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Non-Life Insurance in Bulgaria, Key Trends and Opportunities to 2020

  • Published Date: 30 Jun 2017
  • Number of Pages: 134
  • Category: Finance and Banking
  • Country: Bulgaria

Synopsis


Timetrics Non-Life Insurance in Bulgaria, Key Trends and Opportunities to 2020 report provides a detailed outlook by product category for the Bulgarian non-life insurance segment, and a comparison of the Bulgarian insurance industry with its regional counterparts.

It provides values for key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions during the review period (20112015) and forecast period (20152020).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Bulgarian economy and demographics, explains the various types of natural hazard and their impact on the Bulgarian insurance industry, and provides detailed information on the competitive landscape in the country.

The report brings together Timetrics research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

Summary


Timetrics Non-Life Insurance in Bulgaria, Key Trends and Opportunities to 2020 report provides in-depth market analysis, information and insights into the Bulgarian non-life insurance segment, including:

The Bulgarian non-life segments detailed outlook by product category

A comprehensive overview of the Bulgarian economy and demographics

A comparison of the Bulgarian non-life insurance segment with its regional counterparts

The various distribution channels in the Bulgarian non-life insurance segment

Detailed analysis of natural hazards and their impact on the Bulgarian insurance industry

Details of the competitive landscape in the non-life insurance segment in Bulgaria

Details of regulatory policy applicable to the Bulgarian insurance industry

Scope


This report provides a comprehensive analysis of the non-life insurance segment in Bulgaria:

It provides historical values for the Bulgarian non-life insurance segment for the reports 20112015 review period, and projected figures for the 20152020 forecast period.

It offers a detailed analysis of the key categories in the Bulgarian non-life insurance segment, and market forecasts to 2020.

It provides a comparison of the Bulgarian non-life insurance segment with its regional counterparts

It analyzes the various distribution channels for non-life insurance products in Bulgaria.

It analyzes various natural hazards and their impact on the Bulgarian insurance industry

It profiles the top non-life insurance companies in Bulgaria, and outlines the key regulations affecting them.

Reasons To Buy


Make strategic business decisions using in-depth historic and forecast market data related to the Bulgarian non-life insurance segment, and each category within it.

Understand the demand-side dynamics, key market trends and growth opportunities in the Bulgarian non-life insurance segment.

Assess the competitive dynamics in the non-life insurance segment.

Identify growth opportunities and market dynamics in key product categories.

Gain insights into key regulations governing the Bulgarian insurance industry, and their impact on companies and the industrys future.

Key Highlights


Motor insurance was the largest non-life insurance category, accounting for 74.2% of the segments gross written premium in 2015.

Standard property insurance in Bulgaria covers burglary, theft and natural hazards.

The Bulgarian non-life segment is highly concentrated, with the 10 leading companies accounting for 87.2% of the gross written premium in 2015.

Solvency II came into effect on January 1, 2016, and is expected to have a considerable effect on the Bulgarian insurance industry. It is a reform of risk-management and capital-adequacy requirements to ensure a more accurate allocation of capital to risk.
Publisher Name : Timetric

