Recently released market study: Bulgaria Insurance Report Q4 2010

Sept. 3, 2010 - PRLog -- Writing in July 2010, we have been able to ensure that the report includes actual data for 2009. We have generally been able to use data published in 2010 to adjust our estimates for the year as a whole. According to the Financial Supervision Commission (FSC), the total premiums for 2009 were BGN1.68bn, which comprised non-life premiums of BGN1.46bn and life premiums of BGN225mn. In 2014 the corresponding figures should be BGN3.01bn, BGN2.32bn and BGN684mn. In terms of the key drivers that underpin our forecasts, we expect non-life penetration to rise from 2.35% in 2009 to 2.70% in 2014, and for life density to rise from US$22 per capita to US$54. BMI's Insurance Business Environment Rating for Bulgaria is 51.2 out of 100.

Bulgaria's Insurance Sector

The figures published by the Bulgarian Financial Supervision Commission (FSC) in relation to the first ten months of 2009 showed that the period was a difficult one for Bulgaria's insurers. Non-life premiums contracted by 1% to BGN1,613mn, which was a respectable result given economic conditions for much of the year and the financial problems of neighbouring Greece. The figures show that across much of Central and Eastern Europe (CEE) non-life premiums changed by 3% in local currency terms in 2009, so this outcome for Bulgaria was unexceptional.

As is the case in Greece, premiums for compulsory motor third-party liability (CMTPL) cover increased, from BGN246mn to BGN302mn, while CASCO insurance premiums fell from BGN565mn to BGN505mn. Fire insurance premiums rose from BGN143mn in the first 10 months of 2009 to BGN170mn from the corresponding period in 2008. Bulgarian operators DZI, Lev Insurance and Armeec increased their market shares within the segment to 14.1%, 11.0% and 10.4% respectively. The other leading players in the non-life segment typically lost market share slightly. The local subsidiaries of Vienna Insurance Group (Bulstrad) and Allianz were the largest foreign groups, with market shares of 15% and 10% respectively.

However, life premiums have slumped, to the extent that we have revised down our forecasts for the segment in 2009 and subsequent years. The FSC's data suggest a 20% fall in premiums to BGN177mn for the first 10 months of 2009. There were similarly large contractions in life premiums in Hungary, Poland and Russia. In the non-life segment there were even bigger shifts in market shares. UNIQA's life operation's market share fell from 15.0% in the first 10 months of 2008 to 9.6% in the same period of 2009. Several of other foreign controlled groups also experienced shrinkage in market share, although Bulstrad's share of the segment rose to 10.0%. The three largest life groups were Allianz Bulgaria (21.83% market share), DZI (15.7%) and ALICO (10.2%).

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Report Table of Contents:

Executive Summary
- Table: Overview Of Bulgaria's Insurance Sector
- Key Insights On Bulgaria's Insurance Sector
- Issues To Watch
SWOT Analysis
- Bulgaria Insurance Industry SWOT
- Bulgaria Political SWOT
- Bulgaria Economic SWOT
- Bulgaria Business Environment SWOT
MetLife's Acquisition Of ALICO
- Table: ALICO At A Glance
- Table: ALICO's Pre-Tax Profits By Segment And Region Contribution, Year To November 30 2009 (%)
- Table: ALICO - A Market Leader In Japan
- Table: MetLife's Acquisition Of ALICO
- Table: MetLife And ALICO Combined
Central and Eastern Europe Overview
- Table: Non-Life Segment
- Life Segment
Projections And Forecasts
- Table: Insurance Premiums, 2006-2014
- Projections And Drivers Of Growth
- Table: Growth Drivers, 2006-2014
Country Update
- Macroeconomic Outlook
- Table: Bulgaria - Economic Activity
- Political Outlook
Insurance Business Environment Rating
- Table: Bulgaria - Insurance Business Environment Indicators
- Table: Central And Eastern Europe Insurance Business Environment Ratings
Regional Context
- Table: Non-Life Premiums In A Regional Context, 2009
- Table: Life Premiums In A Regional Context, 2009
- Table: Comparison Of Major Lines As % Of Non-Life Premiums, 2006
Major Players In Bulgaria's Insurance Sector
- Table: Principal Insurance Lines By Gross Written Premiums, January-August 2009 (BGNmn)
- Table: Non-Life Companies By Gross Written Premiums, January-August (BGNmn)
- Table: Life Companies By Gross Written Premiums, January-August 2009 (BGNmn)
Analysis Of Regional Competitive Conditions
Local Company Profiles
- Armeec
- Bul Ins
- Lev Ins AD Insurance Company
Regional Company Profiles
- AEGON
- ALICO
- Allianz
- Aviva
- AXA
- BNP Paribas/Cardif
- ERGO
- Eureko
- Generali
- GRAWE
- Groupama
- HDI-Gerling
- ING
- KBC Group
- MetLife
- Prudential Financial
- QBE
- RSA
- UNIQA
- Vienna Insurance Group
- Zurich
Country Snapshot: Bulgaria Demographic Data
- Section 1: Population
- Table: Demographic Indicators, 2005-2030
- Table: Rural/Urban Breakdown, 2005-2030
- Section 2: Education And Healthcare
- Table: Education, 2002-2005
- Table: Vital Statistics, 2005-2030
- Section 3: Labour Market And Spending Power
- Table: Employment Indicators, 2001-2006
- Table: Consumer Expenditure, 2000-2012 (US$)
- Table: Average Annual Wages, 2000-2012
BMI Methodology
- Insurance Business Environment Ratings
- Table: Insurance Business Environment Indicators And Rationale
- Table: Weighting Of Indicators

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Fast Market Research is an online aggregator and distributor of market research and business information. We represent the world's top research publishers and analysts and provide quick and easy access to the best competitive intelligence available.