Personal Accident and Health Insurance in Bulgaria, Key Trends and Opportunities to 2017

Published: Mar, 2014 | Pages: 221 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)


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

Summary
The personal accident and health segment accounted for 3.9% of the industry's gross written premium in 2012, the lowest share of all the insurance segments. Voluntary health insurance is overshadowed by the free public healthcare system, funded and administered by the NHIF. Bulgarians, whether employed, self-employed or unemployed, have to contribute a certain proportion of their monthly income to the fund. Some of the categories of individuals to whom compulsory health insurance under the NHIF is applicable are Bulgarian citizens, Bulgarian citizens who are also citizens of another country and who are permanently resident in Bulgaria, and foreign citizens or individuals lacking citizenship who have been permitted long-term stays in Bulgaria, provided it does not violate international agreements to which Bulgaria is a party.  
Scope
This report provides a comprehensive analysis of the personal accident and health insurance segment in Bulgaria:
It provides historical values for the Bulgarian personal accident and health 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 sub-segments in Bulgarian personal accident and health 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 personal accident and health insurance products in Bulgaria.
Using Porter's industry-standard "Five Forces" analysis, it details the competitive landscape in Bulgaria for the personal accident and health insurance segment.
It provides a detailed analysis of the reinsurance segment in Bulgaria and its growth prospects.
It profiles the top personal accident and health 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 personal accident and health insurance segment and each category within it
Understand the demand-side dynamics, key market trends and growth opportunities within the Bulgarian personal accident and health insurance segment
Assess the competitive dynamics in the personal accident and health 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 personal accident and health segment accounted for 3.9% of the industry's gross written premium in 2012, the lowest share of all the insurance segments.
Bulgarian travel insurers expect gradual growth in business over the forecast period.
Agencies accounted for 37.5% of the segment's new business gross written premium generated in 2012.
The health insurance system in Bulgaria is two-tier; it comprises mandatory health insurance provided by the NHIF and discretionary health insurance provided by insurers.
The segment is highly concentrated; the 10 leading insurers collectively accounted for 81.4% of the segment's written premiums in 2012.

 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 Persol Accident and Health Insurance Segment Outlook
4.1 Consumer Segmentation and Buying Behavior
4.2 Product and Marketing Strategies
4.3 Persol Accident and Health Insurance Growth Prospects by Category
4.3.1 Persol accident insurance
4.3.2 Travel insurance
4.3.3 Health insurance
4.3.4 Non-life health insurance
4.3.5 Life health insurance
5 Alysis by Distribution Channels
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 Persol Accident and Health Insurance
6.1 Bargaining Power of Suppliers: Low
6.2 Bargaining Power of Buyers: Medium to High
6.3 Barriers to Entry: Low
6.4 Intensity of Rivalry: Low
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 Persol Accident and Health Insurance Segment
9.3 DZI General Insurance Plc - Company Overview
9.3.1 DZI General Insurance Plc - key facts
9.4 Uniqa Insurance Plc - Company Overview
9.4.1 Uniqa Insurance Plc - key facts
9.5 Armeec Insurance JSC - Company Overview
9.5.1 Armeec Insurance JSC - key facts
9.6 Bulstrad Vien Insurance Group - Company Overview
9.6.1 Bulstrad Vien Insurance Group - key facts
9.7 Allianz Bulgaria Holding AD - Company Overview
9.7.1 Allianz Bulgaria Holding AD - key facts
9.8 UBB-Alico Life Insurance Company - Company Overview
9.8.1 UBB-Alico Life Insurance Company - key facts
9.9 Victoria Insurance Company Plc - Company Overview
