Life Insurance in Bulgaria, Key Trends and Opportunities to 2017

Published: Mar, 2014 | Pages: 228 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)


Synopsis
The report provides in-depth market analysis, information and insights into the Bulgarian life insurance segment, including:
The Bulgarian life insurance segment's growth prospects by life insurance categories 
Key trends and drivers for the life insurance segment 
The various distribution channels in the Bulgarian life insurance segment
The detailed competitive landscape in the life insurance segment in Bulgaria
Detailed regulatory framework of the Bulgarian insurance industry
A description of the life reinsurance segment in Bulgaria
Porter's Five Forces analysis of the life insurance segment 

Summary
The life segment is the second-largest in the Bulgarian insurance industry, accounting for 15.2% of its gross written premium in 2012. Life insurance penetration decreased from 0.4% in 2008 to 0.3% in 2012 and is expected to remain at 0.3% in 2017. The gross written premium registered by the segment is expected to increase at a CAGR of 3.0%. 
Scope
This report provides a comprehensive analysis of the life insurance segment in Bulgaria:
It provides historical values for the Bulgarian life insurance segment for the report's 2008-2012 review period and projected figures for the 2012-2017 forecast period.
It offers a detailed analysis of the key categories in the Bulgarian life insurance segment, along with market forecasts until 2017.
It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, frauds and crimes, total assets, total investment income and retentions.
It analyses the various distribution channels for life insurance products in Bulgaria.
Using Porter's industry-standard "Five Forces" analysis, it details the competitive landscape in Bulgaria for the life insurance business.
It provides a detailed analysis of the reinsurance segment in Bulgaria and its growth prospects.
It profiles the top life insurance companies in Bulgaria and outlines the key regulations affecting them. 
Reason To Buy
 Make strategic business decisions using in-depth historic and forecast market data related to the Bulgarian life insurance segment and each category within it
Understand the demand-side dynamics, key market trends and growth opportunities within the Bulgarian life insurance segment
Assess the competitive dynamics in the life insurance segment, along with the reinsurance segment
Identify the growth opportunities and market dynamics within key product categories
Gain insights into key regulations governing the Bulgarian insurance industry and its impact on companies and the market's future 
Key Highlights
 The life segment is the second-largest in the Bulgarian insurance industry, accounting for 15.2% of its gross written premium in 2012.
The tax rate is expected to make bank deposits less popular among Bulgarians and make some of them divert a proportion of their savings to life insurance products.
Bulgarian life insurers are heavily dependent upon agencies, which accounted for 47% of the total new business gross written premium collected in 2012.
The Bulgarian life insurance segment is concentrated, with the five leading life insurers together accounting for 67.4% of the segment's written premiums in 2012.
As of 2012, 16 companies had licenses to conduct life insurance business.

 1 Executive Summary
2 Introduction
2.1 What is this Report About?
2.2 Definitions
2.3 Methodology
3 Bulgarian Insurance Industry Attractiveness
3.1 Insurance Industry Size, 2008-2017
3.2 Key Industry Trends and Drivers
3.3 Challenges
