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$1,624,000.00k 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$2,035,000.00k 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$2,500.0bn 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.

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Analyst Opinion

The Non-life insurances market in Bulgaria has been witnessing significant growth and development in recent years. Customer preferences in the non-life insurance market in Bulgaria are shifting towards more comprehensive coverage options that provide a wider range of protection against various risks. Customers are increasingly looking for tailored insurance solutions that meet their specific needs and offer added value in terms of convenience and service quality. Trends in the market show a growing demand for non-life insurance products such as motor vehicle insurance, property insurance, and health insurance. This increasing demand can be attributed to factors such as rising disposable incomes, urbanization, and greater awareness about the importance of insurance coverage among Bulgarian consumers. Local special circumstances in Bulgaria, such as regulatory changes and advancements in technology, are also influencing the non-life insurance market. Insurers in the country are adapting to new regulations and leveraging technology to enhance their product offerings and customer service capabilities. Underlying macroeconomic factors, including stable economic growth, low unemployment rates, and a favorable business environment, are supporting the growth of the non-life insurance market in Bulgaria. As the economy continues to expand and consumer confidence remains high, the demand for insurance products is expected to increase further in the coming years.

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.