Bulgaria Insurance Industry – Key Trends and Opportunities to 2027
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Bulgaria Insurance Market Report Overview
The gross written premium of the Bulgaria insurance market was BGN3.6 billion ($1.9 billion) in 2022. The market is expected to achieve a CAGR of more than 7% during 2023-2027. The Bulgaria insurance market report entails a comprehensive understanding of distribution channels operating in the segment and also gives a detailed account of the country’s economy and demographics. It further evaluates the competitive landscape, which includes information on segment dynamics and competitive advantages, and profiles of insurers operating in the country.
Bulgaria Insurance Market Outlook, 2022-2027 (BGN Billion)
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The report also encompasses particulars of insurance regulations and recent changes in the regulatory structure in Bulgaria.
Market Size (2022) | BGN3.6 billion ($1.9 billion) |
CAGR (2023-2027) | >7% |
Forecast Period | 2023-2027 |
Historical Period | 2018-2022 |
Key Segments | · Life Insurance
· General Insurance |
Leading Companies | · DZI
· Bulstrad · Allianz · Euroins · Lev Ins · Armeec |
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Bulgaria Insurance Market Trends
Some of the market trends impacting the Bulgarian insurance market are additional features in LI products, recent regulatory developments, and use of AI.
For instance, Armeec Insurance and CCB Life launched LIVE AND TRAVEL in March 2023. It offers compensation in the event of permanent incapacity due to illness, loss of life in accidents, and medical expenses for oncological diseases, heart attacks, and strokes. This product covers permanent or long-term Bulgarian and foreign citizens up to 64 years.
Bulgaria Insurance Market by Segments
The key segments in the Bulgaria insurance market are life insurance and general insurance. The general insurance segment dominated the Bulgaria insurance market in 2022. General insurance lines of business include property, motor, liability, financial lines, MAT, general insurance PA&H, and miscellaneous. Motor insurance was the dominant line of business in 2022.
Bulgaria Insurance Market Analysis by Segments, 2022 (%)
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Bulgaria Insurance Market – Competitive Landscape
DZI Life was the largest insurer in 2022
A few of the key companies in the Bulgaria insurance market are:
- DZI
- Bulstrad
- Allianz
- Euroins
- Lev Ins
- Armeec
Bulgaria Insurance Market Analysis by Companies, 2022(%)
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Bulgaria Insurance Market – Latest Developments
- On August 2, 2023, the National Revenue Agency published an opinion on the implementation of the Social Security and National Health Insurance Fund.
- On May 22, 2023, the FSC introduced general good rules for insurers and intermediaries. The main objective of these rules is to ensure proper disclosure of conflicts of interest, fair distribution of insurance products, and efficient settlement of claims.
Bulgaria Insurance Market Segments Outlook (Value, BGN Billion, 2018-2027)
- Life Insurance
- General Insurance
Scope
This report provides:
- A comprehensive analysis of the Bulgaria insurance industry.
- Historical values for the Bulgaria insurance industry for the report’s review period and projected figures for the forecast period.
- Detailed analysis of the key categories in the Bulgaria insurance industry and market forecasts up to 2027.
- Profiles of top life insurance companies in Bulgaria and outlines the key regulations affecting them.
Key Highlights
- Key insights and dynamics of the Bulgaria insurance industry.
- A comprehensive overview of the Bulgaria economy, government initiatives, and investment opportunities.
- The Bulgaria insurance regulatory framework’s evolution, key facts, taxation regime, licensing, and capital requirements.
- The Bulgaria insurance industry’s market structure gives details of lines of business.
- Bulgaria’s reinsurance business’s market structure gives details of premium ceded along with cession rates.
Reasons to Buy
- Make strategic business decisions using in-depth historical and forecast market data related to the Bulgaria insurance industry, and each category within it.
- Understand the demand-side dynamics, key market trends, and growth opportunities in the Bulgaria insurance industry.
- Assess the competitive dynamics in the Bulgaria insurance industry.
- Identify growth opportunities and market dynamics in key product categories.
Armeec
Lev Ins
Dallbogg: Zhivot I Zdrave
Bulstrad Vienna Insurance Group
Generali Insurance
DZI Insurance
OZK Insurance
Table of Contents
Frequently asked questions
-
What was the Bulgaria insurance market gross written premium in 2022?
The gross written premium of the Bulgaria insurance market was BGN3.6 billion ($1.9 billion) in 2022.
-
What is the growth rate of the Bulgaria insurance market?
The insurance market in Bulgaria is expected to achieve a CAGR of more than 7% during 2023-2027.
-
Which segment dominated the Bulgaria insurance market in 2022?
The general insurance segment dominated the Bulgaria insurance market in 2022.
-
Who are the major companies operating in the Bulgaria insurance market?
A few of the key companies in the Bulgaria insurance market are DZI, Bulstrad, Allianz, Euroins, Lev Ins, and Armeec.
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