Fast Market Research recommends "Bulgaria Insurance Report Q4 2012" from Business Monitor International, now available
Boston, MA -- (SBWIRE) -- 08/27/2012 -- 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 in both the main segments, premiums tracked sideways during 2011. The benefits of growth in compulsory motorist third-party liability (CMTPL) premiums have been offset by a decrease in voluntary auto insurance (CASCO) premiums, which suffered as a result of the general softness of the economy.
Various developments that have occurred through H112 indicate that the major companies are boosting profitability through measures to improve efficiency and reduce costs. Allianz's non-life 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, in late 2011, was 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. However, overall 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 regulator's statistics for 2011 have been incorporated into the analysis.
- There is a discussion on the results from last year that were released by insurers during H112.
- The analysis takes into account BMI's latest assessment of an economic environment that remains challenging.
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