3.4 Recent Market Developments
4 Life Insurance Outlook
4.1 Consumer Segmentation and Buying Behavior
4.2 Product and Marketing Strategies
4.3 Life Insurance Growth Prospects by Category
4.3.1 Individual life insurance
4.3.2 Individual general annuity insurance
4.3.3 Individual marriage and birth insurance
4.3.4 Individual unit-linked insurance
4.3.5 Individual supplementary insurance
4.4 Life Insurance Growth Prospects by Product Type
4.4.1 Individual single-premium policies
4.4.2 Individual non-single-premium policies
5 Alysis by Distribution Channel
5.1 Direct Marketing
5.2 Bancassurance
5.3 Agencies
5.4 E-Commerce
5.5 Brokers
5.6 Other Channels
6 Porter's Five Forces Alysis - Bulgarian Life Insurance
6.1 Bargaining Power of Supplier: Low
6.2 Bargaining Power of Buyer: High
6.3 Barriers to Entry: Low
6.4 Intensity of Rivalry: High
6.5 Threat of Substitutes: Medium
7 Reinsurance Segment Outlook
7.1 Reinsurance Segment Size, 2008-2017
7.2 Reinsurance Segment Size by Type of Insurance, 2008-2017
8 Governce, Risk and Compliance
8.1 Legislation Overview and Historical Evolution
8.2 Legislation Trends by Type of Insurance
8.2.1 Life insurance regulatory trends
8.2.2 Property insurance regulatory trends
8.2.3 Motor insurance regulatory trends
8.2.4 Liability insurance regulatory trends
8.2.5 Persol accident and health insurance regulatory trends
8.3 Compulsory Insurance
8.3.1 Third-party motor liability insurance
8.3.2 Compulsory persol accident insurance for passengers on public transport
8.3.3 Occupatiol accident insurance
8.4 Supervision and Control
8.4.1 Intertiol Association of Insurance Supervisors (IAIS)
8.4.2 European Insurance and Occupatiol Pensions Authority (EIOPA)
8.4.3 Fincial Supervision Commission
8.5 Non-Admitted Insurance Regulatory Trends
8.5.1 Overview
8.5.2 Intermediaries
8.5.3 Market practices
8.5.4 Fines and pelties
8.6 Company Registration and Operations
8.6.1 Types of insurance organization
8.6.2 Establishing a local company
8.6.3 Foreign ownership
8.6.4 Types of license
8.6.5 Capital requirements
8.6.6 Solvency margins
8.6.7 Reserve requirements
8.6.8 Investment regulations
8.6.9 Statutory return requirements
8.7 Taxation
8.7.1 Insurance premium or policy taxation
8.7.2 Corporate tax
8.7.3 VAT
8.7.4 Captives
8.8 Legal System
8.8.1 Introduction
8.8.2 Access to court
8.8.3 Altertive dispute resolution (ADR)
9 Competitive Landscape and Strategic Insights
9.1 Overview
9.2 Leading Companies in the Bulgarian Life Insurance Segment
9.3 Comparison of the Top Five Insurers
9.3.1 Gross written premium
9.3.2 Net earned premiums
9.3.3 Gross claims
9.3.4 Loss ratio
9.3.5 Assets
9.4 Allianz Bulgaria Life�Insurance Company Ltd. - Company Overview
9.4.1 Allianz Bulgaria Life�Insurance Company Ltd. - key facts
9.4.2 Allianz Bulgaria Life�Insurance Company Ltd. - key fincials
9.5 Bulstrad Life Vien Insurance Group - Company Overview
9.5.1 Bulstrad Life Vien Insurance Group - key facts
9.5.2 Bulstrad Life Vien Insurance Group - key fincials
9.6 DZI Life Insurance - Company Overview
9.6.1 DZI Life Insurance - key facts
9.6.2 DZI Life Insurance - key fincials
9.7 Uniqa Life - Company Overview
9.7.1 Uniqa Life - key facts
9.7.2 Uniqa Life - key fincials
9.8 UBB-Alico Life Insurance Company - Company Overview
9.8.1 UBB-Alico Life Insurance Company - key facts
9.8.2 UBB-Alico Life Insurance Company- key fincials
9.9 Grawe Bulgaria Life Insurance - Company Overview
9.9.1 Grawe Bulgaria Life Insurance - key facts
9.9.2 Grawe Bulgaria Life Insurance - key fincials
9.1 Alico Bulgaria Life Insurance Company - Company Overview
9.10.1 Alico Bulgaria Life Insurance Company - key facts
