Non-life insurances - Bulgaria
Bulgaria- The Non-life insurance market in Bulgaria is expected to witness significant growth in the coming years.
- According to projections, the market size, measured in terms of gross written premium, is estimated to reach US$1.62bn in 2024.
- Furthermore, the average spending per capita in the Non-life insurance market is predicted to amount to US$245.30 in 2024.
- This indicates that individuals in Bulgaria are increasingly recognizing the importance of having insurance coverage in various sectors such as property, health, and automobile.
- The market is expected to continue its upward trajectory, with an annual growth rate (CAGR 2024-2029) of 4.62%.
- This growth is anticipated to result in a market volume of US$2.04bn by 2029.
- This demonstrates the potential for further expansion and development within the Non-life insurance sector in Bulgaria.
- In comparison to other countries, the United States leads the global market in terms of gross written premium.
- In 2024, the United States is projected to generate a substantial amount of US$2.5tn in Non-life insurance premiums.
- This highlights the significant role that the United States plays in the global insurance industry.
- Overall, the Non-life insurance market in Bulgaria shows promising growth potential, and with the increasing awareness and importance of insurance coverage, it is expected to continue on its upward trajectory in the coming years.
- Bulgaria's non-life insurance market is experiencing steady growth due to increased consumer awareness and a rising demand for property and casualty coverage.
Definition:
Non-life insurance, also known as general insurance, covers a wide range of insurance products that protect against financial losses related to events other than death. Non-life insurance is designed to provide policyholders with financial support and protection in various circumstances, like car accidents, property damage, and medical expenses.Structure:
The non-life insurance market covers the following insurance types: health, motor vehicles, property, general liability, and legal.Additional information:
The market contains the following KPIs: gross written premium aggregated for all countries and regions, gross written premium per capita, gross claim payments, and the loss ratio – calculated as gross claim payments divided by gross written premium.In-Scope
- Health insurances
- Motor Vehicle insurances
- Property insurances
- General Liability insurances
- Legal insurances
Out-Of-Scope
- Live insurances
- Other non-live insurances, such as travel insurance, freight insurance, and accident insurance
- Reinsurance
