Bulgaria Insurance Report Q1 2010 |  | Author: Business Monitor International
Publisher: MarketResearch.com
Category: Book
Buy New: $530.00
as of 9/9/2010 12:40 CDT details
Seller: Amazon.com
Format: Download: PDF
Media: Digital
Pages: 75
ASIN: B0033TZJCE
Publication Date: December 22, 2009
Availability: Available for download now
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Product Description
This report differs from its predecessors in several respects. In our analysis of competitive conditions, we provide a much more comprehensive ranking of insurance companies in the major segments from the point of view of the organisation that is providing the data (in practice almost always the national insurance regulator or the national insurance trade association). In Bulgaria, for instance, the three largest non-life companies in the first half of 2009 - in terms of Gross Written Premiums written - were Bulstrad - Vienna Insurance Group, DZI - General insurance and Lev Ins whose market shares were 15.6%, 14% and 11.2% respectively. In the life segment, the leaders in the first half of 2009 were Allianz Bulgaria Life, DZI and UNIQA Life, whose market shares were 21%, 16.1% and 10.9% respectively. Over time, we hope to derive insights from observing how market shares change. We emphasise though, that a decline in share of gross written premiums is not automatically a bad thing and is often the result of a deliberate corporate decision to focus on more profitable business lines.
In this report, we also provide a breakdown of the insurance sector by line - from the point of view of the regulator or the trade association. In Bulgaria, for instance, the largest non-life lines in 2008 were motor (CASCO), compulsory motor third party liability (CMTPL) and fire and diverse risks. These accounted for 43%, 26% and 14%, respectively, of total non-life premiums. Over time, we should be able to use this information to bring greater sophistication to our forecasting process.
Writing in November 2009, we have been able to ensure that the report includes actual data for 2008. We have generally been able to use data that has been published over the course of 2009 to adjust our forecasts for the year as a whole. We have also extended the forecasts out to 2014. We are looking for total premiums in 2009 of BGN1,780mn. This includes non-life premiums of BGN1,491mn and life premiums of BGN290mn. In 2014, the corresponding figures should be BGN2,942mn, BGN2,322mn and BGN620mn. In terms of the key drivers that underpin our forecasts, we are looking for non-life penetration to rise from 2.28% in 2009 to 2.68% in 2014, and for life density to rise from US$28 to US$44. BMI's proprietary Insurance Business Environment Rating for Bulgaria is 50.2. We include a discussion of developments within regional markets - on the basis of results published by major cross-border companies in relation to Q209 or Q309 and the latest information provided by regulators and/or trade associations. In the non-life segment, there was a slight increase in gross written premiums from BGN953.5mn to BGN956.9mn. Trends in life insurance varied markedly from country to country round the region, but official figures showed double-digit falls in premiums in Bulgaria.
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