Life Insurance in Bulgaria, Key Trends and Opportunities to 2021

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Published: October 16, 2017 Report Code: GD-IS1596MR-ST

Report Overview
Key Players
Table of Contents
Table
Figures

GlobalData’s 'Life Insurance in Bulgaria, Key Trends and Opportunities to 2021' report provides a detailed outlook by product category for the Bulgarian life insurance segment, and a comparison of the Bulgarian insurance industry with its regional counterparts.

It provides key performance indicators such as written premium, incurred loss, commissions and expenses, total assets and total investment income during the review period (2012–2016) and forecast period (2016–2021).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Bulgarian economy and demographics, and provides detailed information on the competitive landscape in the country.

The report brings together GlobalData’s research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

Scope

This report provides a comprehensive analysis of the life insurance segment in Bulgaria:

• It provides historical values for the Bulgarian life insurance segment for the report’s 2012–2016 review period, and projected figures for the 2016–2021 forecast period.

• It offers a detailed analysis of the key categories in the Bulgarian life insurance segment, and market forecasts to 2021.

• It provides a comparison of the Bulgarian life insurance segment with its regional counterparts.

• It analyzes the various distribution channels for life insurance products in Bulgaria.

• It profiles the top life insurance companies in Bulgaria and outlines the key regulations affecting them.

Key Highlights

• On February 16, 2017, the European Insurance and Occupational Pensions Authority (EIOPA) published a decision regarding the collaboration of insurance regulatory authorities from all European Union (EU) member states in accordance with the requirements stipulated in Solvency II directive.

• On February 2, 2017, the European Parliament and of the Council published a new Insurance Distribution Directive 2016/97 in the official journal of the EU.

• Unit-linked was the leading life insurance class in 2016, particularly due to low interest rates. Bulgarian insurers introduced a number of unit-linked products during the review period. Bulstrad Life partnered with Post Bank and launched index-linked life insurance in 2016.

• Solvency II came into effect on January 1, 2016, and is expected to have a considerable effect on the Bulgarian insurance industry. It is a reform of risk-management and capital-adequacy requirements to ensure a more accurate allocation of capital to risk.

Reasons to Buy

• Make strategic business decisions using in-depth historic and forecast market data related to the Bulgarian life insurance segment, and each category within it.

• Understand the demand-side dynamics, key market trends and growth opportunities in the Bulgarian life insurance segment.

• Assess the competitive dynamics in the life insurance segment.

• Identify growth opportunities and market dynamics in key product categories.

• Gain insights into key regulations governing the Bulgarian insurance industry, and their impact on companies and the industry's future.

Bulstrad Life Vienna insurance Group
Allianz Bulgaria Life
Uniqa Life
DZI Life Insurance
United Bulgarian Bank Metlife Life insurance Company
Grawe Bulgaria Life Insurance
Syndicate VZK
Sogelife Bulgaria
Groupama Life Insurance Company
Life Insurance Company Saglasie

