Boston, MA -- (SBWIRE) -- 12/24/2012 -- Key Insights And Key Risks

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 the insurance sector is, and will remain, underdeveloped through the forecast period. Motor related premiums, which account for nearly three-quarters of the nonlife segment, have been constrained by the general softness of the economy (and, we suspect, competition in what is a fragmented market place). Fire and property cover accounts for about one-fifth of the premiums in the non-life segment.

Life insurance continues to develop - if from a low base. At around US$22 per capita, density is at a level which indicates that many households are too poor (and/or lack the understanding of the benefits) to use the offerings of life insurers in organised savings.

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Over the last two years or so, several of the leading players have taken steps to boost profitability. KBC moved to full control of DZI so that the Belgian group could extend its proven bancassurance business model to Bulgaria. VIG has merged two subsidiaries in the country - Bulstrad and Bulgarski Imoti - in order to realise synergy benefits. The very dominant position of multi-nationals in both major segments of Bulgaria's insurance sector should be considered a major strength.

Over the last quarter, BMI has made the following changes:

- The regulator's statistics for H112 have been incorporated into the analysis.
- There is a discussion on the results from last year that were released by insurers in relation to H112.
- The analysis takes into account BMI's latest assessment of an economic environment that remains challenging.

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