Life Insurance in Bulgaria, Key Trends and Opportunities to 2017

Life Insurance in Bulgaria, Key Trends and Opportunities to 2017

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The life segment is the second-largest in the Bulgarian insurance industry, accounting for 15.2% of its gross written premium in 2012. Life insurance penetration decreased from 0.4% in 2008 to 0.3% in 2012 and is expected to remain at 0.3% in 2017. The gross written premium registered by the segment is expected to increase at a CAGR of 3.0%.

Report Highlights
  • The life segment is the second-largest in the Bulgarian insurance industry, accounting for 15.2% of its gross written premium in 2012.
  • The tax rate is expected to make bank deposits less popular among Bulgarians and make some of them divert a proportion of their savings to life insurance products.
  • Bulgarian life insurers are heavily dependent upon agencies, which accounted for 47% of the total new business gross written premium collected in 2012.
  • The Bulgarian life insurance segment is concentrated, with the five leading life insurers together accounting for 67.4% of the segment's written premiums in 2012.
  • As of 2012, 16 companies had licenses to conduct life insurance business."
Report Scope

This report provides a comprehensive analysis of the life insurance segment in Bulgaria:
  • It provides historical values for the Bulgarian life insurance segment for the report's 2008-2012 review period and projected figures for the 2012-2017 forecast period.
  • It offers a detailed analysis of the key categories in the Bulgarian life insurance segment, along with market forecasts until 2017.
  • It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, frauds and crimes, total assets, total investment income and retentions.
  • It analyses the various distribution channels for life insurance products in Bulgaria.
  • Using Porter's industry-standard "Five Forces" analysis, it details the competitive landscape in Bulgaria for the life insurance business.
  • It provides a detailed analysis of the reinsurance segment in Bulgaria and its growth prospects.
  • It profiles the top life insurance companies in Bulgaria and outlines the key regulations affecting them."
Reasons to Get this Report
  • Make strategic business decisions using in-depth historic and forecast market data related to the Bulgarian life insurance segment and each category within it
  • Understand the demand-side dynamics, key market trends and growth opportunities within the Bulgarian life insurance segment
  • Assess the competitive dynamics in the life insurance segment, along with the reinsurance segment
  • Identify the growth opportunities and market dynamics within key product categories
  • Gain insights into key regulations governing the Bulgarian insurance industry and its impact on companies and the market's future"


Table of Contents

1 Executive Summary
2 Introduction
2.1 What is this Report About?
2.2 Definitions
2.3 Methodology
3 Bulgarian Insurance Industry Attractiveness
3.1 Insurance Industry Size, 2008-2017
3.2 Key Industry Trends and Drivers
3.3 Challenges
3.4 Recent Market Developments
4 Life Insurance Outlook
4.1 Consumer Segmentation and Buying Behavior
4.2 Product and Marketing Strategies
4.3 Life Insurance Growth Prospects by Category
4.3.1 Individual life insurance
4.3.2 Individual general annuity insurance
4.3.3 Individual marriage and birth insurance
4.3.4 Individual unit-linked insurance
4.3.5 Individual supplementary insurance
4.4 Life Insurance Growth Prospects by Product Type
4.4.1 Individual single-premium policies
4.4.2 Individual non-single-premium policies
5 Analysis by Distribution Channel
5.1 Direct Marketing
5.2 Bancassurance
5.3 Agencies
5.4 E-Commerce
5.5 Brokers
5.6 Other Channels
6 Porter's Five Forces Analysis - Bulgarian Life Insurance
6.1 Bargaining Power of Supplier: Low
6.2 Bargaining Power of Buyer: High
6.3 Barriers to Entry: Low
6.4 Intensity of Rivalry: High
6.5 Threat of Substitutes: Medium
7 Reinsurance Segment Outlook
7.1 Reinsurance Segment Size, 2008-2017
7.2 Reinsurance Segment Size by Type of Insurance, 2008-2017
8 Governance, Risk and Compliance
8.1 Legislation Overview and Historical Evolution
8.2 Legislation Trends by Type of Insurance
8.2.1 Life insurance regulatory trends
8.2.2 Property insurance regulatory trends
8.2.3 Motor insurance regulatory trends
8.2.4 Liability insurance regulatory trends
8.2.5 Personal accident and health insurance regulatory trends
8.3 Compulsory Insurance
8.3.1 Third-party motor liability insurance
8.3.2 Compulsory personal accident insurance for passengers on public transport
8.3.3 Occupational accident insurance
8.4 Supervision and Control
8.4.1 International Association of Insurance Supervisors (IAIS)
8.4.2 European Insurance and Occupational Pensions Authority (EIOPA)
8.4.3 Financial Supervision Commission
8.5 Non-Admitted Insurance Regulatory Trends
8.5.1 Overview
8.5.2 Intermediaries
8.5.3 Market practices
8.5.4 Fines and penalties
8.6 Company Registration and Operations
8.6.1 Types of insurance organization
8.6.2 Establishing a local company
8.6.3 Foreign ownership
8.6.4 Types of license
8.6.5 Capital requirements
8.6.6 Solvency margins
8.6.7 Reserve requirements
8.6.8 Investment regulations
8.6.9 Statutory return requirements
8.7 Taxation
8.7.1 Insurance premium or policy taxation
8.7.2 Corporate tax
8.7.3 VAT
8.7.4 Captives
8.8 Legal System
8.8.1 Introduction
8.8.2 Access to court
8.8.3 Alternative dispute resolution (ADR)
9 Competitive Landscape and Strategic Insights
9.1 Overview
9.2 Leading Companies in the Bulgarian Life Insurance Segment
9.3 Comparison of the Top Five Insurers
9.3.1 Gross written premium
9.3.2 Net earned premiums
9.3.3 Gross claims
9.3.4 Loss ratio
9.3.5 Assets
9.4 Allianz Bulgaria LifeInsurance Company Ltd. - Company Overview
9.4.1 Allianz Bulgaria LifeInsurance Company Ltd. - key facts
9.4.2 Allianz Bulgaria LifeInsurance Company Ltd. - key financials
9.5 Bulstrad Life Vienna Insurance Group - Company Overview
9.5.1 Bulstrad Life Vienna Insurance Group - key facts
9.5.2 Bulstrad Life Vienna Insurance Group - key financials
9.6 DZI Life Insurance - Company Overview
9.6.1 DZI Life Insurance - key facts
9.6.2 DZI Life Insurance - key financials
9.7 Uniqa Life - Company Overview
9.7.1 Uniqa Life - key facts
9.7.2 Uniqa Life - key financials


Companies Mentioned:

Allianz Bulgaria Life Insurance Company Ltd.
Bulstrad Life Vienna Insurance Group
DZI Insurance
Uniqa Life
UBB-Alico Life Insurance Company
Grawe Bulgaria Life Insurance
Alico Bulgaria Life Insurance Company
Groupama Zhivotozastrahovane EAD
Syvzk
Generali Life Insurance AD