Bulgaria Insurance Report Q1 2016

Date: January 13, 2016
Pages: 63
US$ 1,295.00
Report type: Strategic Report
Delivery: Download

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Includes 3 FREE quarterly updates

BMI View: We hold a modest outlook for the Bulgarian insurance industry as a whole. The life insurance sector is poised to grow faster than the non-life sector. Nevertheless, the overall size of the life sector combined with low household disposable income and a general lack of understanding of life insurance policies and their benefits is a serious constraint on the life insurance subsector outlook. Non-life insurance accounts for just under 80% of the premiums of the insurance industry with the motor vehicle sector having the lion's share of the non-life market. We believe growth will be slow but will track upwards in both sectors and all non-life lines over the course of our forecast period. Nevertheless, we retain our view that a sluggish economy coupled with low household spending powers will constrain the growth of the insurance industry over the course of our forecast period.

Key Updates & Forecasts
  • Looking forward, both the life and non-life insurance subsectors are poised for modest positive growth over the course of our forecast period. In 2016, life insurance will post a dollar denominated growth rate of 0.9% with premiums amount to USD200mn and jumping to USD255mn by the end of 2019
  • Growth in the non-life sector will be slower but the relative size of the non-life sector will ensure higher absolute premiums. The non-life sector premiums will amount to USD773mn in 2016, reducing by 3.1% in dollar terms due to currency weakness. We expect dollar growth to resume from 2017 onwards as the currency stabilizes with premiums growing to over USD840mn by 2019.
BMI Industry View
  Table: Headline Insurance Forecasts (Bulgaria 2012-2019)
Industry Forecast
Life Premiums Forecast
  Table: Life Premiums (Bulgaria 2012-2019)
  Table: Life Insurance Claims (Bulgaria 2007-2014)
Non-Life Premiums Forecast
  Table: Non-Life Premiums (Bulgaria 2012-2019)
  Table: Non-Life Insurance Claims (Bulgaria 2008-2014)
Non-Life Sub-Sector Forecast
  Table: Non-Life Insurance Premiums by Product Line (Bulgaria 2012-2019)
Insurance Risk/Reward Index
Emerging Europe Risk/Reward Index
  Table: Emerging Europe Insurance Risk/Reward Index
Market Overview
Life Market Overview
The Product Offering
The Competitive Landscape
  Table: Life Insurance Market (USDmn) 2008-2014
  Table: Life Insurance Market (%) 2008-2014
Non-Life Market Overview
The Product Offering
The Competitive Landscape
  Table: Non-Life Insurance Market (USDmn) 2008-2014
  Table: Non-Life Insurance Market (%) 2007-2014
Company Profile
Vienna Insurance Group (VIG)
Industry Forecast Methodology
Risk/Reward Index Methodology
  Table: Indicators
  Table: Weighting of Indicators
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