Non-Life Insurance in Bulgaria, Key Trends and Opportunities to 2017

Non-Life Insurance in Bulgaria, Key Trends and Opportunities to 2017

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The Bulgarian non-life insurance segment is the largest in the country's insurance industry, accounting for 80.9% of the gross written premium in 2012. The non-life segment's penetration is expected to increase from 1.67% in 2012 to 1.73% in 2017. The gross written premium registered by the segment is expected to increase at a CAGR of 6.0%. The non-life segment is concentrated with the six leading companies accounting for 66.2% of the gross written premium in 2012.

Report Highlights
  • The Bulgarian non-life insurance segment is the largest in the country's insurance industry, accounting for 80.9% of the gross written premium in 2012.
  • The Bulgarian non-life segment was driven by the motor third-party liability segment during the review period and this is expected to continue over the forecast period.
  • Bulgarian non-life insurers are heavily dependent upon insurance brokers who accounted for 43.8% of total gross written premium from new business collected in 2012.
  • The non-life segment is concentrated with the six leading companies accounting for 66.2% of the gross written premium in 2012.
  • The frequent occurrence of natural disasters in Bulgaria has enhanced the public awareness about property insurance and its benefits.
Report Scope

This report provides a comprehensive analysis of the non-life insurance segment in Bulgaria:
  • It provides historical values for Bulgaria's non-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 Bulgaria's non-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 non-life insurance products in Bulgaria.
  • Using Porter's industry-standard "Five Forces" analysis, it details the competitive landscape in Bulgaria for the non-life insurance segment.
  • It provides a detailed analysis of the reinsurance segment in Bulgaria and its growth prospects.
  • It profiles the top non-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 non-life insurance segment and each category within it
  • Understand the demand-side dynamics, key market trends and growth opportunities within the Bulgarian non-life insurance segment
  • Assess the competitive dynamics in the non-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 Non-Life Insurance Outlook
4.1 Consumer Segmentation and Buying Behavior
4.2 Product and Marketing Strategies
4.3 Non-Life Insurance Growth Prospects by Category
4.4 Property Insurance
4.4.1 Fire and allied perils insurance
4.4.2 Other property insurance
4.5 Motor Insurance
4.5.1 Motor hull insurance
4.5.2 Motor third-party insurance
4.6 General Third-Party Insurance
4.7 Marine, Aviation and Transit Insurance
4.7.1 Marine hull insurance
4.7.2 Aviation insurance
4.7.3 Transit insurance
5 Analysis by Distribution Channels
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 Non-Life Insurance Segment
6.1 Bargaining Power of Suppliers: Low
6.2 Bargaining Power of Buyers: Low to Medium
6.3 Barriers to Entry: Low
6.4 Intensity of Rivalry: High
6.5 Threat of Substitutes: Low
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 Non-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 Armeec Insurance JSC - Company Overview
9.4.1 Armeec Insurance JSC - key facts
9.4.2 Armeec Insurance JSC - key financials
9.5 Bulstrad Vienna Insurance Group - Company Overview
9.5.1 Bulstrad Vienna Insurance Group - key facts
9.5.2 Bulstrad Vienna Insurance Group - key financials
9.6 LEV INS AD Insurance Company - Company Overview
9.6.1 LEV INS AD Insurance Company - key facts


Companies Mentioned:

Armeec Insurance JSC
Bulstrad Vienna Insurance Group
LEV INS AD Insurance Company
DZI General Insurance PLC
Allianz Bulgaria Holding AD
Bul Ins Insurance Company
Euroins Insurance Plc Bulgaria
UNIQA Insurance plc
Energia Insurance Company
Victoria Insurance Company Plc