BULGARIA: Insurance companies hoping for economic growth

6 January 2014 —
If economy grew, insurance companies would expand, but this would hardly happen in 2014. Such are the forecasts of general insurance companies for the new year, with most of them being rather moderately pessimistic over the development of the market. The main reason is the notion of economy being frozen, that all insurers which the Capital Daily addressed its inquiry to seem to share.
Orlin Penev, Executive Director of Allianz Bulgaria, forecasts that 2014 would either bring stagnation to the sector at the same levels registered in 2013 or a growth that would not surpass that of economy.
Kiril Boshov, Chairperson of the Management Board of Euroins, believes there will be an insignificant growth of premiums in 2014, if any, while problems with the low price of civil responsibility insurance would persist.
Ivaylo Yosifov, CEO of Generali Bulgaria Holding, predicts that two opposite trends would maintain market balance in 2014 - growth of the sector of health insurance and shrinkage of the general insurance market due to the economic situation.

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BULGARIA: Insurance companies hoping for economic growth
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