Culture of insurance in Bulgaria

published on 6/11/12 11:34 AM

According to the results of a study by Gallup International on the insurance market in the country, done 6 months after Bulgaria joined the EU in 2007, just 33% of the population had some kind of insurance. 25% of the Bulgarians are not acquainted with insurance at all, while 40% say they just don’t need insurance. Just 6% fully trust insurance companies in Bulgaria. Has the attitude of Bulgarians towards insurance changed in the past 5 years? In Bulgaria before thinking about doing a life or health insurance, people buy the obligatory civic liability insurance for their cars, associate professor Irena Misheva from the Insurance and Financial Academy says.

“Speaking about life insurance, for example, it is really important to make Bulgarians more acquainted", Prof. Misheva goes on to say." In the past 5 years, however, the number of life insurance clients has increased. Retirement insurance was just 8 % of the market in 2009 and in 2010 its share reached 12%. All these show that culture of insurance in Bulgaria has been developing.”

It is still a fact that very few people in Bulgaria insure their property against natural disasters – less than 10% of the owners in the country.

People tend to think that a natural disaster will not affect them but sometimes they just do not have the money to make the insurance, associate professor Misheva says.

“We must focus also on the role of schools, when speaking about insurance culture. For, example our university contributes to increasing the culture of insurance, by organizing different trainings, discussions and round tables in the sphere. Insurance companies, who have a close contact with the clients, must be also active in this process. Nowadays companies are fiercely competing and their image is very important. That is why the quality of services is also increasing. People receive information from the Internet fast and this also helps increase their insurance culture,” Ms. Misheva concludes.

English: Alexander Markov

По публикацията работи: Diana Hristakieva

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Culture of insurance in Bulgaria

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