9.10.2 Alico Bulgaria Life Insurance Company - key fincials
9.11 Groupama Zhivotozastrahovane EAD - Company Overview
9.11.1 Groupama Zhivotozastrahovane EAD - key facts
9.11.2 Groupama Zhivotozastrahovane EAD - key fincials
9.12 Syvzk - Company Overview
9.12.1 Syvzk - key facts
9.12.2 Syvzk - key fincials
9.13 Generali Life Insurance AD - Company Overview
9.13.1 Generali Life Insurance AD - key facts
9.13.2 Generali Life Insurance AD - key fincials
10 Business Environment and Country Risk
10.1 Business Confidence
10.1.1 Market capitalization trend - Bulgarian Stock Exchange - Sofia
10.2 Economic Performance
10.2.1 GDP at constant prices (US$)
10.2.2 GDP per capita at constant prices (US$)
10.2.3 GDP at current prices (US$)
10.2.4 GDP per capita at current prices (US$)
10.2.5 GDP by key segments
10.2.6 Agriculture, hunting, forestry and fishing net output at current prices (US$)
10.2.7 Agriculture, hunting, forestry and fishing net output at current prices as a percentage of GDP
10.2.8 Manufacturing net output at current prices (US$)
10.2.9 Manufacturing net output at current prices as a percentage of GDP
10.2.10 Mining, manufacturing and utilities at current prices (US$)
10.2.11 Mining, manufacturing and utilities at current prices, as percentage of GDP
10.2.12 Construction net output at current prices, (US$)
10.2.13 Construction net output at current prices as a percentage of GDP
10.2.14 Inflation rate
10.2.15 Exports as a percentage of GDP
10.2.16 Imports as a percentage of GDP
10.2.17 Merchandise exports growth
10.2.18 Merchandise imports growth
10.2.19 Annual average exchange rate BGN-US$
10.3 Infrastructure
10.3.1 Commercial vehicles exports - total value
10.3.2 Commercial vehicles imports - total value
10.3.3 Automotive exports - total value
10.3.4 Automotive imports - total value
10.3.5 Total internet subscribers
10.4 Labor Force
10.4.1 Labor force
10.4.2 Unemployment rate
10.5 Demographics
10.5.1 Gross tiol disposable income (US$)
10.5.2 Household consumption expenditure (US$)
10.5.3 Total population
10.5.4 Urban and rural populations
10.5.5 Age distribution of the total population
11 Appendix
11.1 Methodology
11.2 Contact Timetric
11.3 About Timetric
11.4 Timetric's Services
11.5 Disclaimer


List of Tables
Table 1: Insurance Industry Definitions
Table 2: Bulgarian Insurance - Overall Written Premium by Segment (BGN Billion), 2008-2012
Table 3: Bulgarian Insurance - Overall Written Premium by Segment (US$ Billion), 2008-2012
Table 4: Bulgarian Insurance - Overall Written Premium by Segment (BGN Billion), 2012-2017
Table 5: Bulgarian Insurance - Overall Written Premium by Segment (US$ Billion), 2012-2017
Table 6: Bulgarian Insurance - Segmentation (Percentage Share), 2008-2017
Table 7: Bulgarian Life Insurance - Written Premium by Category (BGN Million), 2008-2012
Table 8: Bulgarian Life Insurance - Written Premium by Category (US$ Million), 2008-2012
Table 9: Bulgarian Life Insurance - Written Premium by Category (BGN Million), 2012-2017
Table 10: Bulgarian Life Insurance - Written Premium by Category (US$ Million), 2012-2017
Table 11: Bulgarian Life Insurance - Earned Premium (BGN Million), 2008-2012
Table 12: Bulgarian Life Insurance - Earned Premium (BGN Million), 2012-2017
Table 13: Bulgarian Life Insurance - Sum Assured (BGN Billion), 2008-2012
Table 14: Bulgarian Life Insurance - Sum Assured (BGN Billion), 2012-2017
Table 15: Bulgarian Life Insurance - Paid Claims (BGN Million), 2008-2012
Table 16: Bulgarian Life Insurance - Paid Claims (BGN Million), 2012-2017
Table 17: Bulgarian Life Insurance - Incurred Loss (BGN Million), 2008-2012
