Insurances - Bulgaria

Bulgaria

The Insurances market in Bulgaria is projected to reach a gross written premium of US$1.99bn in 2024.
Non-Life Insurances dominate the market with a projected market volume of US$1.65bn in 2024.
The average spending per capita in the Insurances market amounts to US$301.00 in 2024.
When compared globally, the United States holds the highest nominal value, reaching US$4,642.0bn in 2024.
The gross written premium is expected to show an annual growth rate (CAGR 2024-2028) of 5.12%, resulting in a market volume of US$2.43bn by 2028.
In global comparison, the United States will generate the highest gross written premium of US$4,642.0bn in 2024.
Bulgaria's insurance market is experiencing a surge in demand for digital insurance solutions, driven by the country's growing tech-savvy population.

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Analyst Opinion

In Bulgaria, the Insurances market is experiencing significant growth and development. Customer preferences in the insurance market are shifting towards more comprehensive coverage options that provide a wider range of benefits and protection. Customers are increasingly looking for tailored insurance products that meet their specific needs and offer more value for their money. Trends in the Bulgarian insurance market include a rise in demand for digital insurance solutions, such as online policy purchases and claims processing. Insurers are also focusing on improving customer experience through personalized services and efficient communication channels. Additionally, there is a growing trend towards sustainable and environmentally friendly insurance products that promote eco-friendly practices. Local special circumstances in Bulgaria, such as a rapidly expanding economy and increasing disposable income among the population, are driving the growth of the insurance market. Government initiatives to promote insurance penetration and awareness are also contributing to the development of the sector. Underlying macroeconomic factors, such as stable economic growth, low inflation rates, and a favorable regulatory environment, are creating a conducive environment for the expansion of the insurance market in Bulgaria. The country's strategic location as a gateway between Europe and Asia is attracting foreign insurers to enter the market and offer innovative products and services to meet the evolving needs of customers.

Methodology

Data coverage:

Data encompasses B2B and B2C enterprises. Figures are based on gross written premium, gross written premium per capita, gross claim payments, loss ratio, and distribution channels.

Modeling approach / Market size:

Market sizes are determined by a Bottom-Up approach, based on a specific rationale for each market layer. As a basis for evaluating markets, we use industry associations, national statistic offices, and international organizations, such as OECD. Next we use relevant key market indicators and data from country-specific associations such as insurance consumer spending, gross domestic product, insurance - consumer price index (CPI), population growth. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing and HOLT-linear. The main drivers are insurance consumer spending and insurance - consumer price index (CPI).

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.