Non-Life Insurance in Bulgaria, Key Trends and Opportunities to 2021

Published: Oct, 2017 | Pages: 135 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)

Synopsis

Timetric's 'Non-Life Insurance in Bulgaria, Key Trends and Opportunities to 2021' 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 and total investment income during the review period (2012-2016) and forecast period (2016-2021).

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 Timetric's 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

Timetric's 'Non-Life Insurance in Bulgaria, Key Trends and Opportunities to 2021' report provides in-depth market analysis, information and insights into the Bulgarian non-life insurance segment, including:

• The Bulgarian non-life segment's 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 report's 2012-2016 review period, and projected figures for the 2016-2021 forecast period.

• It offers a detailed analysis of the key categories in the Bulgarian non-life insurance segment, and market forecasts to 2021.

• 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 industry's future.

Key Highlights

• On February 16, 2017, the European Insurance and Occupational Pensions Authority (EIOPA) published a decision regarding the collaboration of insurance regulatory authorities from all European Union (EU) member states, in accordance with the requirements stipulated in the Solvency II directive.

• On February 2, 2017, the European Parliament and Council published the new Insurance Distribution Directive 2016/97 in the official journal of the EU. 

• In April 2016, the European Council concluded the regulation of EU data protection reforms, applicable from May 24, 2018.

• Solvency II came into effect on January 1, 2016, and is expected to have a considerable effect on the Bulgarian insurance industry. 

• In June 2016, CertAsig launched bond insurance in Bulgaria, which will cover the non-contractual risk between companies and project beneficiaries.

 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 Property Insurance
5.1.1 Product overview
5.1.2 Premium
5.1.3 Claims
5.2 Motor Insurance
5.2.1 Product overview
5.2.2 Premium
5.2.3 Claims
5.3 Liability Insurance
5.3.1 Product overview
5.3.2 Premium
5.3.3 Claims
5.4 Marine, Aviation and Transit 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 LEV INS AD Insurance Company - company overview
8.1.3 Bulstrad Vienna Insurance Group - 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 Workmen's 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 Timetric's Services
12.4 Disclaimer