Table 18: Bulgarian Life Insurance - Incurred Loss (BGN Million), 2012-2017
Table 19: Bulgarian Life Insurance - Loss Ratio (%), 2008-2012
Table 20: Bulgarian Life Insurance - Loss Ratio (%), 2012-2017
Table 21: Bulgarian Life Insurance - Commissions and Expenses (BGN Million), 2008-2012
Table 22: Bulgarian Life Insurance - Commissions and Expenses (BGN Million), 2012-2017
Table 23: Bulgarian Life Insurance - Combined Ratio (%), 2008-2012
Table 24: Bulgarian Life Insurance - Combined Ratio (%), 2012-2017
Table 25: Bulgarian Life Insurance - Frauds and Crimes (BGN Million), 2008-2012
Table 26: Bulgarian Life Insurance - Frauds and Crimes (BGN Million), 2012-2017
Table 27: Bulgarian Life Insurance - Total Assets (BGN Million), 2008-2012
Table 28: Bulgarian Life Insurance - Total Assets (BGN Million), 2012-2017
Table 29: Bulgarian Life Insurance - Total Investment Income (BGN Million), 2008-2012
Table 30: Bulgarian Life Insurance - Total Investment Income (BGN Million), 2012-2017
Table 31: Bulgarian Life Insurance - Retentions (BGN Million), 2008-2012
Table 32: Bulgarian Life Insurance - Retentions (BGN Million), 2012-2017
Table 33: Bulgarian Individual Life Insurance - Number of Active Policies (Thousand), 2008-2012
Table 34: Bulgarian Individual Life Insurance - Number of Active Policies, 2012-2017
Table 35: Bulgarian Individual Life Insurance - Written Premium (BGN Million), 2008-2012
Table 36: Bulgarian Individual Life Insurance - Written Premium (BGN Million), 2012-2017
Table 37: Bulgarian Individual General Annuity Insurance - Number of Active Policies (Thousand), 2008-2012
Table 38: Bulgarian Individual General Annuity Insurance - Number of Active Policies (Thousand), 2012-2017
Table 39: Bulgarian Individual General Annuity Insurance - Written Premium (BGN Million), 2008-2012
Table 40: Bulgarian Individual General Annuity Insurance - Written Premium (BGN Million), 2012-2017
Table 41: Bulgarian Individual Marriage and Birth Insurance - Number of Active Policies (Thousand), 2008-2012
Table 42: Bulgarian Individual Marriage and Birth Insurance - Number of Active Policies (Thousand), 2012-2017
Table 43: Bulgarian Individual Marriage and Birth Insurance - Written Premium (BGN Million), 2008-2012
Table 44: Bulgarian Individual Marriage and Birth Insurance - Written Premium (BGN Million), 2012-2017
Table 45: Bulgarian Individual Unit-Linked Insurance - Number of Active Policies (Thousand), 2008-2012
Table 46: Bulgarian Individual Unit-Linked Insurance - Number of Active Policies (Thousand), 2012-2017
Table 47: Bulgarian Individual Unit-Linked Insurance - Written Premium (BGN Million), 2008-2012
Table 48: Bulgarian Individual Unit-Linked Insurance - Written Premium (BGN Million), 2012-2017
Table 49: Bulgarian Individual Supplementary Insurance - Number of Active Policies (Thousand), 2008-2012
Table 50: Bulgarian Individual Supplementary Insurance - Number of Active Policies (Thousand), 2012-2017
Table 51: Bulgarian Individual Supplementary Insurance - Written Premium (BGN Million), 2008-2012
Table 52: Bulgarian Individual Supplementary Insurance - Written Premium (BGN Million), 2012-2017
Table 53: Bulgarian Individual Single-Premium Insurance - Number of Active Policies (Thousand), 2008-2012
Table 54: Bulgarian Individual Single-Premium Insurance - Number of Active Policies (Thousand), 2012-2017
Table 55: Bulgarian Individual Single-Premium Insurance - Written Premium (BGN Million), 2008-2012
Table 56: Bulgarian Individual Single-Premium Insurance - Written Premium (BGN Million), 2012-2017
Table 57: Bulgarian Individual Non-Single-Premium Insurance - Number of Active Policies (Thousand), 2008-2012
