Personal Accident and Health Insurance in Bulgaria, Key Trends and Opportunities to 2021

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Published: October 16, 2017 Report Code: GD-IS1598MR-ST

Report Overview
Key Players
Table of Contents
Table
Figures

GlobalData’s 'Personal Accident and Health Insurance in Bulgaria, Key Trends and Opportunities to 2021' report provides a detailed outlook by product category for the Bulgarian personal accident and health 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, loss ratio, commissions and expenses, combined ratio, 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 personal accident and health insurance segment in Bulgaria:

• It provides historical values for the Bulgarian personal accident and health 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 personal accident and health insurance segment, and market forecasts to 2021.

• It provides a comparison of the Bulgarian personal accident and health insurance segment with its regional counterparts.

• It provides an overview of the various distribution channels for personal accident and health insurance products in Bulgaria.

• It profiles the top personal accident and health insurance companies in Bulgaria, and outlines the key regulations affecting them.

Key Highlights

• On April 1, 2017, the National Framework Agreement of the National Health Insurance Fund (NHIF) came into effect. This agreement reinstated the contract basis between the NHIF and entities operating within the sector.

• On January 1, 2017, the Bulgarian government amended the ordinance on the terms and conditions for the registration and regulation of pharmaceuticals prices. This amendment is to improve the existing pricing regime of pharmaceuticals regarding the home treatment of chronic, genetic and rare diseases that are paid for by the NHIF.

• 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 personal accident and health insurance segment, and each category within it.

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

• Assess the competitive dynamics in the personal accident and health 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
Generali Insurance – Bulgaria
Uniqa Life – Bulgaria
Bulgaria Insurance AD
United Health Insurance Fund Doverie Insurance AD
UBB – Metlife JSC
Armeec JSC
Euroins AD
DZI General Insurance
DZI Life Insurance
CCB Life

