New Financial Services market report from Business Monitor International: "Bulgaria Insurance Report Q3 2014"
Boston, MA -- (SBWIRE) -- 07/02/2014 -- As of mid-2014, the newsflow from Bulgaria's small insurance sector confirms our view that premium growth will likely be fairly anaemic in both the non-life and the life segments. In the non-life segment, the main challenge is brutal price competition in motor-related lines which account for the majority of the premiums written. In the life segment, the main challenge remains the low level of households' incomes - a problem that we have highlighted for years: we therefore think that the double-digit rise in life insurance premiums that took place during 2013 is an aberration.
As of mid- 2014, 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.
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. Nevertheless, as the Netherlands' Achmea and Australia's QBE demonstrated in late...
The Bulgaria Insurance Report has been researched at source and features Business Monitor International (BMI)'s independent assessment and forecasts for the insurance sector. It examines industry developments, key growth drivers and risk management projections, including the macroeconomic situation, government policy, regulatory environment and the level of development and potential for growth, broken down by line. Leading insurers are profiled, covering premiums, products and services and competitive positioning.
BMI's Bulgaria Insurance Report provides professionals, consultancies, government departments, regulatory bodies and researchers with independent forecasts and regional competitive intelligence on the Bulgarian insurance industry.
- Benchmark BMI's independent insurance industry forecasts for Bulgaria to test other views - a key input for successful budgeting and strategic business planning in Bulgaria's insurance market.
- Target business opportunities and risks in Bulgaria through our reviews of latest industry trends, regulatory changes and major deals, investments and macroeconomic developments.
- Exploit latest competitive intelligence on your competitors, partners and clients via our Company Profiles (inc. SWOTs, KPIs and latest activity).
BMI Industry View
Summary of BMI's key industry forecasts and views, covering the Life and Non-Life segments, the evolving competitive landscape and business operational risks.
Industry SWOT Analysis
Analysis of the major Strengths, Weaknesses, Opportunities and Threats within the insurance sector and within the broader political, economic and business environment.
Individual analysis of both Life and Non-Life insurance sector developments and prospects across developed states and emerging markets - supported by BMI's global industry growth forecasts. This is followed by an in-depth evaluation of region- and country-specific trends, focusing on BMI's country-by-country market growth data.
Business Environment Ratings
BMI's Insurance Business Environment Ratings provide a country-comparative Risk-Reward Ratings index aimed at investors (Life and Non-Life) in the insurance market.
The ratings methodology makes sophisticated use of over 40 industry, economic and demographic data points and is part of BMI's integrated Country Risk-Industry Ratings products.
BMI Industry Forecasts
Historic data series (2008-2012) and forecasts to end-2018 for key industry and economic indicators (see list below) supported by explicit assumptions, plus analysis of key risks to the main forecasts. Indicators include:
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