Bulgaria Insurance Report Q2 2016

Date: April 6, 2016
Pages: 64
US$ 1,295.00
Report type: Strategic Report
Delivery: E-mail Delivery (PDF)

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Bulgaria Insurance Report Q2 2016
Includes 3 FREE quarterly updates

BMI View: We expect to see a mixed level of performance across Bulgaria's insurance industry over the next few years, with the less developed life market outpacing the relatively mature non-life sector in terms of premiums growth by a clear distance. The factors that have held back the development of the wider insurance market, including low household incomes and spending, will persist; however we expect demand for personal insurance products to be supported by a relatively robust macroeconomic backdrop and a strengthening local currency. Given that Bulgaria is already home to the majority of major European multinationals, merger and acquisition activity is likely to be limited. However, Euroins' recent purchase of Talanx's local subsidiary shows that there is potential for further consolidation as smaller players are absorbed by larger firms as part of their wider regional growth strategies.

Key Updates & Forecasts
  • In February 2016, Euroins announced the purchase of the Bulgarian and Ukrainian insurance subsidiaries of Germany's Talanx Group. As part of the deal, Euroins acquired HDI Zastrahovane ADб a non-life insurer with EUR13mn of written premiums in 2013. The deal gives Romania-based Euroins additional market share in what is an important market for the company.
  • We maintain a relatively positive outlook for life insurance spending in Bulgaria over the forecast periodб with premiums set to rise at a steady rate from their current low base. Gross premiums written by the sector will grow by 5.4% a year on average over 2016-2020 to reach USD264mn. Growth will be slightly weaker in local currency terms at around 3.5% y-o-y.
  • In contrast, growth in non-life premiums will be quite muted, reflecting the relative maturity of the market and a high degree of local competition. Premiums will grow by 0.8% a year on average through 2020 in USD terms, reaching USD828mn at the end of the period.
  • Economic sluggishness and disposable income remain key economic obstacles hindering the growth of the insurance sector in the country. Over the next decade, if the Bulgarian macroeconomic outlook turns robust, we expect a positive revision to take place with stronger growth in both insurance sectorsб particularly the life insurance segment.
BMI Industry View
  Table: Headline Insurance Forecasts (Bulgaria 2013-2020)
Industry Forecast
Life Premiums Forecast
  Table: Life Premiums (Bulgaria 2013-2020)
  Table: Life Insurance Claims (Bulgaria 2008-2015)
Non-Life Premiums Forecast
  Table: Non-Life Premiums (Bulgaria 2013-2020)
  Table: Non-Life Insurance Claims (Bulgaria 2009-2015)
Non-Life Sub-Sector Forecast
  Table: Non-Life Insurance Premiums by Product Line (Bulgaria 2013-2020)
Insurance Risk/Reward Index
Emerging Europe Risk/Reward Index
  Table: Emerging Europe Insurance Risk/Reward Index - Q216
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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