Personal Accident and Health Insurance in Bulgaria, Key Trends and Opportunities to 2017

Personal Accident and Health Insurance in Bulgaria, Key Trends and Opportunities to 2017

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The personal accident and health segment accounted for 3.9% of the industry's gross written premium in 2012, the lowest share of all the insurance segments. Voluntary health insurance is overshadowed by the free public healthcare system, funded and administered by the NHIF. Bulgarians, whether employed, self-employed or unemployed, have to contribute a certain proportion of their monthly income to the fund. Some of the categories of individuals to whom compulsory health insurance under the NHIF is applicable are Bulgarian citizens, Bulgarian citizens who are also citizens of another country and who are permanently resident in Bulgaria, and foreign citizens or individuals lacking citizenship who have been permitted long-term stays in Bulgaria, provided it does not violate international agreements to which Bulgaria is a party.

Report Highlights
  • The personal accident and health segment accounted for 3.9% of the industry's gross written premium in 2012, the lowest share of all the insurance segments.
  • Bulgarian travel insurers expect gradual growth in business over the forecast period.
  • Agencies accounted for 37.5% of the segment's new business gross written premium generated in 2012.
  • The health insurance system in Bulgaria is two-tier; it comprises mandatory health insurance provided by the NHIF and discretionary health insurance provided by insurers.
  • The segment is highly concentrated; the 10 leading insurers collectively accounted for 81.4% of the segment's written premiums in 2012.
Report 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 2008-2012 review period and projected figures for the 2012-2017 forecast period.
  • It offers a detailed analysis of the key sub-segments in Bulgarian personal accident and health 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 personal accident and health insurance products in Bulgaria.
  • Using Porter's industry-standard "Five Forces" analysis, it details the competitive landscape in Bulgaria for the personal accident and health insurance segment.
  • It provides a detailed analysis of the reinsurance segment in Bulgaria and its growth prospects.
  • It profiles the top personal accident and health 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 personal accident and health insurance segment and each category within it
  • Understand the demand-side dynamics, key market trends and growth opportunities within the Bulgarian personal accident and health insurance segment
  • Assess the competitive dynamics in the personal accident and health 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 Personal Accident and Health Insurance Segment Outlook
4.1 Consumer Segmentation and Buying Behavior
4.2 Product and Marketing Strategies
4.3 Personal Accident and Health Insurance Growth Prospects by Category
4.3.1 Personal accident insurance
4.3.2 Travel insurance
4.3.3 Health insurance
4.3.4 Non-life health insurance
4.3.5 Life health 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 Personal Accident and Health Insurance
6.1 Bargaining Power of Suppliers: Low
6.2 Bargaining Power of Buyers: Medium to High
6.3 Barriers to Entry: Low
6.4 Intensity of Rivalry: Low
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 Personal Accident and Health Insurance Segment
9.3 DZI General Insurance Plc - Company Overview
9.3.1 DZI General Insurance Plc - key facts
9.4 Uniqa Insurance Plc - Company Overview
9.4.1 Uniqa Insurance Plc - key facts
9.5 Armeec Insurance JSC - Company Overview
9.5.1 Armeec Insurance JSC - key facts


Companies Mentioned:

DZI General Insurance Plc
Uniqa Insurance Plc
Armeec Insurance JSC
Bulstrad Vienna Insurance Group (Bulstrad)
Allianz Bulgaria Holding AD
UBB-Alico Life Insurance Company
Victoria Insurance Company Plc
OZK Insurance
Generali Life Insurance AD
Euroins Insurance Plc Bulgaria