1 KEY FACTS AND HIGHLIGHTS

2 EXECUTIVE SUMMARY

3 ECONOMY AND DEMOGRAPHICS

4 SEGMENT OUTLOOK

4.1 Regional Comparison

4.2 Segment Indicators

4.2.1 Gross written premium and penetration

4.2.2 Claims

4.2.3 Assets and investments

5 DISTRIBUTION CHANNEL OUTLOOK

6 COMPETITIVE LANDSCAPE

6.1 Company Profiles

6.1.1 Bulstrad Life Vienna Insurance Group – company overview

6.1.2 Allianz Bulgaria Life Insurance Company – company overview

6.1.3 Uniqa Life Insurance Plc – company overview

6.1.4 DZI Life Insurance – company overview

6.1.5 UBB-Metlife Zhivotozastrahovatelno Drujestvo AD – company overview

6.1.6 Grawe Bulgaria Life Insurance – company overview

6.1.7 Syndicate VZK – company overview

6.1.8 Sogelife Bulgaria – company overview

6.1.9 Groupama Zastrahovane EAD – company overview

7 GOVERNANCE, RISK AND COMPLIANCE

7.1 Legislation Overview and Historical Evolution

7.2 Latest Changes in Regulation

7.3 Legislation and Market Practice by Type of Insurance

7.3.1 Life Insurance

7.3.2 Property Insurance

7.3.3 Motor Insurance

7.3.4 Liability insurance

7.3.5 Marine, aviation and transit insurance

7.3.6 Personal accident and health insurance

7.4 Compulsory Insurance

7.4.1 Motor third-party liability insurance

7.4.2 Personal accident insurance for passengers on public transport

7.4.3 Workmen’s compensation

7.4.4 Air carriers and aircraft operators insurance

7.4.5 Professional indemnity insurance for alternative investment fund managers

7.4.6 Liability for ships with respect to oil pollution

7.4.7 Social insurance system

7.5 Supervision and Control

7.5.1 International Association of Insurance Supervisors

7.5.2 European Insurance and Occupational Pensions Authority

7.5.3 Financial Supervision Commission

7.5.4 Federation of European Risk Management Associations

7.6 Non-Admitted Insurance Regulation

7.6.1 Overview

7.6.2 Intermediaries

7.6.3 Market practices

7.6.4 Fines and Penalties

7.7 Company Registration and Operations

7.7.1 Type of insurance organization

7.7.2 Establishing a local company

7.7.3 Foreign ownership

7.7.4 Types of license

7.7.5 Capital requirements

7.7.6 Solvency margin

7.7.7 Reserve requirements

7.7.8 Investment regulations

7.7.9 Statutory return requirements

7.7.10 Fee structure

7.8 Taxation

7.8.1 Insurance premium or policy taxation

7.8.2 Withholding taxes on premium paid overseas

7.8.3 Corporate tax

7.8.4 VAT

7.8.5 Captives

7.9 Legal System

7.9.1 Introduction

7.9.2 Access to court

7.9.3 Alternative dispute resolution

8 DATABOOK

8.1 Policies and Premium

8.2 Claims and Expenses

8.3 Assets and Investments

9 DEFINITIONS AND METHODOLOGY

9.1 Definitions

9.2 Methodology

10 ABOUT TIMETRIC

10.1 Contact GlobalData

10.2 About GlobalData

10.3 GlobalData’s Services

10.4 Disclaimer

Table

Table 1: Bulgarian Life Insurance – Key Facts, 2016

Table 2: Bulgarian Life Insurance – Segment Shares of the Top Insurers, 2016

Table 3: Bulgarian Government Credit Ratings

Table 4: Bulgarian Life Insurance – Gross Written Premium (BGN Million and US$ Million), 2012–2016

Table 5: Bulgarian Life Insurance – Penetration (%), 2012–2016

Table 6: Bulgarian Life Insurance – Gross Written Premium (BGN Million and US$ Million), 2016–2021

Table 7: Bulgarian Life Insurance – Penetration (%), 2016–2021

Table 8: Bulgarian Life Insurance – Premium per Capita (BGN and US$), 2012–2016

Table 9: Bulgarian Life Insurance – Premium per Capita (BGN and US$), 2016–2021

Table 10: Bulgarian Life Insurance – Paid Claims (BGN Million and US$ Million), 2012–2016

Table 11: Bulgarian Life Insurance – Paid Claims (BGN Million and US$ Million), 2016–2021

Table 12: Bulgarian Life Insurance – Total Assets (BGN Million and US$ Million), 2012–2016

Table 13: Bulgarian Life Insurance – Total Assets (BGN Million and US$ Million), 2016–2021

Table 14: Bulgarian Life Insurance – Total Investment Income (BGN Million and US$ Million), 2012–2016

Table 15: Bulgarian Life Insurance – Total Investment Income (BGN Million and US$ Million), 2016–2021

Table 16: Bulgarian Life Insurance – Investment Portfolio (BGN Million), 2012–2016

Table 17: Bulgarian Life Insurance – Investment Portfolio (BGN Million), 2016–2021

Table 18: Bulgarian Life Insurance – Segment Shares of Leading Insurers (%), 2016

Table 19: Bulstrad Life Vienna Insurance Group – Key Facts

Table 20: Bulstrad Life Vienna Insurance Group Company – Key Financials (US$ Million), 2012–2016

