New Market Report: Bulgaria Insurance Report Q4 2015

From: Fast Market Research, Inc.
Published: Fri Oct 09 2015

Although Bulgaria's insurance sector clearly has strengths, it is the weaknesses and challenges which will continue to dominate the development of premiums over the medium term. The problems include the low income levels of many households, who are too poor to buy life insurance. In the non-life segment, a sluggish economy will constrain volume growth. Prices are falling in the motor vehicle insurance sub-sector, which accounts for about two thirds of activity in the non-life segment.

Most of the metrics of Bulgaria's insurance sector are uninspiring. The absolute size of the market is small. Even in the context of Central and Eastern Europe, it is not large. The local currency is falling relative to the USD. Both penetration (premiums as a percentage of GDP) and density (premiums per capita) are at low levels and are likely to remain so for the duration of the forecast period. Growth in premiums will not reach double digits in any year prior to 2020.

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As is the case in much of Central and Eastern Europe, volumes in the Bulgarian non-life segment have been held back by the general softness of the economy. They are likely to continue to be so. Pricing pressure is downwards: this is the result of the fragmented competitive landscape, in which the numerous players lack pricing power. There is no obvious catalyst for an increase in penetration from levels that are low by most standards.

The Bulgaria Insurance Report has been researched at source and features BMI Research'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.

Key Benefits

* 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).


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Contact Name: Bill Thompson
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