For another year the moderator on the topic "General Insurance" in "Noise of Money" was Nikolay Zdravkov

Publish date 06 June 2013
For another year the moderator on the topic

The forum attracted the interest of financiers, bankers and insurers.

ZAD Armeec was a partner of the forum "The Noise of Money", which was held on 14 and 15 May this year. at Sheraton Sofia Balkan Hotel for the fourth time in a row with great interest from Bulgarian and foreign financiers, insurers and bankers.

The economic prospects for Bulgaria after the 2013 elections, the development of the capital markets in the region and the prospects for the Bulgarian Stock Exchange were the main topics on the first day of the event. the leading banks and insurance companies in our country.

Current issues in insurance were discussed by Tsvetanka Krumova, Executive Director and Member of the Management Board of Armeec Insurance Company, Assoc. Lazar Georgiev, ZK Lev Ins, Ivo Gruev - ZAD Bulstrad Vienna Insurance Group and Kalin Kostov, procurator of ZAD Allianz Bulgaria took part. The moderator was Nikolay Zdravkov, Managing Partner at I&G Brokers.

The focus was again on compulsory liability insurance. According to Ms. Krumova, the price of insurance is not growing at the required rate because the market is liberalized and the price follows the general trends. The main reason is the fierce competition in the market. Insurers have to deal with higher benefits, and with the ability of people to buy their insurance, and thus meet the requirements of the regulator. The premium that insurers collect for "Civil Liability" at the moment is not sufficient for the risks they take, and the case law is changing in the direction of increasing benefits.

According to Ms. Krumova, the problem with the scope of insurance is very serious and whether the method of calculating the scope is the most accurate. At the beginning of 2013, the number of insured cars was about 2,500,000, and the number of registered cars was 1 million more. It is significant that the number of insured vehicles in the last five years remains almost the same as in 2007, when there was a peak in the scope of civil liability related to the re-registration of cars. According to Ms. Krumova, it is logical to ask ourselves whether the figure of 2,500,000 is actually 100% of the scope of our market, and not the number of registered cars?

It was pointed out that motor hull insurance contributed the most to the decline in the market in 2012. The number of customers has increased, but the number of insured new cars is decreasing due to the lack of financing from banks and financial institutions. The experts also pointed out the fact that despite the natural disasters from last year, no significant increase in property insurance was found.

Among the topics discussed was the impact of the crisis on distribution channels and the role of the regulator. According to experts, the dominant sales channel is undoubtedly the brokerage channel and it plays a role even in shaping the culture of customers.

The prospects for the non-life insurance sector were also discussed at the conference. Other types of business, such as accidents, travel assistance and professional indemnity insurance, are also expected to play an increasing role in the future, given the growth they have seen over the last two years and the compulsory nature of these insurances for some professions.

Source: Bulgaria On Air