Current trends and challenges facing the insurance sector are the focus of the special digital edition RATE | Leaders in Insurance published by Economic.bg. Nikolay Stanchev, Chair of the Management Board of the Association of Bulgarian Insurers (ABZ), is featured in the publication with an extensive interview, while the analytical articles included in the edition were prepared with the expert support of ABZ.
In the interview, Nikolay Stanchev provides a comprehensive overview of the current state of the Bulgarian insurance market and the key factors that are expected to shape its development in the coming years. Among the main topics are the impact of euro adoption, developments in Motor Third Party Liability (MTPL) insurance, trends in property and health insurance, the DallBogg: Life and Health Insurance Company case, the introduction of the bonus-malus system, and the legislative changes needed to accelerate the digitalisation of the insurance sector.
“The insurance sector is in good health, its growth is sustainable, and it has enormous potential for further development as well as for supporting—or even complementing—certain public social policies,” Nikolay Stanchev says in the interview.
Interest in property and agricultural insurance continues to grow as natural disasters become more frequent, while health insurance is also developing dynamically. However, the dominance of motor insurance and the overall low level of insurance protection across other business lines mean that society as a whole is missing out on the positive impact that a more developed insurance market could have on the economy and on households in areas such as protection against natural disasters, income protection, pension provision and healthcare. According to Nikolay Stanchev, insurance is the natural response to a number of major societal challenges, including climate change, cybersecurity, population ageing and growing pressure on pension systems.
Insurance pricing is another key topic addressed in the interview. Nikolay Stanchev explains that premiums are determined by risk, claims costs and market conditions. The introduction of the euro, he notes, has no direct impact on insurance pricing, as the currency itself is not a pricing factor. He also acknowledges that public sensitivity regarding MTPL insurance is understandable and stresses that discussions on the subject should therefore be based on objective data—an approach recently advocated by ABZ.
The interview also covers the need for the consistent implementation of European supervisory rules, expectations that the bonus-malus system will be introduced once the necessary regulatory framework has been finalised, and the legislative changes required to enable the full digitalisation of insurance services.
Interview with Nikolay Stanchev in RATE | Leaders in Insurance
Special digital edition RATE | Leaders in Insurance by Economic.bg
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