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The Insurance Market in Bulgaria, September 2004
p >At the end of august 2004, the second consecutive survey
was conducted to study and assess the insurance market and services
in Bulgaria in one year period. The survey was representative of
the country’s adult population. The size of the two-stage cluster
sample was N=1000 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 that the role of
insurance companies as independent and sustainable players in Bulgarian
financial market is augmenting. The rate of use of individual insurance
services is marking a significant rise in comparison with previous
year (July 2003, N = 1057). Whilst in 2003 one in four respondents
said they held some type of insurance policy, the same share in
2004 is reaching the 40% level (Figure 1).
FIGURE 1. Insurance Policy Held at the Present
Time – share of people having any insurance (%)
Base: June’03 N = 1057; August’04
N = 1000
For the second year 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 |
|
VII' 2003
|
IX' 2004
|
VII' 2003 |
IX' 2004 |
VII' 2003 |
IX' 2004 |
VII' 2003 |
IX' 2004 |
Allianz Bulgaria |
14,2 |
12,2 |
8,0 |
15,6
|
- |
0,0 |
23,6 |
19,1
|
Orel-G Insurance Company |
12,2 |
5,9 |
7,5 |
2,5 |
- |
0,0 |
11,8 |
0,0 |
Financial group DZI-Roximbank |
20,1 |
27,9 |
12,4 |
19,9 |
- |
0,0 |
- |
18,9 |
Bulins |
1,5 |
4,5 |
5,6 |
16,8
|
- |
26,1
|
- |
0,0 |
Bulstrad |
16,7 |
22,8
|
9,8 |
16,2 |
100,0 |
0,0 |
20,9 |
29,9 |
Armeets Insurance Company |
1,5 |
2,6
|
2,8 |
17,1 |
- |
20,6
|
- |
0,0 |
Vitosha Insurance Company
|
9,7 |
6,2
|
6,8 |
4,2 |
- |
0,0 |
10,1 |
0,0 |
Jupiter Insurance Company |
2,5 |
1,9
|
- |
0,0
|
- |
25,3
|
- |
0,0 |
Bulgarski Imoti |
3,5 |
3,1 |
5,2 |
0,0
|
- |
0,0 |
21,9 |
8,6 |
ING Bulgaria
|
n/a |
0,8
|
n/a |
0,0
|
n/a |
0,0 |
n/a |
8,6 |
Evroins |
0,9 |
3,6
|
- |
6,5 |
- |
0,0 |
- |
4,7 |
Evropa International Insurance Company |
1,0 |
0,8 |
- |
0,0
|
- |
0,0 |
- |
0,0 |
Doverie |
1,5 |
0,3
|
2,3 |
0,0
|
- |
0,0 |
- |
0,0 |
Hannover Insurance Company |
0,5 |
0,5 |
2,8 |
0,0
|
- |
0,0 |
- |
0,0 |
Levski Spartak Insurance Company |
0,5 |
3,5
|
- |
3,0 |
- |
0,0 |
- |
0,0 |
Other |
- |
n/a |
2,4 |
|
0,0 |
|
0,0 |
|
DK/NA |
13,6 |
3,5 |
34,5 |
3,5 |
- |
28,0
|
11,8 |
10,3 |
Base |
221 |
328
|
41 |
80
|
1 |
5 |
10 |
15 |
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 2004 and 2003.
- Use of insurance services by the population
- comparison aspects.
- Basic types of insurances.
- Rate of use of insurance services by insurance
types for August 2004 and July 2003.
- Trust in insurance companies.
- Tendencies in assessments concerning trust
in particular companies.
- Rate of trust in comparison.
- Potential insurance service consumers.
- Share of the respondents who intend to purchase
insurance policies in the future – comparison August 2004
and July 2003.
- Types of insurances – comparison August
2004 and July 2003.
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