BULGARIA: ABZ: most of the owners still do not insure their property

22 September 2022 — Marina MAGNAVAL
Most of the owners in Bulgaria still do not insure their property as either because people hope that nothing terrible will happen, or because they rely on government assistance in the event of a serious damage, said Nina KOLCHAKOVA, ABZ (Association of Bulgarian Insurers) General Secretary.

Motor insurance still dominates the market, accounting for about 70% of the portfolio, while property insurance accounts for only about 13%. For example, although Motor Hull is not compulsory, it has a large market share, and in practice to insure a car even costs almost 10 times more than a policy for house insurance.

According to Nina KOLCHAKOVA, in the last two years there have been also an increase in the interest in life insurance. After the pandemic, it seems that people have realized how vulnerable our health and lives are and are thinking about protection.

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