Boston, MA -- (SBWIRE) -- 07/25/2012 -- The Bulgaria Insurance Report considers the prospects for both life and non-life insurers in that country. The latest statistics from the regulator and comments from leading companies that are active in Bulgaria indicate that, in both of the main segments, premiums tracked sideways during 2011. The benefits of growth in compulsory motorists third-party liability (CMTPL) premiums have been offset by shrinkage in voluntary auto insurance (CASCO) premiums which, in turn, have suffered as a result of the general softness of the economy.
Various developments that have occurred since Q411 indicate that the major companies are - with some success - boosting profitability through measures to improve efficiency and reduce costs. Allianz's nonlife 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, made in October 2011, has been 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. Overall, though, BMI stresses that the life segment will still be very underdeveloped at the end of the forecast period.
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Over the last quarter, BMI has made the following changes:
- The trade regulator's statistics for the first 11 months of 2011, which were published in Q112, have been incorporated into the analysis.
- There is a discussion of the results for last year that were released by insurers during Q112.
- The analysis takes into account BMI's latest assessment of an economic environment that remains challenging.
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