List of Tables

Table 1: Bulgarian Non-Life Insurance - Key Facts, 2016
Table 2: Bulgarian Non-Life Insurance - Segment Shares of the Top Insurers, 2016
Table 3: Bulgarian Government Credit Ratings
Table 4: Bulgarian Non-Life Insurance - Gross Written Premium (BGN Billion and US$ Billion), 2012-2016
Table 5: Bulgarian Non-Life Insurance - Penetration (%), 2012-2016
Table 6: Bulgarian Non-Life Insurance - Gross Written Premium (BGN Billion and US$ Million), 2016-2021
Table 7: Bulgarian Non-Life Insurance - Penetration (%), 2016-2021
Table 8: Bulgarian Non-Life Insurance - Premium per Capita (BGN and US$), 2012-2016
Table 9: Bulgarian Non-Life Insurance - Premium per Capita (BGN and US$), 2016-2021
Table 10: Bulgarian Non-Life Insurance - Paid Claims (BGN Million and US$ Million), 2012-2016
Table 11: Bulgarian Non-Life Insurance - Paid Claims (BGN Million and US$ Million), 2016-2021
Table 12: Bulgarian Non-Life Insurance - Profitability Ratio (%), 2012-2016
Table 13: Bulgarian Non-Life Insurance - Profitability Ratio (%), 2016-2021
Table 14: Bulgarian Non-Life Insurance - Total Assets (BGN Billion and US$ Billion), 2012-2016
Table 15: Bulgarian Non-Life Insurance - Total Assets (BGN Billion and US$ Billion), 2016-2021
Table 16: Bulgarian Non-Life Insurance - Total Investment Income (BGN Million and US$ Million), 2012-2016
Table 17: Bulgarian Non-Life Insurance - Total Investment Income (BGN Million and US$ Million), 2016-2021
Table 18: Bulgarian Non-Life Insurance - Investment Portfolio (BGN Million), 2012-2016
Table 19: Bulgarian Non-Life Insurance - Investment Portfolio (BGN Million), 2016-2021
Table 20: Bulgarian Non-Life Insurance - Direct Written Premium by Category (BGN Million), 2012-2016
Table 21: Bulgarian Non-Life Insurance - Direct Written Premium by Category (BGN Million), 2016-2021
Table 22: Bulgarian Property Insurance - Direct Written Premium by Sub-Category (BGN Million), 2012-2016
Table 23: Bulgarian Property Insurance - Direct Written Premium by Sub-Category (BGN Million), 2016-2021
Table 24: Bulgarian Property Insurance - Paid Claims (BGN Million and US$ Million), 2012-2016
Table 25: Bulgarian Property Insurance - Paid Claims (BGN Million and US$ Million), 2016-2021
Table 26: Bulgarian Motor Insurance - Number of Registered Vehicles by Type (Thousand), 2011-2016
Table 27: Bulgarian Motor Insurance - Direct Written Premium by Sub-Category (BGN Million), 2012-2016
Table 28: Bulgarian Motor Insurance - Direct Written Premium by Sub-Category (BGN Million), 2016-2021
Table 29: Bulgarian Motor Insurance - Paid Claims (BGN Million and US$ Million), 2012-2016
Table 30: Bulgarian Motor Insurance - Paid Claims (BGN Million and US$ Million), 2016-2021
Table 31: Bulgarian Liability Insurance - Direct Written Premium (BGN Million and US$ Million), 2012-2016
Table 32: Bulgarian Liability Insurance - Direct Written Premium (BGN Million and US$ Million), 2016-2021
Table 33: Bulgarian Liability Insurance - Paid Claims (BGN Million and US$ Million), 2012-2016
Table 34: Bulgarian Liability Insurance - Paid Claims (BGN Million and US$ Million), 2016-2021
Table 35: Bulgarian Transport Network - Global Rankings
Table 36: Bulgarian Aviation Insurance - Passenger Traffic (Million), 2011-2015
Table 37: Bulgarian Marine, Aviation and Transit Insurance - Direct Written Premium (BGN Million and US$ Million), 2012-2016
Table 38: Bulgarian Marine, Aviation and Transit Insurance - Direct Written Premium (BGN Million and US$ Million), 2016-2021
Table 39: Bulgarian Marine, Aviation and Transit Insurance - Paid Claims (BGN Million and US$ Million), 2012-2016
Table 40: Bulgarian Marine, Aviation and Transit Insurance - Paid Claims (BGN Million and US$ Million), 2016-2021
Table 41: Bulgarian Non-Life Insurance - Direct Written Premium by Distribution Channel (BGN Million), 2012-2016
Table 42: Bulgarian Non-Life Insurance - Direct Written Premium by Distribution Channel (BGN Million), 2016-2021
Table 43: Bulgarian Non-Life Insurance - Percentage of Direct Written Premium by Channel, 2012-2021
Table 44: Bulgaria Average Annual Loss by Hazard, 1990-2014
Table 45: Bulgarian Non-Life Insurance - Segment Shares of Leading Insurers (%), 2016
Table 46: Armeec Insurance JSC - Key Facts
Table 47: Armeec Insurance JSC - Key Financials (BGN Million), 2012-2016
Table 48: LEV INS AD Insurance Company - Key Facts
Table 49: LEV INS AD - Key Financials (BGN Million), 2012-2016
Table 50: Bulstrad Vienna Insurance Group - Key Facts
Table 51: Bulstrad Vienna Insurance Group - Key Financials (BGN Million), 2012-2016
Table 52: Allianz Bulgaria - Key Facts
Table 53: Allianz Bulgaria - Key Financials (BGN Million), 2012-2016
Table 54: DZI - General Insurance - Key Facts
Table 55: DZI - General Insurance - Key Financials (US$ Million), 2012-2016
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 2017
Table 63: Bulgarian Insurance Industry - Policies and Premium, 2012-2016
Table 64: Bulgarian Insurance Industry - Policies and Premium, 2016-2021
Table 65: Bulgarian Non-Life Insurance - Claims and Expenses, 2012-2016
Table 66: Bulgarian Non-Life Insurance - Claims and Expenses, 2016-2021
Table 67: Bulgarian Non-Life Insurance - Assets and Investments, 2012-2016
Table 68: Bulgarian Non-Life Insurance - Assets and Investments, 2016-2021
Table 69: Bulgarian Non-Life Insurance - Direct Marketing and E-Commerce, 2012-2016
Table 70: Bulgarian Non-Life Insurance - Direct Marketing and E-Commerce, 2016-2021
Table 71: Bulgarian Non-Life Insurance - Insurance Brokers and Agencies, 2012-2016
Table 72: Bulgarian Non-Life Insurance - Insurance Brokers and Agencies, 2016-2021
Table 73: Bulgarian Non-Life Insurance - Property Insurance, 2012-2016
Table 74: Bulgarian Non-Life Insurance - Property Insurance, 2016-2021
Table 75: Bulgarian Non-Life Insurance - Property Insurance by Product, 2012-2016
Table 76: Bulgarian Non-Life Insurance - Property Insurance by Product, 2016-2021
Table 77: Bulgarian Non-Life Insurance - Motor Insurance, 2012-2016
Table 78: Bulgarian Non-Life Insurance - Motor Insurance, 2016-2021
Table 79: Bulgarian Non-Life Insurance - Motor Insurance by Product, 2012-2016
Table 80: Bulgarian Non-Life Insurance - Motor Insurance by Product, 2016-2021
Table 81: Bulgarian Non-Life Insurance - Liability Insurance, 2012-2016
Table 82: Bulgarian Non-Life Insurance - Liability Insurance, 2016-2021
Table 83: Bulgarian Non-Life Insurance - Marine, Aviation and Transit Insurance, 2012-2016
Table 84: Bulgarian Non-Life Insurance - Marine, Aviation and Transit Insurance, 2016-2021
Table 85: Insurance Industry Definitions