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Survey “Attitudes Towards Insurance and Insurance Literacy” (2020)

In 2020, ABZ conducted the first nationally representative survey dedicated to Bulgarians’ attitudes towards insurance and their level of insurance literacy. The study examined public trust in insurers, consumer behavior, the use of insurance products, and knowledge of key insurance concepts. The findings show that while confidence in the sector is improving, negative stereotypes and low literacy levels continue to influence consumer choices.

Key Highlights

  • Growing confidence in insurers. 47% of respondents express trust in insurers (vs. 41% distrust), a marked improvement compared to 2010, when distrust prevailed.
  • Gap between perception and experience. While 90% of consumers report no issues with their insurance, one-third still believe companies do not pay out fairly—highlighting persistent negative stereotypes.
  • Insurance seen as security, but often purchased out of obligation. 76% see insurance as protection and stability, yet 59% buy policies mainly because they are mandatory (e.g. motor TPL), not voluntarily.
  • Motor insurance dominates the market. Cars are the most commonly insured asset (63%), while life (13%), property (16%) and health/travel insurance (12%) remain underrepresented, despite being more highly valued by respondents.
  • Price-driven decisions. For 79% of consumers, price is the main factor when choosing insurance, which often leads to insufficient coverage.
  • Low levels of insurance literacy. On average, only 53% of answers in the knowledge test were correct. Basic concepts such as “insurance premium” or “sum insured” are often misunderstood, and only 23% are aware of the savings and tax benefits of life insurance.
  • Generational divide. Young people (18–24) have the lowest literacy and trust levels, while the 25–34 age group shows significantly higher knowledge, usage, and confidence in insurance.

Publication “Analytical View: Attitudes Towards Insurance and Insurance Literacy” (available in English)

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