We have seen changes in the sector in relation to the insurance of cars. Data from the FSC shows premiums for voluntary motor insurance (CASCO) fell from BGN366mn in the first seven months of 2009 to BGN298mn in January-July 2010 - down by 19%. However, during the same period, premiums for compulsory motorists' third-party liability (CMTPL) insurance rose by 17%.
Our forecasts for non-life premiums' penetration is for it to rise from 2.15% of GDP in 2010 to 2.25% in 2015, and for life density to rise from US$23 per capita to US$40 per capita. This mean s an estimated total premiums amount in 2010 of BGN1,596mn, including non-life premiums of BGN1,357mn and life premiums of BGN240mn. In 2015, the corresponding figures a forecast to be BGN2,502mn, BGN2,006mn and BGN496mn. BMI's Insurance Business Environment Rating for Bulgaria is 52.5.
Issues To Watch
Competitive Arena
There are many players in the relatively small Bulgarian insurance market and we expect to some level of rationalisation in 2011.
Life Premiums Stabilisation
Stabilisation of life premiums is a possibility and will indicate that local savers perceive an improvement in the medium-term outlook for Bulgaria's economy and financial markets.
Motor Insurance Premiums
Given that the growth in CMTPL premiums is probably unsustainable, we expect a more difficult market overall for non-life insurance in the coming months.
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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 European Markets Overview
- Table: Non-Life Segment Premiums In Central And Eastern Europe
- Table: Life Segment Premiums In Central And Eastern Europe
Projections And Forecasts
- Table: Insurance Premiums, 2007-2015
- Projections And Drivers Of Growth
- Table: Growth Drivers, 2007-2015
Country Update
- Macroeconomic Outlook
- Table: Bulgaria Economic Activity, 2006-2015
- Political Outlook
Insurance Business Environment Ratings
- 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
Major Players In Bulgaria's Insurance Sector
- Table: Non Life Segment - Breakdown Of Premiums, January-July 2010
- Table: Life Segment - Breakdown Of Premiums, January-July 2010
- Table: Non-Life Segment - Ranking Of Companies By Premiums, January-July 2010
- Table: Life Segment - Ranking Of Companies By Premiums, January-July 2010
Analysis Of Regional Competitive Conditions
Company Profiles
- Local Company Profiles
- Armeec
- Bul Ins
- Lev Ins AD Insurance Company
- Regional Company Profiles
- AEGON
- Allianz
- Aviva
- AXA
- BNP Paribas/Cardif
- ERGO
- Eureko
- Generali
- GRAWE
- Groupama
- HDI-Gerling
- ING
- KBC Group
- MetLife ALICO
- 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
About Business Monitor International
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 in-depth quarterly Country Forecast Reports. View more research from Business Monitor International at http://www.fastmr.com/
About Fast Market Research
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.
For more information about these or related research reports, please visit our website at http://www.fastmr.com or call us at 1.800.844.8156.
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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.
