N. Zdravkov: There is a detachment from the bottom for the insurance market

Publish date 15 May 2014
N. Zdravkov: There is a detachment from the bottom for the insurance market image

The "Noise of Money" forum has been successfully held for five years now, commented Nikolay Zdravkov, manager of I&G Brokers and moderator of the "Insurance" panel in "The Noise of Money".

There is some detachment from the bottom. The total premium income under Casco insurance has decreased by only BGN 9 million, ie the first beginnings of using voluntary insurance appear.

However, the total life insurance market plus non-life insurance is about BGN 1.7 billion. There are currently 16 life insurance companies plus two licensed branches of external companies, as well as 19 non-life insurance companies plus 6 branches of external companies.

A framework regulation under Solvency 2 is forthcoming. Insurance companies will have to invest in their systems and software. We will have to make bigger investments, as the market is distributed among more participants. The interest does not stop at licensing new participants, Zdravkov added.

Property insurance is growing because it retains its absolute value, but premiums have fallen significantly. The market is extremely vulnerable to dumping. All participants must make wise choices, he added.

The marking was perceived as a means of limiting the risk of theft and robbery. Last year, however, the legislator made the necessary changes that removed passive marking.

The compensations paid in 2012 amounted to BGN 309 million, while in 2013 - BGN 350 million. Thus, in just one year, costs have increased by 17%. The number of claims is 2000 more to 91,400 claims. Compensation payments are increasing, but we are taking action to reduce premiums.

The forum "The Noise of Money" is implemented with the assistance of Mtel, Societe Generale Expressbank, DZI - KBC Group, Lux Imoti, POK Doverie, Provident Financial Bulgaria, Amrita Consulting House, ActivTrades and LG.

The organizational partner of the event this year is the public relations agency AMI Communications Bulgaria.

Media partners of the event are Manager magazine, Darik radio, the news sites fakti.bg, novini.bg and cross.bg, as well as the specialized imot.bg, Seenews and insurance.bg.

Source: Profit.bg