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 Profitability

4.2.4 Assets and investments

5 OUTLOOK BY CATEGORY

5.1 Personal Accident Insurance

5.1.1 Premium

5.1.2 Claims

5.2 Health Insurance

5.2.1 Premium

5.2.2 Claims

5.3 Travel Insurance

5.3.1 Premium

5.3.2 Claims

6 DISTRIBUTION CHANNEL OUTLOOK

6.1 Analysis by Distribution Channel

7 COMPETITIVE LANDSCAPE

7.1 Company Profiles

7.1.1 Bulstrad Life Vienna Insurance Group JSC – company overview

7.1.2 DZI General Insurance – company overview

7.1.3 Victoria Insurance – company overview

7.1.4 Allianz Bulgaria Life – company overview

7.1.5 CCB Life – company overview

8 GOVERNANCE, RISK AND COMPLIANCE

8.1 Legislation Overview and Historical Evolution

8.2 Latest Changes in Regulation

8.3 Legislation and Market Practice by Type of Insurance

8.3.1 Life Insurance

8.3.2 Property Insurance

8.3.3 Motor Insurance

8.3.4 Liability insurance

8.3.5 Marine, aviation and transit insurance

8.3.6 Personal accident and health insurance

8.4 Compulsory Insurance

8.4.1 Motor third-party liability insurance

8.4.2 Personal accident insurance for passengers on public transport

8.4.3 Workmen’s compensation

8.4.4 Air carriers and aircraft operators insurance

8.4.5 Professional indemnity insurance for alternative investment fund managers

8.4.6 Liability for ships with respect to oil pollution

8.4.7 Social insurance system

8.5 Supervision and Control

8.5.1 International Association of Insurance Supervisors

8.5.2 European Insurance and Occupational Pensions Authority

8.5.3 Financial Supervision Commission

8.5.4 Federation of European Risk Management Associations

8.6 Non-Admitted Insurance Regulation

8.6.1 Overview

8.6.2 Intermediaries

8.6.3 Market practices

8.6.4 Fines and Penalties

8.7 Company Registration and Operations

8.7.1 Type of insurance organization

8.7.2 Establishing a local company

8.7.3 Foreign ownership

8.7.4 Types of license

8.7.5 Capital requirements

8.7.6 Solvency margin

8.7.7 Reserve requirements

8.7.8 Investment regulations

8.7.9 Statutory return requirements

8.7.10 Fee structure

8.8 Taxation

8.8.1 Insurance premium or policy taxation

8.8.2 Withholding taxes on premium paid overseas

8.8.3 Corporate tax

8.8.4 VAT

8.8.5 Captives

8.9 Legal System

8.9.1 Introduction

8.9.2 Access to court

8.9.3 Alternative dispute resolution

9 DATABOOK

9.1 Policies and Premium

9.2 Claims and Expenses

9.3 Assets and Investments

9.4 Insurance Brokers and Agencies

9.5 Personal Accident Insurance

9.6 Health Insurance

9.7 Health Insurance by Category

9.8 Travel Insurance

10 DEFINITIONS AND METHODOLOGY

10.1 Definitions

10.2 Methodology

11 ABOUT TIMETRIC

11.1 Contact GlobalData

11.2 About GlobalData

11.3 GlobalData’s Services

11.4 Disclaimer

Table

Table 1: Bulgarian Personal Accident and Health Insurance – Key Facts, 2016

Table 2: Bulgarian Personal Accident and Health Insurance – Segment Shares of the Top Insurers, 2016

Table 3: Bulgarian Government Credit Ratings

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

Table 5: Bulgarian Personal Accident and Health Insurance – Penetration (%), 2012–2016

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

Table 7: Bulgarian Personal Accident and Health Insurance – Penetration (%), 2016–2021

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

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

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

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

Table 12: Bulgarian Personal Accident and Health Insurance – Profitability Ratio (%), 2012–2016

Table 13: Bulgarian Personal Accident and Health Insurance – Profitability Ratio (%), 2016–2021

Table 14: Bulgarian Personal Accident and Health Insurance – Total Assets (BGN Million and US$ Million), 2012–2016

Table 15: Bulgarian Personal Accident and Health Insurance – Total Assets (BGN Million and US$ Million), 2016–2021

Table 16: Bulgarian Personal Accident and Health Insurance – Total Investment Income (BGN Million and US$ Million), 2012–2016

Table 17: Bulgarian Personal Accident and Health Insurance – Total Investment Income (BGN Million and US$ Million), 2016–2021

Table 18: Bulgarian Personal Accident and Health Insurance – Investment Portfolio (BGN Million), 2012–2016

Table 19: Bulgarian Personal Accident and Health Insurance – Investment Portfolio (BGN Million), 2016–2021

Table 20: Bulgarian Personal Accident and Health Insurance – Direct Written Premium by Category (BGN Million), 2012–2016

Table 21: Bulgarian Personal Accident and Health Insurance – Direct Written Premium by Category (BGN Million), 2016–2021

Table 22: Bulgarian Personal Accident Insurance – Direct Written Premium (BGN Million and US$ Million), 2012–2016

Table 23: Bulgarian Personal Accident Insurance – Direct Written Premium (BGN Million and US$ Million), 2016–2021

Table 24: Bulgarian Personal Accident Insurance – Paid Claims (BGN Million and US$ Million), 2012–2016

Table 25: Bulgarian Personal Accident Insurance – Paid Claims (BGN Million and US$ Million), 2016–2021

Table 26: Bulgarian Health Insurance – Direct Written Premium by Sub-Category (BGN Million), 2012–2016

Table 27: Bulgarian Health Insurance – Direct Written Premium by Sub-Category (BGN Million), 2016–2021

Table 28: Bulgarian Health Insurance – Paid Claims (BGN Million and US$ Million), 2012–2016

Table 29: Bulgarian Health Insurance – Paid Claims (BGN Million and US$ Million), 2016–2021

Table 30: Bulgarian Travel Insurance – Direct Written Premium (BGN Million and US$ Million), 2012–2016

Table 31: Bulgarian Travel Insurance – Direct Written Premium (BGN Million and US$ Million), 2016–2021

Table 32: Bulgarian Travel Insurance – Paid Claims (BGN Million and US$ Million), 2012–2016

Table 33: Bulgarian Travel Insurance – Paid Claims (BGN Million and US$ Million), 2016–2021

Table 34: Bulgarian Personal Accident and Health Insurance – Segment Shares of Leading Insurers (%), 2016

Table 35: Bulstrad Vienna Insurance Group – Key Facts

Table 36: DZI General Insurance – Key Facts

Table 37: Victoria Insurance Company – Key Facts

Table 38: Allianz Bulgaria Life – Key Facts

Table 39: CCB Life – Key Facts

Table 40: Bulgaria – Insurance Regulatory Framework Key Features

Table 41: Bulgaria – Life Insurance Regulatory Framework

Table 42: Bulgaria – Property Insurance Regulatory Framework

Table 43: Bulgaria – Motor Insurance Regulatory Framework

Table 44: Bulgaria – Liability Insurance Regulatory Framework

Table 45: Bulgaria – Minimum Cover for Aircraft Third-Party Liability per Accident per Aircraft

