Covid-19 Shift in the Insurance Market Concentration in Bulgaria
Covid-19 Shift in the Insurance Market Concentration in Bulgaria

Summary/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.

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