Table of Contents


1 Key Facts and Highlights
2 Executive Summary
3 Economy and Demographics
4 Segment Outlook
4.1 Regional Comparison
4.2 Segment Indicators
4.2.1 Gross written premium and penetration
4.2.2 Claims
4.2.3 Profitability
4.2.4 Assets and investments
5 Outlook by Category
5.1 Motor Insurance
5.1.1 Product overview
5.1.2 Premium
5.1.3 Claims
5.2 Property Insurance
5.2.1 Product overview
5.2.2 Premium
5.2.3 Claims
5.3 Marine, Aviation and Transit Insurance
5.3.1 Product overview
5.3.2 Premium
5.3.3 Claims
5.4 Liability Insurance
5.4.1 Product overview
5.4.2 Premium
5.4.3 Claims
6 Distribution Channel Outlook
6.1 Analysis by Distribution Channel
6.1.1 Brokers
6.1.2 Agencies
6.1.3 Direct marketing
6.1.4 Bancassurance
6.1.5 E-commerce
7 Natural and Man-made Hazards
7.1 Flooding
7.2 Storms
7.3 Earthquakes
7.4 Man Made Hazards
7.5 Exposure
8 Competitive Landscape
8.1 Company Profiles
8.1.1 Armeec Insurance JSC company overview
8.1.2 Bulstrad Vienna Insurance Group company overview
8.1.3 LEV INS AD Insurance Company company overview
8.1.4 Allianz Bulgaria company overview
8.1.5 DZI - General Insurance company overview
9 Governance, Risk and Compliance
9.1 Legislation Overview and Historical Evolution
9.2 Latest Changes in Regulation
9.3 Legislation and Market Practice by Type of Insurance
9.3.1 Life insurance
9.3.2 Property insurance
9.3.3 Motor insurance
9.3.4 Liability insurance
9.3.5 Marine, aviation and transit insurance
9.3.6 Personal accident and health insurance
9.4 Compulsory Insurance
9.4.1 Motor third-party liability insurance
9.4.2 Personal accident insurance for passengers on public transport
9.4.3 Workmens compensation
9.4.4 Air carriers and aircraft operators insurance
9.4.5 Professional indemnity insurance for alternative investment fund managers
9.4.6 Liability for ships with respect to oil pollution
9.4.7 Social insurance system
9.5 Supervision and Control
9.5.1 International Association of Insurance Supervisors
9.5.2 European Insurance and Occupational Pensions Authority
9.5.3 Financial Supervision Commission
9.5.4 Federation of European Risk Management Associations
9.6 Non-Admitted Insurance Regulation
9.6.1 Overview
9.6.2 Intermediaries
9.6.3 Market practices
9.6.4 Fines and Penalties
9.7 Company Registration and Operations
9.7.1 Type of insurance organization
9.7.2 Establishing a local company
9.7.3 Foreign ownership
9.7.4 Types of license
9.7.5 Capital requirements
9.7.6 Solvency margin
9.7.7 Reserve requirements
9.7.8 Investment regulations
9.7.9 Statutory return requirements
9.7.10 Fee structure
9.8 Taxation
9.8.1 Insurance premium or policy taxation
9.8.2 Withholding taxes on premium paid overseas
9.8.3 Corporate tax
9.8.4 VAT
9.8.5 Captives
9.9 Legal System
9.9.1 Introduction
9.9.2 Access to court
9.9.3 Alternative dispute resolution
10 Databook
10.1 Policies and Premium
10.2 Claims and Expenses
10.3 Assets and Investments
10.4 Direct Marketing and E-Commerce
10.5 Insurance Brokers and Agencies
10.6 Property Insurance
10.7 Property Insurance by Product
10.8 Motor Insurance
10.9 Motor Insurance by Product
10.1 Liability Insurance
10.11 Marine, Aviation and Transit Insurance
11 Definitions and Methodology
11.1 Definitions
11.2 Methodology
12 About Timetric
12.1 Contact Timetric
12.2 About Timetric
12.3 Timetrics Services
12.4 Disclaimer



