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Axco's insurance market report provides expert analysis, market insight, company performance data and market statistics for the Bulgarian non-life (property and casualty) market. The detailed report is produced following a visit to the country and interviews with industry professionals working in Bulgaria's insurance sector. Systematic updates are published throughout the cycle, to the latest developments in the Bulgarian non-life (P&C) market as well as trends by line of business. Axco analysts also report on Bulgaria's economic factors, the local political situation, and sections on climate, operational, and security risks. The report is suitable for insurers, reinsurance companies, brokers and insurance buyers.
The report describes Bulgaria's insurance regulations and requirements, including vital compliance requirements such as if non admitted insurance is permitted in Bulgaria, what are the local rules on licensing and detailing any relevant taxes and charges for the insurer and the insured.
View detailed analysis of local lines of business and sub-classes such as natural hazards, property, construction and machinery breakdown, motor, workers compensation & employers' liability and liability. The report lists the insurance companies operating in Bulgaria, their market share and investigates how much premium is written through the sector’s different distribution channels.
Statistics include five years of non-life (P&C) market performance indicators, including gross written premiums, premium growth, penetration, profitability ratios, and premium by line of business. Company statistics show who are the leading non-life insurance companies in Bulgaria with local company premiums, market share and year on year growth, expense ratios and retentions by line of business.
In 2020 Bulgaria was ranked sixth out of the 28 eastern European countries in terms of non-life insurance premiums and ninth out of 28 in terms of total market premium. Although there has been steady growth in GDP over the last five years, except for 2020 which was affected by COVID-19, insurance penetration has shown only a small improvement and is still only just above 2%. Market participants, which are trying to encourage awareness of the benefits of insurance, comment on the cultural expectation of the population to expect the state to step in where events cause hardship, and governments have ....
This is a brief extract of information; more updated information may be available in the latest published report