Covid-19 Shift in the Insurance Market Concentration in Bulgaria

Stoyan Kirov () and Milena Beneva ()
Additional contact information
Stoyan Kirov: University of Economics - Varna, Varna, Bulgaria
Milena Beneva: University of Economics - Varna, Varna, Bulgaria

Izvestia Journal of the Union of Scientists - Varna. Economic Sciences Series, 2023, issue 2, 58-66

Abstract: The pandemic had a decelerating impact on the development of the insurance market in Bulgaria, but it did not significantly contribute to market consolidation. There is no reason to say that the pandemic years from 2020 to 2023 had a catalyzing effect on the processes in the long term. The direction and strength of the market concentration follows the trends since before Covid-19. All indices measuring insurance market power displayed fluctuations during 2020- 2021 but these were insufficient to reverse the established trend. However, market concentration has the potential to become a tangible problem for Bulgaria and the main reason for that will not be the "post-covid syndrome" but the ongoing processes of business consolidation. Notably, life insurance has been affected to a much greater extent by the accumulation of market power.

Keywords: insurance market; life insurers; concentration; market power; pandemic; oligopoly (search for similar items in EconPapers)
JEL-codes: D43 G22 L13 (search for similar items in EconPapers)
Date: 2023
References: Add references at CitEc
Citations:

Downloads: (external link)
https://www.su-varna.org/journal/IJUSV-ESS/2023.12.2/?article=58-66.pdf.html (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:vrn:suvrna:y:2023:i:2:p:58-66

Access Statistics for this article

Izvestia Journal of the Union of Scientists - Varna. Economic Sciences Series is currently edited by Yanka Aleksandrova

More articles in Izvestia Journal of the Union of Scientists - Varna. Economic Sciences Series from Union of Scientists - Varna
Bibliographic data for series maintained by Sabka Pashova ( this e-mail address is bad, please contact ).