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Bulgaria Insurance Market Intelligence
Koncept Analytics, Jan 2010, Pages: 21
The insurance industry of Bulgaria is very small and fragmented in structure as compared with the larger European Union economies. In the coming three to four years, the Bulgarian insurance market is expected to witness a continual growth, on account of increasing wealth. Factors including strong economy, higher income and non-food expenditure, particularly automobiles and real-estate, are the major growth drivers of the insurance segment, especially the non-life insurance segment in Bulgaria. The Bulgarian economy is booming on account of increasing exports, rising foreign investment and increasing wealth of the Bulgarians. The entry of new players as well as the expansion of insurance demand, led to an increase of the sector’s contribution to the overall GDP.
The non-life insurance segment represents the largest part of the Bulgarian insurance industry. The life businesses, the endowment and annuity products in particular, are expected to be the main growth drivers of the life segment. In addition to the expansion of life, annuities and accident products, the life market also witnessed growth on account of better returns on unit-linked products. For the last few years, leading international insurance companies are the dominating players within the Bulgarian insurance industry. At the end of 2008, the majority of insurance companies (around 30) operating in Bulgaria were foreign-owned.
The present report gives an overview of Bulgaria’s insurance market along with the analysis of Bulgaria’s political structure and the economic growth. The report provides an insight into the market size and growth in insurance premiums as well as life and non-life premiums. Insurance premiums are discussed in terms of life and non-life segments and the density and penetration levels. The various developments and drivers are also discussed and finally the projections regarding premium growth are given.
By combining SPSS Inc.’s data integration and analysis capabilities with our relevant findings, we have predicted the future growth of the Bulgarian insurance industry. We employed various significant variables that have an impact on this industry and created regression models with SPSS Base to determine the future direction of the industry and its sub-segments life and non-life insurance. Before deploying the regression model, the relationship between several independent or predictor variables and the dependent variable was analyzed using standard SPSS output, including charts, tables and tests.
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