List of Tables


Table 1: Bulgarian Non-Life Insurance Key Facts, 2015
Table 2: Bulgarian Non-Life Insurance Segment Shares (%) of the Top Insurers, 2015
Table 3: Bulgarian Government Credit Ratings
Table 4: Bulgarian Non-Life Insurance Gross Written Premium (BGN Million and US$ Million), 20112015
Table 5: Bulgarian Non-Life Insurance Penetration (%), 20112015
Table 6: Bulgarian Non-Life Insurance Gross Written Premium (BGN Million and US$ Million), 20152020
Table 7: Bulgarian Non-Life Insurance Penetration (%), 20152020
Table 8: Bulgarian Non-Life Insurance Premium per Capita (BGN and US$), 20112015
Table 9: Bulgarian Non-Life Insurance Premium per Capita (BGN and US$), 20152020
Table 10: Bulgarian Non-Life Insurance Paid Claims (BGN Million and US$ Million), 20112015
Table 11: Bulgarian Non-Life Insurance Paid Claims (BGN Million and US$ Million), 20152020
Table 12: Bulgarian Non-Life Insurance Profitability Ratio (%), 20112015
Table 13: Bulgarian Non-Life Insurance Profitability Ratio (%), 20152020
Table 14: Bulgarian Non-Life Insurance Total Assets (BGN Billion and US$ Billion), 20112015
Table 15: Bulgarian Non-Life Insurance Total Assets (BGN Billion and US$ Billion), 20152020
Table 16: Bulgarian Non-Life Insurance Total Investment Income (BGN Million and US$ Million), 20112015
Table 17: Bulgarian Non-Life Insurance Total Investment Income (BGN Million and US$ Million), 20152020
Table 18: Bulgarian Non-Life Insurance Investment Portfolio (BGN Million), 20112015
Table 19: Bulgarian Non-Life Insurance Investment Portfolio (BGN Million), 20152020
Table 20: Bulgarian Non-Life Insurance Direct Written Premium by Category (BGN Million), 20112015
Table 21: Bulgarian Non-Life Insurance Direct Written Premium by Category (BGN Million), 20152020
Table 22: Bulgarian Motor Insurance Number of Registered Vehicles by Type (Thousand), 20112016
Table 23: Bulgaria Motor Insurance Direct Written Premium by Sub-Category (BGN Million), 20112015
Table 24: Bulgaria Motor Insurance Direct Written Premium by Sub-Category (BGN Million), 20152020
Table 25: Bulgaria Motor Insurance Paid Claims (BGN Million and US$ Million), 20112015
Table 26: Bulgaria Motor Insurance Paid Claims (BGN Million and US$ Million), 20152020
Table 27: Bulgaria Property Insurance Direct Written Premium by Sub-Category (BGN Million), 20112015
Table 28: Bulgaria Property Insurance Direct Written Premium by Sub-Category (BGN Million), 20152020
Table 29: Bulgaria Property Insurance Paid Claims (BGN Million and US$ Million), 20112015
Table 30: Bulgaria Property Insurance Paid Claims (BGN Million and US$ Million), 20152020
Table 31: Bulgarian Transport Network Global Rankings
Table 32: Bulgarian Aviation Insurance Passenger Traffic (Million), 20112015
Table 33: Bulgaria Marine, Aviation and Transit Insurance Direct Written Premium by Sub-Category (BGN Million), 20112015
Table 34: Bulgaria Marine, Aviation and Transit Insurance Direct Written Premium by Sub-Category (BGN Million), 20152020
Table 35: Bulgaria Marine, Aviation and Transit Insurance Paid Claims (BGN Million and US$ Million), 20112015
Table 36: Bulgaria Marine, Aviation and Transit Insurance Paid Claims (BGN Million and US$ Million), 20152020
Table 37: Bulgaria Liability Insurance Direct Written Premium by Sub-Category (BGN Million), 20112015
Table 38: Bulgaria Liability Insurance Direct Written Premium by Sub-Category (BGN Million), 20152020
Table 39: Bulgaria Liability Insurance Paid Claims (BGN Million and US$ Million), 20112015
Table 40: Bulgaria Liability Insurance Paid Claims (BGN Million and US$ Million), 20152020
Table 41: Bulgaria Non-Life Insurance Direct Written Premium by Distribution Channel (BGN Million), 20112015
Table 42: Bulgaria Non-Life Insurance Direct Written Premium by Distribution Channel (BGN Million), 20152020
Table 43: Bulgaria Non-Life Insurance Percentage of Direct Written Premium, by Distribution Channel, 20112020
Table 44: Bulgaria Average Annual Loss by Hazard, 19902014
Table 45: Bulgaria Non-Life Segment Market Shares of Leading Insurers (%), 2015
Table 46: Armeec Insurance JSC Key Facts
Table 47: Armeec Insurance JSC Key Financials (BGN Million), 20112015
Table 48: Bulstrad Vienna Insurance Group Key Facts
Table 49: Bulstrad Vienna Insurance Group Key Financials (BGN Million), 20112015
Table 50: LEV INS AD Insurance Company Key Facts
Table 51: LEV INS AD Insurance Company Key Financials (BGN Million), 20112015
Table 52: Allianz Bulgaria Key Facts
Table 53: Allianz Bulgaria Key Financials (BGN Million), 20112015
Table 54: DZI - General Insurance Key Facts
Table 55: DZI - General Insurance Key Financials (BGN Million), 20112015
Table 56: Bulgaria Insurance Regulatory Framework Key Features
Table 57: Bulgaria Life Insurance Regulatory Framework
Table 58: Bulgaria Property Insurance Regulatory Framework
Table 59: Bulgaria Motor Insurance Regulatory Framework
Table 60: Bulgaria Liability Insurance Regulatory Framework
Table 61: Bulgaria Minimum Cover for Aircraft Third-Party Liability per Accident per Aircraft
Table 62: Bulgaria Corporate Tax Rates for the Financial Year 2016
Table 63: Bulgarian Insurance Industry Policies and Premium, 20112015
Table 64: Bulgarian Insurance Industry Policies and Premium, 20152020
Table 65: Bulgarian Non-Life Insurance Claims and Expenses, 20112015
Table 66: Bulgarian Non-Life Insurance Claims and Expenses, 20152020
Table 67: Bulgarian Non-Life Insurance Assets and Investments, 20112015
Table 68: Bulgarian Non-Life Insurance Assets and Investments, 20152020
Table 69: Bulgarian Non-Life Insurance Direct Marketing and E-Commerce, 20112015
Table 70: Bulgarian Non-Life Insurance Direct Marketing and E-Commerce, 20152020
Table 71: Bulgarian Non-Life Insurance Insurance Brokers and Agencies, 20112015
Table 72: Bulgarian Non-Life Insurance Insurance Brokers and Agencies, 20152020
Table 73: Bulgarian Non-Life Insurance Property Insurance, 20112015
Table 74: Bulgarian Non-Life Insurance Property Insurance, 20152020
Table 75: Bulgarian Non-Life Insurance Property Insurance by Product, 20112015
Table 76: Bulgarian Non-Life Insurance Property Insurance by Product, 20152020
Table 77: Bulgarian Non-Life Insurance Motor Insurance, 20112015
Table 78: Bulgarian Non-Life Insurance Motor Insurance, 20152020
Table 79: Bulgarian Non-Life Insurance Motor Insurance by Product, 20112015
Table 80: Bulgarian Non-Life Insurance Motor Insurance by Product, 20152020
Table 81: Bulgarian Non-Life Insurance Liability Insurance, 20112015
Table 82: Bulgarian Non-Life Insurance Liability Insurance, 20152020
Table 83: Bulgarian Non-Life Insurance Marine, Aviation and Transit Insurance, 20112015
Table 84: Bulgarian Non-Life Insurance Marine, Aviation and Transit Insurance, 20152020
Table 85: Insurance Industry Definitions