Table 58: Bulgarian Individual Non-Single-Premium Insurance - Number of Active Policies (Thousand), 2012-2017
Table 59: Bulgarian Individual Non-Single-Premium Insurance - Written Premium (BGN Million), 2008-2012
Table 60: Bulgarian Individual Non-Single-Premium Insurance - Written Premium (BGN Million), 2012-2017
Table 61: Bulgarian Life Insurance - Direct Marketing Commission Paid (BGN Million), 2008-2012
Table 62: Bulgarian Life Insurance - Direct Marketing Commission Paid (BGN Million), 2012-2017
Table 63: Bulgarian Life Insurance - New Business Written Premium Through Direct Marketing (BGN Million), 2008-2012
Table 64: Bulgarian Life Insurance - New Business Written Premium Through Direct Marketing (BGN Million), 2012-2017
Table 65: Bulgarian Life Insurance - New Policies Sold Through Direct Marketing (Thousand), 2008-2012
Table 66: Bulgarian Life Insurance - New Policies Sold Through Direct Marketing (Thousand), 2012-2017
Table 67: Bulgarian Life Insurance - Number of Direct Marketing Distributors, 2008-2012
Table 68: Bulgarian Life Insurance - Number of Direct Marketing Distributors, 2012-2017
Table 69: Bulgarian Life Insurance - Bancassurance Commission Paid (BGN Million), 2008-2012
Table 70: Bulgarian Life Insurance - Bancassurance Commission Paid (BGN Million), 2012-2017
Table 71: Bulgarian Life Insurance - New Business Written Premium Through Bancassurance (BGN Million), 2008-2012
Table 72: Bulgarian Life Insurance - New Business Written Premium Through Bancassurance (BGN Million), 2012-2017
Table 73: Bulgarian Life Insurance - New Policies Sold Through Bancassurance (Thousand), 2008-2012
Table 74: Bulgarian Life Insurance - New Policies Sold Through Bancassurance (Thousand), 2012-2017
Table 75: Bulgarian Life Insurance - Number of Bancassurance Distributors, 2008-2012
Table 76: Bulgarian Life Insurance - Number of Bancassurance Distributors, 2012-2017
Table 77: Bulgarian Life Insurance - Commission Paid to Agencies (BGN Million), 2008-2012
Table 78: Bulgarian Life Insurance - Commission Paid to Agencies (BGN Million), 2012-2017
Table 79: Bulgarian Life Insurance - New Business Written Premium Through Agencies (BGN Million), 2008-2012
Table 80: Bulgarian Life Insurance - New Business Written Premium Through Agencies (BGN Million), 2012-2017
Table 81: Bulgarian Life Insurance - New Policies Sold Through Agencies (Thousand), 2008-2012
Table 82: Bulgarian Life Insurance - New Policies Sold Through Agencies (Thousand), 2012-2017
Table 83: Bulgarian Life Insurance - Number of Agencies, 2008-2012
Table 84: Bulgarian Life Insurance - Number of Agencies, 2012-2017
Table 85: Bulgarian Life Insurance - E-Commerce Commission Paid (BGN Million), 2008-2012
Table 86: Bulgarian Life Insurance - E-Commerce Commission Paid (BGN Million), 2012-2017
Table 87: Bulgarian Life Insurance - New Business Written Premium Through E-Commerce (BGN Million), 2008-2012
Table 88: Bulgarian Life Insurance - New Business Written Premium Through E-Commerce (BGN Million), 2012-2017
Table 89: Bulgarian Life Insurance - New Policies Sold Through E-Commerce (Thousand), 2008-2012
Table 90: Bulgarian Life Insurance - New Policies Sold Through E-Commerce (Thousand), 2012-2017
Table 91: Bulgarian Life Insurance - Number of E-Commerce Distributors, 2008-2012
Table 92: Bulgarian Life Insurance - Number of E-Commerce Distributors, 2012-2017
Table 93: Bulgarian Life Insurance - Commission Paid to Brokers (BGN Million), 2008-2012
Table 94: Bulgarian Life Insurance - Commission Paid to Brokers (BGN Million), 2012-2017
Table 95: Bulgarian Life Insurance - New Business Written Premium Through Brokers (BGN Million), 2008-2012
