Property insurance in Bulgaria has very low penetration compared to other European countries. I hope that with the campaigns to raise insurance culture, people will become increasingly active in taking out insurance. This was commented in the studio of Bulgaria On Air by Ivana Dimova, Member of the MC of the Bulgarian Insurance Association (ABZ) and Executive Director of UNIQA AD. The penetration of property insurance in our country is between 8 and 10%, while in other European countries it reaches 35–40% and more, she pointed out. “There is a lack of clarity about what insurance is and what it covers”, commented Ivana Dimova.
She reminded that in recent years, both the insurance sector and the ABZ have been developing a number of initiatives to raise insurance culture, including a focus on property insurance. Home insurance is not an expensive product – for an apartment worth 100–150 thousand euros, the annual premium comes to between 150 and 200 euros, and the amount can also be paid in installments.
Usually, after a natural disaster, there is an increased interest and more inquiries about property insurance for a short period, but afterwards the interest decreases again until the next such event. Ivana Dimova pointed out that natural disasters and climate change are a reality, and floods, storms, and hailstorms are becoming more frequent. In addition to them, there is also the risk of an earthquake, and such events can cause serious damage, including the complete destruction of property. “It must be realized that such risks can be covered by the insurer when there is appropriate insurance and the relevant risks are included in the coverage", explained Ivana Dimova.
She called on customers to be active and to inquire about what their policies cover – whether the risk of an earthquake is included, what the compensation limits are, and whether the insurance amount corresponds to the actual value of the property. It is not uncommon for insurance to be taken out for amounts lower than the actual value of the property, and this may not be in the interest of the client. Therefore, it is good to pay attention to the insurance amounts in the policy as well.
Among small and medium-sized enterprises, there is a greater interest in various insurance solutions for business. Corporate clients are generally more aware of the need for insurance protection compared to individual clients, Ivana Dimova also pointed out.
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