9.9.1 Victoria Insurance Company Plc - key facts
9.1 OZK Insurance - Company Overview
9.10.1 OZK Insurance - key facts
9.11 Generali Life Insurance AD - Company Overview
9.11.1 Generali Life Insurance AD - key facts
9.12 Euroins Insurance Plc Bulgaria - Company Overview
9.12.1 Euroins Insurance Plc Bulgaria - key facts
10 Business Environment and Country Risk
10.1 Business Confidence
10.1.1 Market capitalization trend - Bulgarian Stock Exchange - Sofia, Bulgaria
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 Persol Accident and Health Insurance - Written Premium by Category (BGN Million), 2008-2012
Table 8: Bulgarian Persol Accident and Health Insurance - Written Premium by Category (US$ Million), 2008-2012
Table 9: Bulgarian Persol Accident and Health Insurance - Written Premium by Category (BGN Million), 2012-2017
Table 10: Bulgarian Persol Accident and Health Insurance - Written Premium by Category (US$ Million), 2012-2017
Table 11: Bulgarian Persol Accident and Health Insurance - Earned Premium (BGN Million), 2008-2012
Table 12: Bulgarian Persol Accident and Health Insurance - Earned Premium (BGN Million), 2012-2017
Table 13: Bulgarian Persol Accident and Health Insurance - Paid Claims by Category (BGN Million), 2008-2012
Table 14: Bulgarian Persol Accident and Health Insurance - Paid Claims by Category (US$ Million), 2008-2012
Table 15: Bulgarian Persol Accident and Health Insurance - Paid Claims by Category (BGN Million), 2012-2017
Table 16: Bulgarian Persol Accident and Health Insurance - Paid Claims by Category (US$ Million), 2012-2017
Table 17: Bulgarian Persol Accident and Health Insurance - Incurred Loss by Category (BGN Million), 2008-2012
Table 18: Bulgarian Persol Accident and Health Insurance - Incurred Loss by Category (US$ Million), 2008-2012
Table 19: Bulgarian Persol Accident and Health Insurance - Incurred Loss by Category (BGN Million), 2012-2017
Table 20: Bulgarian Persol Accident and Health Insurance - Incurred Loss by Category (US$ Million), 2012-2017
Table 21: Bulgarian Persol Accident and Health Insurance - Loss Ratio (%), 2008-2012
Table 22: Bulgarian Persol Accident and Health Insurance - Loss Ratio (%), 2012-2017
Table 23: Bulgarian Persol Accident and Health Insurance - Commissions and Expenses (BGN Million), 2008-2012
Table 24: Bulgarian Persol Accident and Health Insurance - Commissions and Expenses (BGN Million), 2012-2017
Table 25: Bulgarian Persol Accident and Health Insurance - Combined Ratio (%), 2008-2012
Table 26: Bulgarian Persol Accident and Health Insurance - Combined Ratio (%), 2012-2017
Table 27: Bulgarian Persol Accident and Health Insurance - Fraud and Crimes (BGN Million), 2008-2012
Table 28: Bulgarian Persol Accident and Health Insurance - Fraud and Crimes (BGN Million), 2012-2017
Table 29: Bulgarian Persol Accident and Health Insurance - Total Assets (BGN Million), 2008-2012
Table 30: Bulgarian Persol Accident and Health Insurance - Total Assets (BGN Million), 2012-2017
Table 31: Bulgarian Persol Accident and Health Insurance - Total Investment Income (BGN Million), 2008-2012
Table 32: Bulgarian Persol Accident and Health Insurance - Total Investment Income (BGN Million), 2012-2017
Table 33: Bulgarian Persol Accident and Health Insurance - Retentions (BGN Million), 2008-2012
Table 34: Bulgarian Persol Accident and Health Insurance - Retentions (BGN Million), 2012-2017
Table 35: Bulgarian Persol Accident Insurance - Number of Policies Sold (Thousand), 2008-2012
Table 36: Bulgarian Persol Accident Insurance - Number of Policies Sold (Thousand), 2012-2017
Table 37: Bulgarian Persol Accident Insurance - Written Premium (BGN Million), 2008-2012
Table 38: Bulgarian Persol Accident Insurance - Written Premium (BGN Million), 2012-2017
Table 39: Bulgarian Persol Accident Insurance - Loss Ratio (%), 2008-2012
Table 40: Bulgarian Persol Accident Insurance - Loss Ratio (%), 2012-2017
Table 41: Bulgarian Travel Insurance - Number of Policies Sold (Thousand), 2008-2012
Table 42: Bulgarian Travel Insurance - Number of Policies Sold (Thousand), 2012-2017
Table 43: Bulgarian Travel Insurance - Written Premium (BGN Million), 2008-2012
Table 44: Bulgarian Travel Insurance - Written Premium (BGN Million), 2012-2017
