Boston, MA -- (SBWIRE) -- 01/09/2014 -- Bulgaria's insurance sector is underdeveloped by virtually all metrics. It will remain so through the 2013-17 forecast period. Most of the challenges that confront insurance companies in poorer countries of Central and Eastern Europe are present. These include significant numbers of people who are too poor to afford insurance solutions (be they property/casualty covers or long-term savings solutions. For many of the insurance companies that are present though, profitability should rise: ongoing consolidation should provide greater economies of scale and, perhaps, pricing power.
Key Insights And Key Risks
As of mid-2013, 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 non-life 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.
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Life insurance continues to develop - if from a low base. At a little over US$20 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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