On 15 November 2023, the Association of Bulgarian Insurers (ABZ) presented the analytical report “Insurance in Bulgaria – Economic Footprint and Development Challenges” to faculty and students at VUZF University. The event was followed by a lively discussion on current market challenges, the more effective use of insurance mechanisms for public protection, and future development prospects.
The event was opened by Prof. Yulia Dobreva, Vice-Rector of VUZF, and Yuri Kopach, Chair of ABZ’s Management Board. In his address, Mr. Kopach emphasized the long-standing partnership between ABZ and VUZF, highlighting it as a model for effective cooperation between academia and business. He pointed out that despite the fundamental role of the insurance sector in economic development and systemic stability, public discourse on its importance remains limited and must be actively encouraged.
“I believe it is our responsibility—both as professionals and academics—to bring this conversation into the public space. The analytical report provides a solid foundation for this. But most importantly, we are starting this together, in partnership, which is the meaningful way to address complex processes in today’s globalized world,” said Yuri Kopach.
He then donated copies of ABZ’s anniversary publication, which includes the full report and a retrospective gallery on the history of insurance in Bulgaria, to the university library.
The report’s main findings and conclusions were presented by Rossitza Wartonick, ABZ Advisor. She noted that although the sector has shown upward trends, Bulgaria still lags significantly behind other European markets. Insurance penetration in Bulgaria remains between 2–2.4%, compared to the European average of 7.4%, outlining the untapped potential of the domestic market. She also emphasized that risk transfer mechanisms are still underutilized, leading to financial burdens from adverse events being borne by the state, businesses, and households.
During the discussion session, Yuri Kopach and Veselin Angelov, ABZ Board Member, addressed student questions on various topics, including:
The event reaffirmed ABZ’s commitment to building strong academic partnerships and to stimulating dialogue about the societal role of insurance in Bulgaria.
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