THE INSURANCE MARKET IN BULGARIA, JUNE 2003

A national survey was conducted at the end of June 2003 to study and assess the insurance market and services in Bulgaria. The survey was representative of the country's adult population. The size of the two-stage cluster sample was N=1057 covering the whole territory of the country. Information was collected by the method of the face-to-face in-home interview.

The results of the survey indicate a moderate rate of use of individual insurance services. One in four respondents said they held some type of insurance policy as of the time of the survey (Figure 1).

FIGURE 1. INSURANCE POLICY HELD AT THE PRESENT TIME

Base N = 1057 (all respondents)

According to those surveyed, the most popular Civic Liability insurance companies are the financial group DZI-Roximbank, Bulstrad, and Allianz Bulgaria (Table 1). The same companies were also among the preferred ones for the purchase of motor insurance policies.

TABLE 1. MOST POPULAR INSURANCE COMPANIES FOR BASIC TYPES OF MOTOR INSURANCES

	Civic Liability	Avtokasko	Green card	Accident
Allianz Bulgaria	14,2	8,0	-	23,6
Orel-G Insurance Company	12,2	7,5	-	11,8
Financial group DZI-Roximbank	20,1	12,4	-	-
Bulins	1,5	5,6	-	-
Bulstrad	16,7	9,8	100,0	20,9
Armeets Insurance Company	1,5	2,8	-	-
Vitosha Insurance Company	9,7	6,8	-	10,1
Jupiter Insurance Company	2,5	-	-	-
Bulgarski Imoti	3,5	5,2	-	21,9
Evroins	0,9	-	-	-
Evropa International Insurance Company	1,0	-	-	-
Doverie	1,5	2,3	-	-
Hannover Insurance Company	0,5	2,8	-	-
Levski Spartak Insurance Company	0,5	-	-	-
Other	-	2,4	-	-
DK/NA	13,6	34,5	-	11,8
Base	221	41	1	10

A detailed analysis of the examined problem areas is to be found in the full version of the Insurance Market in Bulgaria report. The latter can be purchased from Vitosha Research Agency and contains the following indicators:

• Size of the Insurance Market and Use of Insurance Services.
  • Objective information about premium revenues for the first quarter of 2003.
  • Use of insurance services by the population.
• Basic types of insurances.
  • Rate of use of insurance services by insurance types.
• Trust in insurance companies.
  • Unprompted assessments concerning trust in particular companies.
  • Rate of trust.
• Potential insurance service consumers.
  • Share of the respondents who intend to purchase insurance policies in the future.
  • Types of insurances.