Table 21: Allianz Bulgaria Life Insurance Company – Key Facts

Table 22: Allianz Bulgaria Life Insurance Company – Key Financials (US$ Million), 2012–2016

Table 23: Uniqa Life Insurance Company – Key Facts

Table 24: Uniqa Life Insurance Plc – Key Financials (BGN Million), 2012–2016

Table 25: DZI Life Insurance – Key Facts

Table 26 DZI Life Insurance – Key Financials (US$ Million), 2012–2016

Table 27: UBB-Metlife – Key Facts

Table 28: UBB-Metlife – Key Financials (US$ Million), 2012–2016

Table 29: Grawe Bulgaria Life Insurance – Key Facts

Table 30: Grawe Bulgaria Life Insurance – Key Financials (US$ Million), 2012–2016

Table 31: Syndicate VZK – Key Facts

Table 32: Syndicate VZK – Key Financials (US$ Million), 2012–2016

Table 33: Sogelife Bulgaria – Key Facts

Table 34: Sogelife Bulgaria – Key Financials (US$ Million), 2012–2016

Table 35: Groupama Zastrahovane EAD – Key Facts

Table 36: Groupama Zastrahovane EAD – Key Financials (BGN Million), 2012–2016

Table 37: Bulgaria – Insurance Regulatory Framework Key Features

Table 38: Bulgaria – Life Insurance Regulatory Framework

Table 39: Bulgaria – Property Insurance Regulatory Framework

Table 40: Bulgaria – Motor Insurance Regulatory Framework

Table 41: Bulgaria – Liability Insurance Regulatory Framework

Table 42: Bulgaria – Minimum Cover for Aircraft Third-Party Liability per Accident per Aircraft

Table 43: Bulgaria – Corporate Tax Rates for the Financial Year 2017

Table 44: Bulgarian Life Insurance – Policies and Premium, 2012–2016

Table 45: Bulgarian Life Insurance – Policies and Premium, 2016–2021

Table 46: Bulgarian Life Insurance – Claims and Expenses, 2012–2016

Table 47: Bulgarian Life Insurance – Claims and Expenses, 2016–2021

Table 48: Bulgarian Life Insurance – Assets and Investments, 2012–2016

Table 49: Bulgarian Life Insurance – Assets and Investments, 2016–2021

Table 50: Insurance Industry Definitions

Figures

Figure 1: Bulgarian Real GDP (US$ Billion), 2012–2021

Figure 2: Bulgarian Current Account Balance as Percentage of GDP (%), 2012–2021

Figure 3: Bulgarian Consumer Price Inflation (%), 2012–2021

Figure 4: Bulgarian Unemployment Rate, 2012–2021

Figure 5: Bulgarian BGN–US$ Exchange Rate, 2012–2021

Figure 6: Bulgarian Population by Age Group, 1990–2025

Figure 7: Bulgarian Life Insurance Penetration – Regional Comparison (%), 2016

Figure 8: Bulgarian Insurance Segment Direct Written Premium Shares – Regional Comparison (%), 2016

Figure 9: Bulgarian Life Insurance – Gross Written Premium (BGN Million), 2012–2021

Figure 10: Bulgarian Life Insurance – Penetration (%), 2012–2021

Figure 11: Bulgarian Life Insurance – Premium per Capita (BGN), 2012–2021

Figure 12: Bulgarian Life Insurance – Paid Claims (BGN Million), 2012–2021

Figure 13: Bulgarian Life Insurance – Total Assets (BGN Million), 2012–2021

Figure 14: Bulgarian Life Insurance – Total Investment Income (BGN Million), 2012–2021

Figure 15: Bulgarian Life Insurance – Investment Portfolio (BGN Million), 2012–2021

Figure 16: Bulgarian Life Insurance – Investment Portfolio Dynamics by Category, 2012–2021

Figure 17: Bulgarian Life Insurance – Segment Shares of Leading Insurers (%), 2016

Figure 18: Bulgaria – The Three Pillars of Solvency II

Figure 19: Bulgaria – Insurance Supervision and Control at Various Levels

Figure 20: Bulgaria – Insurance Regulatory Frameworks for Company Registration and Operation

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