Table 46: Bulgaria – Corporate Tax Rates for the Financial Year 2017

Table 47: Bulgarian Personal Accident and Health Insurance Industry – Policies and Premium, 2012–2016

Table 48: Bulgarian Personal Accident and Health Insurance Industry – Policies and Premium, 2016–2021

Table 49: Bulgarian Personal Accident and Health Insurance – Claims and Expenses, 2012–2016

Table 50: Bulgarian Personal Accident and Health Insurance – Claims and Expenses, 2016–2021

Table 51: Bulgarian Personal Accident and Health Insurance – Assets and Investments, 2012–2016

Table 52: Bulgarian Personal Accident and Health Insurance – Assets and Investments, 2016–2021

Table 53: Bulgarian Personal Accident and Health Insurance – Insurance Brokers and Agencies, 2012–2016

Table 54: Bulgarian Personal Accident and Health Insurance – Insurance Brokers and Agencies, 2016–2021

Table 55: Bulgarian Personal Accident and Health Insurance – Personal Accident Insurance, 2012–2016

Table 56: Bulgarian Personal Accident and Health Insurance – Personal Accident Insurance, 2016–2021

Table 57: Bulgarian Personal Accident and Health Insurance – Health Insurance, 2012–2016

Table 58: Bulgarian Personal Accident and Health Insurance – Health Insurance, 2016–2021

Table 59: Bulgarian Personal Accident and Health Insurance – Health Insurance by Product, 2012–2016

Table 60: Bulgarian Personal Accident and Health Insurance – Health Insurance by Product, 2016–2021

Table 61: Bulgarian Personal Accident and Health Insurance – Travel Insurance, 2012–2016

Table 62: Bulgarian Personal Accident and Health Insurance – Travel Insurance, 2016–2021

Table 63: 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 Personal Accident and Health Penetration – Regional Comparison (%), 2016

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

Figure 9: Bulgarian Personal Accident and Health Insurance – Gross Written Premium (BGN Million), 2012–2021

Figure 10: Bulgarian Personal Accident and Health Insurance – Penetration (%), 2012–2021

Figure 11: Bulgarian Personal Accident and Health Insurance – Premium per Capita (BGN), 2012–2021

Figure 12: Bulgarian Personal Accident and Health Insurance – Paid Claims (BGN Million), 2012–2021

Figure 13: Bulgarian Personal Accident and Health Insurance – Profitability Ratio (%), 2012–2021

Figure 14: Bulgarian Personal Accident and Health Insurance – Total Assets (BGN Million), 2012–2021

Figure 15: Bulgarian Personal Accident and Health Insurance – Total Investment Income (BGN Million), 2012–2021

Figure 16: Bulgarian Personal Accident and Health Insurance – Investment Portfolio (BGN Million), 2012–2021

Figure 17: Bulgarian Personal Accident and Health Insurance – Investment Portfolio Dynamics by Types of Investment, 2012–2021

Figure 18: Bulgarian Personal Accident and Health Insurance – Direct Written Premium by Category (BGN Million), 2012–2021

Figure 19: Bulgarian Personal Accident and Health Insurance – Direct Written Premium Dynamics by Category, 2012–2021

Figure 20: Bulgarian Personal Accident Insurance – Direct Written Premium (BGN Million), 2012–2021

Figure 21: Bulgarian Personal Accident Insurance – Paid Claims (BGN Million), 2012–2021

Figure 22: Bulgarian Health Insurance – Direct Written Premium by Sub-Category (BGN Million), 2012–2021

Figure 23: Bulgarian Health Insurance – Direct Written Premium Dynamics by Sub-Category, 2012–2021

Figure 24: Bulgarian Health Insurance – Paid Claims (BGN Million), 2012–2021

Figure 25: Bulgarian Travel Insurance – Direct Written Premium (BGN Million), 2012–2021

Figure 26: Bulgarian Travel Insurance – Paid Claims (BGN Million), 2012–2021

Figure 27: Bulgarian Personal Accident and Health Insurance – Segment Shares of Leading Insurers (%), 2016

Figure 28: Bulgaria – The Three Pillars of Solvency II

Figure 29: Bulgaria – Insurance Supervision and Control at Various Levels

Figure 30: Bulgaria – Insurance Regulatory Frameworks for Company Registration and Operation

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