Be careful where they take out compulsory civil liability insurance

Publish date 10 October 2013
Be careful where they take out compulsory civil liability insurance image

14% of the registered cars in Bulgaria drive without the obligatory Civil Liability Insurance, according to the latest data of the Financial Supervision Commission.
Where do we take out our insurance? A report from shows that almost 70% of the concluded policies in our country are in the five largest players on the market. The leader in this respect is Lev Ins with about 30% market share, followed by Bull Ins and Billstrad Vienna Insurance Group.
Among the top 5 companies are also DZI General Insurance and Armeec. Compared to a year earlier, the gross premium income of insurers reported an increase of 9 percent. Insurance brokers - a major factor in the market The latest data on insurance brokers from the FSC are from 2012, although we are already entering the fourth quarter of 2013.
According to Nikolay Zdravkov, Chairman of the Management Board of the Bulgarian Association of Insurance Brokers and Managing Partner of I&G Insurance Brokers, a total of BGN 239 million, or 46% of the realized premiums under Civil Liability for last year are the work of brokers .
The number of insured cars averages 2,855 million annually, of which 1,313 million have passed through insurance brokers. What to look out for In order for a company to offer you a valid Civil Liability, you must have a license. Incorrect companies on the market are multiplying, mainly due to the mandatory nature of this type of insurance, as well as the fact that more and more people in our country are beginning to understand their need for insurance - whether we are talking about those related to cars, property, natural disasters or life.