Table 96: Bulgarian Life Insurance - New Business Written Premium Through Brokers (BGN Million), 2012-2017
Table 97: Bulgarian Life Insurance - New Policies Sold Through Brokers (Thousand), 2008-2012
Table 98: Bulgarian Life Insurance - New Policies Sold Through Brokers (Thousand), 2012-2017
Table 99: Bulgarian Life Insurance - Number of Brokers, 2008-2012
Table 100: Bulgarian Life Insurance - Number of Brokers, 2012-2017
Table 101: Bulgarian Life Insurance - Commission Paid to Other Channels (BGN Million), 2008-2012
Table 102: Bulgarian Life Insurance - Commission Paid to Other Channels (BGN Million), 2012-2017
Table 103: Bulgarian Life Insurance - New Business Written Premium Through Other Channels (BGN Million), 2008-2012
Table 104: Bulgarian Life Insurance - New Business Written Premium Through Other Channels (BGN Million), 2012-2017
Table 105: Bulgarian Life Insurance - New Policies Sold Through Other Channels (Thousand), 2008-2012
Table 106: Bulgarian Life Insurance - New Policies Sold Through Other Channels (Thousand), 2012-2017
Table 107: Bulgarian Life Insurance - Number of Distributors in Other Channels, 2008-2012
Table 108: Bulgarian Life Insurance - Number of Distributors in Other Channels, 2012-2017
Table 109: Reinsurance in Bulgaria by Category (BGN Million), 2008-2012
Table 110: Reinsurance in Bulgaria by Category (US$ Million), 2008-2012
Table 111: Reinsurance in Bulgaria by Category (BGN Million), 2012-2017
Table 112: Reinsurance in Bulgaria by Category (US$ Million), 2012-2017
Table 113: Bulgarian Premium Ceded to Reinsurance by Type of Insurance (BGN Million), 2008-2012
Table 114: Bulgarian Premium Ceded to Reinsurance by Type of Insurance (US$ Million), 2008-2012
Table 115: Bulgarian Premium Ceded to Reinsurance by Type of Insurance (BGN Million), 2012-2017
Table 116: Bulgarian Premium Ceded to Reinsurance by Type of Insurance (US$ Million), 2012-2017
Table 117: Bulgarian Life Insurance - Percentage of Reinsurance Ceded (%), 2008-2012
Table 118: Bulgarian Life Insurance - Percentage of Reinsurance Ceded (%), 2012-2017
Table 119: Bulgaria - Corporate Tax Rates for the Financial Year 2013
Table 120: Companies in the Bulgarian Insurance Industry, 2008-2012
Table 121: Shares of Key Insurers in the Bulgarian Life Insurance Segment (%), 2012
Table 122: Allianz Bulgaria Life�Insurance Company Ltd., Key Facts
Table 123: Allianz Bulgaria Life�Insurance Company Ltd., Key Financials (BGN Million), 2008-2012
Table 124: Bulstrad Life Vienna Insurance Group, Key Facts
Table 125: Bulstrad Life Vienna Insurance Group, Key Financials (BGN Million), 2008-2012
Table 126: DZI Life Insurance, Key Facts
Table 127: DZI Life Insurance, Key Financials (BGN Million), 2008-2012
Table 128: Uniqa Life, Key Facts
Table 129: Uniqa Life, Key Financials (BGN Million), 2008-2012
Table 130: UBB-Alico Life Insurance Company, Key Facts
Table 131: UBB-Alico Life Insurance Company, Key Financials (BGN Million), 2008-2012
Table 132: Grawe Bulgaria Life Insurance, Key Facts
Table 133: Grawe Bulgaria Life Insurance, Key Financials (BGN Million), 2008-2012
Table 134: Alico Bulgaria Life Insurance Company, Key Facts
Table 135: Alico Bulgaria Life Insurance Company, Key Financials (BGN Million), 2008-2012
Table 136: Groupama Zhivotozastrahovane EAD, Key Facts
Table 137: Groupama Zhivotozastrahovane EAD, Key Financials (BGN Million), 2008-2012
Table 138: Syvzk, Key Facts
Table 139: Syvzk, Key Financials (BGN Million), 2008-2012
Table 140: Generali Life Insurance AD, Key Facts
Table 141: Generali Life Insurance AD, Key Financials (BGN Million), 2008-2012