BULGARIA: ABZ: Only 6-7% of the properties of individuals are insured

13 September 2022 —
In the last 10 years there has been no change in home property insurance - only 6-7% of the properties of individuals are insured in Bulgaria. This is an extremely low percentage, especially considering that the majority of people live in their own homes, said Konstantin VELEV, Chairman of the Board of the Association of Bulgarian Insurers (ABZ) in his interview on September 09.

According to VELEV, one of the main reasons for low property insurance coverage is the low standard of living. Having insufficient income, families try to limit their expenses and unfortunately insurance is seen as an expense that could be saved.

At that he pointed out that the market offers a wide range of property insurance options (both cheaper and more optimal), so that each person can choose based on their individual needs. "Obviously, these funds will not be enough to build a new house, but it is still more than what can be obtained through the state aid", VELEV emphasized.