The Association of Bulgarian Insurers (ABI) was founded as a non-profit organization on 16 October 1992 by twelve state-owned and private insurance companies active on the Bulgarian market at the time: Bulgaria Insurance and Reinsurance JSC, Bulgaria–Zhivot Insurance JSC, Bulstrad JSC, Orel Public Insurance JSC, Phoenix Life Insurance Cooperative JSC, DZI, Energia JSC, Vitosha Insurance and Reinsurance JSC, Medical Insurance and Patient Cooperative “Europa” JSC, Sofia Insurance JSC, Automobile Insurance–MIK JSC, and Granit JSC.
The initiative for the establishment of ABZ came from Bulgaria Insurance and Reinsurance JSC, and the first working meeting to form a sector-wide union of insurers was held in October 1991.
In 1994, the Association’s members adopted 1 October as the official professional holiday — Insurance Day. The date was deliberately chosen to commemorate the founding of Bulgaria’s first insurance company, Bulgaria, on 1 October 1891 in the city of Ruse.
Over the years, ABZ has become a unifying platform for all market participants, making a significant contribution to the development of the sector. The Association has reinforced its leading role in shaping sector-wide policy, safeguarding the rights and interests of the profession, promoting fair competition, and coordinating efforts among insurers on matters of shared concern.
Numerous respected professionals have served as Chairpersons of the ABZ Management Board:
Chairpersons of the ABI Management Board
Mr. Radoslav Gabrovski – 1992 to 1996
Mr. Rumen Yanchev – February 1996 to December 1996
Mr. Georgi Abadzhiev – 1996 to 1998
Mr. Borislav Mihaylov – 1998 to 2000
Mr. Atanas Tabov – 2000 to 2003
Mr. Venislav Yotov – 2003 to 2005
Ms. Daniela Konova – 2005 to 2007
Mr. Orlin Penev – 2007 to 2011
Mr. Dancho Danchev – 2011 to 2015
Ms. Svetla Nestorova – 2015 to 2019
Mr. Konstantin Velev – 2019 to 2023
Mr. Yuri Kopach – 2023 to 2024
Mr. Nikolay Stanchev – 2024 to present
HISTORY OF INSURANCE IN BULGARIA
Insurance in Bulgaria developed hand in hand with the country’s economic progress following national independence. Few sectors of the Bulgarian economy can boast such a long-standing history.
The beginning of organized insurance activity is considered to be 1882, when the first insurance company — Dacia-Romania — began operations in the country. Around a decade later, in 1891, the first Bulgarian insurance company, Bulgaria, was founded in Ruse, followed soon after by Balkan, the second. In the decades that followed, Bulgarian insurers retained a strong market presence, often with support from the state.
At the beginning of the 20th century, Bulgaria ranked first in the field of insurance among all Balkan countries. The industry endured the challenges of financial crises and wars, managing to build a stable and trusted market that earned the confidence of the public.
After the Second World War, the sector went through a period of nationalization, followed by the revival of private enterprise in the early 1990s, paving the way for the modern insurance market we know today. Currently, the Bulgarian insurance market is an integral part of the European insurance landscape and operates in full alignment with European legislation.
Insurance plays an important role in both social protection and economic development in Bulgaria. Insurers are the third-largest group of institutional investors in the country. They offer a broad portfolio of products and services, implement innovative technologies, and are continuously evolving to meet the needs of consumers.
Throughout its history, the sector has remained committed to public needs. Insurers have been among the most significant public donors, and some of the most architecturally remarkable buildings in Bulgaria were built by or for insurance institutions. The spirit of tradition lives on, with insurers today actively shaping policies and launching initiatives in the public interest.
Find more in the gallery "140 Years of Insurance in Bulgaria"!
