BULGARIA: Leading experts joined the discussion "Life Insurance - Protection and Investment", organized by ABZ and Bulgaria ON AIR on April 10

12 April 2022 —
Life insurance in Bulgaria is experiencing an impressive rise. The development and potential of life insurance, its benefits to consumers and mechanisms for managing the funds invested by clients were among the topics commented during the discussion "Life Insurance - Protection and Investment" organized by the Association of Bulgarian Insurers and Bulgaria ON AIR on April 10, 2022.

There is a growth trend in the life insurance sector, its share reaching 19% of the market in 2021, while only a year earlier it was 15%. The growth rate, which is well ahead of non-life insurance, is indicative - 38% on an annual basis, with BGN 607 million collected, as was noted by Vladimir Savov, Deputy Chairman of the Financial Supervision Commission. The growth driver is investment life insurance, which increased by nearly 140% in 2021.

"In Europe, the ratio is 40% of investment insurance to traditional insurance, we are also approaching this percentage", said Svetla NESTOROVA, CEO and Chairman of the Board of ZAO Bulstrad Life Vienna Insurance Group EAD. "This can be explained by the number of benefits that investment life insurance gives to consumers", she explained.

"Everyone can find "their" product", said Ivaylo PEEV Managing Partner, Life Partners Bulgaria. "Not only people with higher incomes and financially literate. The products are structured in an extremely understandable way, clear and detailed information is provided, and they can be accessed by anyone with the help of consultants. The main thing is to look at investment life insurance as a long-term investment that will bear fruit in years to come", he added.