The insurance culture of Bulgarians is improving, but at a slow pace, commented Nina Kolchakova, General Director of the Association of Bulgarian Insurers (ABZ), on Radio Veliko Tarnovo. This conclusion is also confirmed by the data from a survey conducted by ABZ in May of this year, compared with the results of a similar survey six years ago. "We are seeing an extremely positive trend, especially in the increase of trust in insurance", explained Nina Kolchakova. For comparison – in 2020, 47% of people stated that they trusted insurers, while this year their share increased to 62%.
ABZ’s observations show increased consumption of insurance products and heightened interest, particularly in property insurance. While six years ago only 16% of respondents said they had ever taken out such insurance, in the latest survey their share rose to 31%.
"This is a fact that we also see in the information campaigns that ABZ constantly organizes, through which we manage to reach all Bulgarian regions, but the major factor for the interest is the increased risk and the large losses", commented Nina Kolchakova. According to data from the Financial Supervision Commission, revenues from property insurance have increased by 25% compared to 2024. The price for this period has not increased, which means a growth in the number of policies concluded. For the same period, compensations have increased by 115%, i.e. the damages last year were more than twice those of 2024.
"We all see this every day in the media – where there has been a fire, who has been flooded, what has happened. And people are beginning to realize the risk", said Nina Kolchakova. At the moment, insurers are paying out more compensations on property policies than the collected revenues, but this trend is positive – people who are protected receive adequate compensation at the moment an event occurs. When they lose their property, they will receive funds and will return to the same financial position they were in before and can continue their lives normally. On the contrary – those who are not insured expect help from the state, but they often do not realize that this help is not compensation and will not return them to the same position they were in, but is only social support for a certain period of time. When it comes to small businesses or agriculture, after a disaster they often cannot continue to operate. This means loss for entire families. If insurance has been taken out for the home and for the business, this risk is covered and the compensation allows people to move forward without severe shocks.
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