Bulgaria Insurance Report Q4 2012

Published : August 2012
No. of Pages : 80

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The Bulgaria Insurance Report considers the prospects for both life and non-life insurers in that country.
The latest statistics from the Financial Supervision Commission (FSC) and comments from leading companies active in Bulgaria indicate that in both the main segments, premiums tracked sideways during 2011. The benefits of growth in compulsory motorist third-party liability (CMTPL) premiums have been offset by a decrease in voluntary auto insurance (CASCO) premiums, which suffered as a result of the general softness of the economy.
Various developments that have occurred through H112 indicate that the major companies are boosting profitability through measures to improve efficiency and reduce costs. Allianz’s non-life business in Bulgaria improved its profitability in 2011. In early October 2011, Vienna Insurance Group announced that it would be merging Bulstrad with Bulgarski Imoti, in order to realise synergy benefits for a combined group that accounts for about 16% of the non-life market (and which is a major player in the life segment as well). Another key development, in late 2011, was the announcement from KBC that it hopes to extend its bancassurance business model to Bulgaria. For this reason, the Belgian financial services group is moving to full control of DZI. However, overall BMI stresses that the life segment will still be very underdeveloped at the end of the forecast period.
Over the last quarter, BMI has made the following changes: 􀂃 The regulator’s statistics for 2011 have been incorporated into the analysis. 􀂃 There is a discussion on the results from last year that were released by insurers during H112. 􀂃 The analysis takes into account BMI’s latest assessment of an economic environment that remains challenging.

Executive Summary . 5
Table: Total Premiums, 2009-2016 5
Key Insights And Key Risks . 5
SWOT Analysis 7
Bulgaria Insurance Industry SWOT ... 7
Bulgaria Political SWOT ... 8
Bulgaria Economic SWOT . 8
Bulgaria Business Environment SWOT .. 9
Life Sector .. 10
Central And Eastern Europe Life Sector Overview ... 10
Table: Central And Eastern Europe Life Premiums, 2009-2016 .. 10
Bulgaria Life Sector Update . 13
Life Industry Forecast Scenario 13
Table: Life Premiums, 2009-2016 13
Growth Drivers And Risk Management Projections . 14
Population ... 14
Table: Insurance Key Drivers, Demographics, 2009-2016 .. 14
Non-Life Sector .. 16
Central And Eastern Europe Non-Life Sector Overview ... 16
Table: Central And Eastern Europe Non-Life Premiums, 2009-2016 .. 16
Bulgaria Non-Life Sector Update.. 18
Non-Life Industry Forecast Scenario 19
Table: Non-Life Premiums, 2009-2016 19
Growth Drivers And Risk Management Projections . 20
Macroeconomic Outlook .. 20
Table: Bulgaria Economic Activity, 2011-2016 ... 22
Political Stability Outlook 23
Table: Europe Security Risk Ratings 25
Healthcare ... 26
Table: NHIF Budget 29
Epidemiology ... 30
Table: Main Causes Of Death In Bulgaria (per 100,000 population) .. 30
Table: Insurance Key Drivers, Disability-Adjusted Life Years. 2009-2016.. 31
Motor ... 33
Insurance Risk/Reward Ratings ... 34
Table: Bulgaria’s Insurance Risk/Reward Ratings .. 34
Table: Central And Eastern Europe Insurance Risk/Reward Ratings .. 35
Competitive Landscape 36
Competitive Landscape Analysis ... 36
Major Players In Bulgaria’s Insurance Sector 37
Table: Ranking Of Non-Life Companies By Premiums, January-July 2010 . 38
Table: Ranking Of Life Companies By Premiums, January-July 2010. 39
Company Profiles .. 40
Achmea 40
Allianz .. 42
BNP Paribas Cardif . 44
Ethniki Insurance . 47
Generali PPF Holding . 50
Groupama 56
MetLife . 59
QBE Insurance Group . 62
UNIQA Group .. 65
Vienna Insurance Group (VIG) 68
Demographic Outlook ... 72
Table: Population By Age Group, 1990-2020 (‘000) ... 73
Table: Population By Age Group, 1990-2020 (% of total) ... 74
Table: Key Population Ratios, 1990-2020 ... 75
Table: Rural/Urban Population Split, 1990-2020 75
BMI Methodology ... 76
Insurance Risk/Reward Ratings 77
Table: Insurance Business Environment Indicators And Rationale . 78
Table: Weighting Of Indicators 79Table: Total Premiums, 2009-2016. 5

Table: Central And Eastern Europe Life Premiums, 2009-2016 . 10

Table: Life Premiums, 2009-2016 . 13

Table: Insurance Key Drivers, Demographics, 2009-2016 . 14

Table: Central And Eastern Europe Non-Life Premiums, 2009-2016 . 16

Table: Non-Life Premiums, 2009-2016 . 19

Table: Bulgaria Economic Activity, 2011-2016 . 22

Table: Europe Security Risk Ratings . 25

Table: NHIF Budget . 29

Table: Main Causes Of Death In Bulgaria (per 100,000 population) . 30

Table: Insurance Key Drivers, Disability-Adjusted Life Years. 2009-2016. 31

Table: Bulgaria''s Insurance Risk/Reward Ratings . 34

Table: Central And Eastern Europe Insurance Risk/Reward Ratings . 35

Table: Ranking Of Non-Life Companies By Premiums, January-July 2010 . 38

Table: Ranking Of Life Companies By Premiums, January-July 2010. 39

Table: Population By Age Group, 1990-2020 (‘000) . 73

Table: Population By Age Group, 1990-2020 (% of total) . 74

Table: Key Population Ratios, 1990-2020 . 75

Table: Rural/Urban Population Split, 1990-2020 . 75

Table: Insurance Business Environment Indicators And Rationale . 78

Table: Weighting Of Indicators. 79

Bulgaria Insurance Report Q4 2012

Published By: Business Monitor International

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