Table 45: Bulgarian Travel Insurance - Loss Ratio (%), 2008-2012
Table 46: Bulgarian Travel Insurance - Loss Ratio (%), 2012-2017
Table 47: Bulgarian Health Insurance - Written Premium by Sub-Category (BGN Million), 2008-2012
Table 48: Bulgarian Health Insurance - Written Premium by Sub-Category (US$ Million), 2008-2012
Table 49: Bulgarian Health Insurance - Written Premium by Sub-Category (BGN Million), 2012-2017
Table 50: Bulgarian Health Insurance - Written Premium by Sub-Category (US$ Million), 2012-2017
Table 51: Bulgarian Non-Life Health Insurance - Number of Policies Sold (Thousand), 2008-2012
Table 52: Bulgarian Non-Life Health Insurance - Number of Policies Sold (Thousand), 2012-2017
Table 53: Bulgarian Non-Life Health Insurance - Written Premium (BGN Million), 2008-2012
Table 54: Bulgarian Non-Life Health Insurance - Written Premium (BGN Million), 2012-2017
Table 55: Bulgarian Non-Life Health Insurance - Loss Ratio (%), 2008-2012
Table 56: Bulgarian Non-Life Health Insurance - Loss Ratio (%), 2012-2017
Table 57: Bulgarian Life Health Insurance - Number of Policies Sold (Thousand), 2008-2012
Table 58: Bulgarian Life Health Insurance - Number of Policies Sold (Thousand), 2012-2017
Table 59: Bulgarian Life Health Insurance - Written Premium (BGN Million), 2008-2012
Table 60: Bulgarian Life Health Insurance - Written Premium (BGN Million), 2012-2017
Table 61: Bulgarian Life Health Insurance - Loss Ratio (%), 2008-2012
Table 62: Bulgarian Life Health Insurance - Loss Ratio (%), 2012-2017
Table 63: Bulgarian Persol Accident and Health Insurance - Direct Marketing Commission Paid (BGN Million), 2008-2012
Table 64: Bulgarian Persol Accident and Health Insurance - Direct Marketing Commission Paid (BGN Million), 2012-2017
Table 65: Bulgarian Persol Accident and Health Insurance - Written Premium Through Direct Marketing (BGN Million), 2008-2012
Table 66: Bulgarian Persol Accident and Health Insurance - Written Premium Through Direct Marketing (BGN Million), 2012-2017
Table 67: Bulgarian Persol Accident and Health Insurance - Policies Sold Through Direct Marketing (Thousand), 2008-2012
Table 68: Bulgarian Persol Accident and Health Insurance - Policies Sold Through Direct Marketing (Thousand), 2012-2017
Table 69: Bulgarian Persol Accident and Health Insurance - Number of Direct Marketing Distributors, 2008-2012
Table 70: Bulgarian Persol Accident and Health Insurance - Number of Direct Marketing Distributors, 2012-2017
Table 71: Bulgarian Persol Accident and Health Insurance - Bancassurance Commission Paid (BGN Million), 2008-2012
Table 72: Bulgarian Persol Accident and Health Insurance - Bancassurance Commission Paid (BGN Million), 2012-2017
Table 73: Bulgarian Persol Accident and Health Insurance - Written Premium Through Bancassurance (BGN Million), 2008-2012
Table 74: Bulgarian Persol Accident and Health Insurance - Written Premium Through Bancassurance (BGN Million), 2012-2017
Table 75: Bulgarian Persol Accident and Health Insurance - Policies Sold Through Bancassurance (Thousand), 2008-2012
Table 76: Bulgarian Persol Accident and Health Insurance - Policies Sold Through Bancassurance (Thousand), 2012-2017
Table 77: Bulgarian Persol Accident and Health Insurance - Number of Bancassurance Distributors, 2008-2012
Table 78: Bulgarian Persol Accident and Health Insurance - Number of Bancassurance Distributors, 2012-2017
Table 79: Bulgarian Persol Accident and Health Insurance - Commission Paid to Agencies (BGN Million), 2008-2012
Table 80: Bulgarian Persol Accident and Health Insurance - Commission Paid to Agencies (BGN Million), 2012-2017
Table 81: Bulgarian Persol Accident and Health Insurance - Written Premium Through Agencies (BGN Million), 2008-2012
Table 82: Bulgarian Persol Accident and Health Insurance - Written Premium Through Agencies (BGN Million), 2012-2017
Table 83: Bulgarian Persol Accident and Health Insurance - Policies Sold Through Agencies (Thousand), 2008-2012
Table 84: Bulgarian Persol Accident and Health Insurance - Policies Sold Through Agencies (Thousand), 2012-2017
Table 85: Bulgarian Persol Accident and Health Insurance - Number of Agencies, 2008-2012
Table 86: Bulgarian Persol Accident and Health Insurance - Number of Agencies, 2012-2017
