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Bulgaria Insurance Report Q4 2017

Bulgaria Insurance Report Q4 2017

BMI View:

The current under-development of Bulgaria's insurance market, which is mainly comprised ofthe basic lines of motor vehicle and property insurances, reflects the high levels of income disparity inBulgarian society, with a lack of affordability stymying the growth of non-discretionary lines. A robusteconomic backdrop, and a strengthening consumer environment will result in the gradual eroding of themarket's traditional structural challenges over the forecast period. In particular, we expect to see a steadyuptick in demand for personal lines, including life and health insurance products. This will createopportunities for local insurers to grow their business and to diversify their product offering away frommore mature markets such as the property and property segment. This will be offset to an extent by highlevels of competition between providers and the relatively small size of the country's consumer base.

Key Updates And Forecasts

The H117 results of Bulgaria's multinational insurers illustrate the strong growth momentum in thecountry's insurance market. Austria's Vienna Insurance Group (VIG) reported a 13.8% increase in pretaxprofits from its Bulgarian operations during the period to EUR4.3mn, while gross written premiumsrose by 10% to EUR82.5mn. Compatriot Uniqua saw local pre-tax profits double to EUR600,000 whilepremiums rose by 14.7% to EUR25.8mn.

BMI Industry View
Table: Headline Insurance Forecasts (Bulgaria 2014-2021)
Industry Forecast
Life Premiums Forecast
Table: Life premiums (Bulgaria 2014-2021)
Table: Life Claims (Bulgaria 2010-2016)
Non-Life Premiums Forecast
Table: Non-Life Premiums (Bulgaria 2014-2021)
Table: Non-Life Claims (Bulgaria 2010-2016)
Non-Life Sub-Sector Forecast
Table: Non-Life Insurance Premiums by Product Line (Bulgaria 2014-2021)
Insurance Risk/Reward Index
Emerging Europe Insurance Risk/Reward Index
Table: Emerging Europe Insurance Risk/Reward Index, Q4 2017
Market Overview
Life Market Overview
Product Offering
Competitive Landscape
Table: Life Insurance Market (USDmn) 2010-2016
Non-Life Market Overview
The Product Offering
The Competitive Landscape
Table: Non-Life Insurance Market (USDmn) 2010-2016
Company Profile
Vienna Insurance Group (VIG)
Industry Forecast Methodology
Sector-Specific Methodology
Risk/Reward Index Methodology
Table: Indicators
Table: Weighting of Indicators

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