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"Consent" will start selling non-life insurance

NEWS_PUBLISH_DATE 19 September 2013

Another company will soon start offering non-life insurance - this is Saglasie, which received an additional license from the Financial Supervision Commission a few days ago. It allows the company to conclude property and several types of car policies without "Civil Liability".

Retail

"Saglasie intends to take licenses for compulsory car insurance soon and start offering its products," Milen Markov, chairman of the board of directors, told Capital Daily. The company will focus on retail sales and builds a structure throughout the country, Markov added.

Until a few months ago, Saglasie was a health fund, but it has been re-licensed as an insurer under the new legal requirements. Other health funds did the same by obtaining licenses for the sale of health insurance, and some expanded their activities with additional property and car policies. According to the permits received so far, Saglasie will be able to insure property, cargo, rail vehicles, issue Auto Casco, as well as General Civil Liability.

Mandatory income

All these insurances, as a rule, give a rather small part of the total insurance premiums - according to the Financial Supervision Commission, over 40% of all revenues are due to the obligatory automobile "Civil Liability". In retail sales to individual customers, the product occupies an even larger share. Most property insurances are taken out for mortgages, and the crisis has had a serious impact on sales of all types of policies.

As a health fund, Saglasie was among the smallest on the market - at the end of June its market share was 0.2%, with less than BGN 50,000 in premiums collected for the first half of this year. Owners of Saglasie Insurance Company are several companies that are related to the Chimimport holding. The largest share in the company is held by Texim Bank (49.75%), followed by Holding Center (25.65%), Sila Holding (9.75%), Saglasie Pension Company, Finance Consulting and New Industrial Company. , each with a share of 4.95%.

 

Source: capital.bg