BULGARIA - There is limited competition in Bulgaria's voluntary pension insurance market, according to the Financial Supervision Commission (FSC).

Using the Herfindahl-Hirschman Index calculation method, the FSC found the top four companies held an 84% share of the market in the first quarter of 2007.

These four key pension players were Doverie, Allianz, Saglasie and ING, the FSC said.

It added while their position is eroding, it was at a very slow pace as they have lost only 2% of their combined market share since 2005, the FSC said.


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