According to Nina Kolchakova, Secretary General of the Association of Bulgarian Insurers, there has been great challenges in the last 4-5 years, which have changed people's thinking and attitude, including towards insurance, the Association of Bulgarian Insurers (ABZ) wrote.

Market data indicates positive trends in property insurance, with growing interest mainly due to the climate changes in recent years. Nina Kolchakova pointed out that premium income in this segment has grown by 25%. Provided that there is no change in price levels, this clearly indicates increased consumption. But it is more important to note a jump in compensation paid, which rose by 140% in a year, as Nina Kolchakova emphasized. This means that more properties have been insured, but also that many more properties have suffered, mainly from natural disasters.

She noted that in terms of priorities when taking out insurance, Bulgarians put their vehicles first. Home and health insurance follow, while life insurance comes last, which is the “exact opposite” of developed markets as a trend. This market structure is not unique to Bulgaria, the situation is worse in other neighboring countries.

Penetration in agricultural insurance is still low, but positive development is observed. This is largely due to a change in the policy of the Agriculture Fund in subsidizing insurance premiums for farmers by covering a higher part of the premium and simplifying the administrative process, the Secretary General of the ABZ explained.