Table 87: Bulgarian Persol Accident and Health Insurance - E-Commerce Commission Paid (BGN Million), 2008-2012
Table 88: Bulgarian Persol Accident and Health Insurance - E-Commerce Commission Paid (BGN Million), 2012-2017
Table 89: Bulgarian Persol Accident and Health Insurance - Written Premium Through E-Commerce (BGN Million), 2008-2012
Table 90: Bulgarian Persol Accident and Health Insurance - Written Premium Through E-Commerce (BGN Million), 2012-2017
Table 91: Bulgarian Persol Accident and Health Insurance - Policies Sold Through E-Commerce (Thousand), 2008-2012
Table 92: Bulgarian Persol Accident and Health Insurance - Policies Sold Through E-Commerce (Thousand), 2012-2017
Table 93: Bulgarian Persol Accident and Health Insurance - Number of E-Commerce Distributors, 2008-2012
Table 94: Bulgarian Persol Accident and Health Insurance - Number of E-Commerce Distributors, 2012-2017
Table 95: Bulgarian Persol Accident and Health Insurance - Commission Paid to Brokers (BGN Million), 2008-2012
Table 96: Bulgarian Persol Accident and Health Insurance - Commission Paid to Brokers (BGN Million), 2012-2017
Table 97: Bulgarian Persol Accident and Health Insurance - Written Premium Through Brokers (BGN Million), 2008-2012
Table 98: Bulgarian Persol Accident and Health Insurance - Written Premium Through Brokers (BGN Million), 2012-2017
Table 99: Bulgarian Persol Accident and Health Insurance - Policies Sold Through Brokers (Thousand), 2008-2012
Table 100: Bulgarian Persol Accident and Health Insurance - Policies Sold Through Brokers (Thousand), 2012-2017
Table 101: Bulgarian Persol Accident and Health Insurance - Number of Brokers, 2008-2012
Table 102: Bulgarian Persol Accident and Health Insurance - Number of Brokers, 2012-2017
Table 103: Bulgarian Persol Accident and Health Insurance - Commission Paid to Other Channels (BGN Million), 2008-2012
Table 104: Bulgarian Persol Accident and Health Insurance - Commission Paid to Other Channels (BGN Million), 2012-2017
Table 105: Bulgarian Persol Accident and Health Insurance - Written Premium Through Other Channels (BGN Million), 2008-2012
Table 106: Bulgarian Persol Accident and Health Insurance - Written Premium Through Other Channels (BGN Million), 2012-2017
Table 107: Bulgarian Persol Accident and Health Insurance - Policies Sold Through Other Channels (Thousand), 2008-2012
Table 108: Bulgarian Persol Accident and Health Insurance - Policies Sold Through Other Channels (Thousand), 2012-2017
Table 109: Bulgarian Persol Accident and Health Insurance - Number of Distributors in Other Channels, 2008-2012
Table 110: Bulgarian Persol Accident and Health Insurance - Number of Distributors in Other Channels, 2012-2017
Table 111: Reinsurance in Bulgaria by Category (BGN Million), 2008-2012
Table 112: Reinsurance in Bulgaria by Category (US$ Million), 2008-2012
Table 113: Reinsurance in Bulgaria by Category (BGN Million), 2012-2017
Table 114: Reinsurance in Bulgaria by Category (US$ Million), 2012-2017
Table 115: Bulgarian Premium Ceded to Reinsurance by Type of Insurance (BGN Million), 2008-2012
Table 116: Bulgarian Premium Ceded to Reinsurance by Type of Insurance (US$ Million), 2008-2012
Table 117: Bulgarian Premium Ceded to Reinsurance by Type of Insurance (BGN Million), 2012-2017
Table 118: Bulgarian Premium Ceded to Reinsurance by Type of Insurance (US$ Million), 2012-2017
Table 119: Bulgarian Persol Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2008-2012
Table 120: Bulgarian Persol Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2012-2017
Table 119: Bulgaria - Corporate Tax Rates for the Fincial Year 2013
Table 122: Companies in the Bulgarian Insurance Industry, 2008-2012
Table 123: Shares of Key Insurers in the Bulgarian Persol Accident and Health Insurance Segment (%), 2012
Table 124: DZI General Insurance Plc, Key Facts
Table 125: Uniqa Insurance Plc, Key Facts
Table 126: Armeec Insurance JSC, Key Facts
Table 127: Bulstrad Vien Insurance Group, Key Facts
Table 128: Allianz Bulgaria Holding AD, Key Facts
Table 129: UBB-Alico Life Insurance Company, Key Facts
Table 130: Victoria Insurance Company Plc, Key Facts
Table 131: OZK Insurance, Key Facts
Table 132: Generali Life Insurance AD, Key Facts
Table 133: Euroins Insurance Plc Bulgaria, Key Facts