BULGARIA: financial assets of insurers are between 3.5% and 4% of the country's GDP

30 May 2023 —
The market recent results show success, and the insurance industry continues to move forward with serious growth rates, especially compared to other areas of the economy, as was emphasized by Konstantin Velev, executive director of Armeets company, during the specialized edition "Insurance - reality and opportunities" broadcast on May 20, ABZ reports.

"In recent years, the insurance market has been developing entirely upwards. I can say with satisfaction that the years of the pandemic, the last year with the war in Ukraine and the crises caused by this war, at least until now, do not affect the insurance market as negatively as other industries", the expert commented.

"The insurance sector itself is also a large employer - a little over 6,000 people with all activities related to the chain, not referring directly to the insurance companies. Insurers are an important institutional investor as part of the financial system, and their financial assets are between 3.5% and 4% of the country's GDP", noted Lachezar Bogdanov, Chief Economist of the Institute for Market Economy.

"There is a belief that in the event of a natural disaster the state will help us, which is not always the case, and the state aid is small, it is not enough to deal with the consequences financially. This is precisely the role of insurance, which aims to transfer this risk from the state to someone else", added Veselin Angelov, member of the Board of Directors of ABZ and executive director of Allianz Bulgaria.