List of Figures


Figure 1: Bulgarian Real GDP (BGN Billion), 20112020
Figure 2: Bulgarian BGNUS$ Exchange Rate, 20112020
Figure 3: Bulgarian Consumer Price Inflation (%), 20112020
Figure 4: Bulgarian Current Account Balance as Percentage of GDP (%), 20112020
Figure 5: Bulgarian Unemployment Rate, 20112020
Figure 6: Bulgarian Population by Age Group, 19902025
Figure 7: Bulgarian Non-Life Insurance Penetration Regional Comparison (%), 2015
Figure 8: Bulgarian Insurance Segment Direct Written Premium Shares Regional Comparison (%), 2015
Figure 9: Bulgarian Non-Life Insurance Gross Written Premium (BGN Million), 20112020
Figure 10: Bulgarian Non-Life Insurance Penetration (%), 20112020
Figure 11: Bulgarian Non-Life Insurance Premium per Capita (BGN), 20112020
Figure 12: Bulgarian Non-Life Insurance Paid Claims (BGN Million), 20112020
Figure 13: Bulgarian Non-Life Insurance Profitability Ratio (%), 20112020
Figure 14: Bulgarian Non-Life Insurance Total Assets (BGN Billion), 20112020
Figure 15: Bulgarian Non-Life Insurance Total Investment Income (BGN Million), 20112020
Figure 16: Bulgarian Non-Life Insurance Investment Portfolio (BGN Million), 20112020
Figure 17: Bulgarian Non-Life Insurance Investment Portfolio Dynamics by Category, 20112020
Figure 18: Bulgarian Non-Life Insurance Direct Written Premium by Category (BGN Million), 20112020
Figure 19: Bulgarian Non-Life Insurance Direct Written Premium Dynamics by Category, 20112020
Figure 20: Bulgarian Motor Insurance Number of Registered Vehicles by Type (%), 2014 and 2015
Figure 21: Bulgaria Motor Insurance Direct Written Premium by Sub-Category (BGN Million), 20112020
Figure 22: Bulgaria Motor Insurance Direct Written Premium Dynamics by Sub-Category, 20112020
Figure 23: Bulgaria Motor Insurance Paid Claims (BGN Billion), 20112020
Figure 24: Bulgarian Property Insurance Construction Value Output by Category (BGN Billion), 20112020
Figure 25: Bulgaria Property Insurance Direct Written Premium by Sub-Category (BGN Million), 20112020
Figure 26: Bulgaria Property Insurance Direct Written Premium Dynamics by Sub-Category, 20112020
Figure 27: Bulgaria Property Insurance Paid Claims (BGN Million), 20112020
Figure 28: Bulgarian Import-Export of Goods (BGN Billion), 20112015
Figure 29: Bulgaria Transit Insurance Freight Carried by Aircraft (Thousands Tons) 20112015
Figure 30: Bulgaria Marine, Aviation and Transit Insurance Direct Written Premium (BGN Million), 20112020
Figure 31: Bulgaria Marine, Aviation and Transit Insurance Paid Claims (BGN Million), 20112020
Figure 32: Bulgaria Liability Insurance Direct Written Premium (BGN Million), 20112020
Figure 33: Bulgaria Liability Insurance Paid Claims (BGN Million), 20112020
Figure 34: Bulgaria Non-Life Insurance Direct Written Premium by Distribution Channel (%), 2011, 2015 and 2020
Figure 35: Bulgaria Frequency of Hazards by Type, 19902014
Figure 36: Bulgarian Mortality by Hazards Type, 19902014
Figure 37: Bulgaria Economic Loss by Hazards Type, 19902014
Figure 38: Bulgaria Non-Life Segment Market Shares of Leading Insurers (%), 2015
Figure 39: Bulgaria The Three Pillars of Solvency II
Figure 40: Bulgaria Insurance Supervision and Control at Various Levels
Figure 41: Bulgaria Insurance Regulatory Frameworks for Company Registration and Operation


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