Once you’ve found the right report, click ‘order now’ and complete the checkout process using any major credit card, check or wire/bank transfer.

Need multi-user or enterprise license pricing? Contact us for a custom quote!
MC, Visa, AMEX, Diners, Discovery, JCB

The Fast Market Research Advantage
Only the Best
All of our research is sourced from the most trusted and established global analysts and consultancies

Client Focused
From start-ups to multinationals, we focus on providing the right research to our diverse client base

Shop Securely
Our US-based customer service team and eCommerce systems adhere to highest data security standards

Industry-leading Customer Support
Individualized assistance from our expert staff is never more than an email or phone call away


About the Publisher
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.