Bulgaria Insurance Report Q4 2016

Publisher Name :
Date: 28-Sep-2016
No. of pages: 62

BMI View: Bulgaria's insurance market is among the least developed of the EU states we monitor and is

also less mature than most other markets in the Central and Eastern Europe (CEE) region. Low household

incomes and discretionary spending have constrained the growth of the sector, resulting in the dominance

of compulsory lines such as motor vehicle insurance in place of life insurance and other discretionary lines.

While a favourable economic climate and rising household incomes should support growth in both the life

and non-life sectors over, the expansion is likely to be at a moderate pace. Likewise, multinationals will

continue to gradually increase their exposure to the market through the introduction of new product lines,

as well as through the acquisition of smaller indigenous firms.

Key Updates & Forecasts

? In August 2016, results from stress tests conducted on Bulgaria's banking system showed the country's

banks to have stabilised since the 2014 banking crisis, and are no longer in need of state support. The

outcome has led us to improve our forecasts for credit/financial guarantee premiums and will also help to

support growth in other lines.

? Our core outlook for the wider non-life insurance market remains in place, which is for premiums growth

to turn positive from 2017 in local and USD terms following a decline of 1.4% and 5.1% respectively in

2016. Premiums will grow by 6.2% a year in US dollar terms over 2017-2020 to reach USD1.1bn,

equivalent to an annual increase of 3.2% in local currency terms.

? In the life insurance market we forecast growth of 0.3% in local currency terms in 2016, Translating to a

fall of 3.5% in USD terms to USD215mn. By 2020 premiums will have grown to reach USD278mn

(BGN455mn).

Bulgaria Insurance Report Q4 2016

Table of Contents

BMI Industry View 5
Table: Headline Insurance Forecasts (Bulgaria 2013-2020) 5
SWOT 6
Insurance 6
Industry Forecast 8
Life Premiums Forecast 8
Table: Life Premiums (Bulgaria 2013-2020) 11
Table: Life Insurance Claims (Bulgaria 2008-2015) 11
Non-Life Premiums Forecast 12
Table: Non-Life Premiums (Bulgaria 2013-2020) 15
Table: Non-Life Insurance Claims (Bulgaria 2009-2015) 17
Non-Life Sub-Sector Forecast 18
Table: Non-Life Insurance Premiums by Product Line (Bulgaria 2013-2020) 28
Insurance Risk/Reward Index 29
Emerging Europe Risk/Reward Index 29
Table: Emerging Europe Insurance Risk/Reward Index - Q416 30
Market Overview 31
Life Market Overview 31
The Product Offering 31
The Competitive Landscape 31
Table: Life Insurance Market (USDmn) 2009-2015 33
Non-Life Market Overview 34
The Product Offering 34
The Competitive Landscape 34
Table: Non-Life Insurance Market (USDmn) 2009-2015 36
Company Profile 38
Allianz 38
Euroins 41
Generali 44
Groupama 47
UNIQA Group 50
Vienna Insurance Group (VIG) 53
Methodology 56
Industry Forecast Methodology 56
Risk/Reward Index Methodology 59
Table: Indicators 61
Table: Weighting of Indicators 62

List of Tables

Table: Headline Insurance Forecasts (Bulgaria 2013-2020)
Table: Life Premiums (Bulgaria 2013-2020)
Table: Life Insurance Claims (Bulgaria 2008-2015)
Table: Non-Life Premiums (Bulgaria 2013-2020)
Table: Non-Life Insurance Claims (Bulgaria 2009-2015)
Table: Non-Life Insurance Premiums by Product Line (Bulgaria 2013-2020)
Table: Emerging Europe Insurance Risk/Reward Index - Q416
Table: Life Insurance Market (USDmn) 2009-2015
Table: Non-Life Insurance Market (USDmn) 2009-2015
Table: Indicators
Table: Weighting of Indicators
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