On 20 November 2023, the Association of Bulgarian Insurers (ABZ) presented the analytical report “Insurance in Bulgaria – Economic Footprint and Development Challenges” to students at the Faculty of Economics and Business Administration of Sofia University “St. Kliment Ohridski”. The guest lecture featured an interactive session in which students were invited to identify key reasons for the low insurance penetration in Bulgaria and to propose ways to address this issue.
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The event was opened by Assoc. Prof. Dr. Atanas Georgiev, Dean of the Faculty, and Plamen Shinnov, Deputy Chair of ABZ’s Management Board. In his opening remarks, Mr. Shinnov emphasized the importance of close cooperation between the insurance industry and academia as a vital bridge to the professional future of young people. He also donated copies of ABZ’s anniversary publication—which includes the analytical report and a retrospective gallery on the history of insurance in Bulgaria—to Sofia University on behalf of the Association.
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The key findings and conclusions of the report were presented by Nina Kolchakova, Secretary General of ABZ, who explained that the study evaluates the total economic footprint of insurance activities, covering all aspects of the sector’s contribution to economic and social development. She noted that despite positive growth trends, Bulgaria’s insurance sector still lags behind European averages, particularly in market structure, where motor insurance dominates. The report clearly demonstrates that risk transfer mechanisms are underutilized, resulting in the cost of recovery from adverse events being borne primarily by the state budget, businesses, and households.
The report’s insights sparked active interest among students. Their questions were addressed by Plamen Shinnov, Veselin Angelov (ABZ Board Member), and Nina Kolchakova.
A core part of the event was a student-led workshop, where participants took on the role of insurers and worked on solutions to increase property insurance penetration. Their analysis of root causes and proposed strategies largely mirrored the views of the professional insurance community. The students’ recommendations focused on:
The event exemplified ABZ’s commitment to youth engagement and sector-academic dialogue as a driver of positive change in the insurance landscape of Bulgaria.
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