Page 30 - Turkinsurance Digital Magazine

28 country profile

The main objective of the Association is to protect the shared in-
Age Structure in Bulgaria terests and rights of its members and to assist them in carrying out
their insurance activities. Their statement about their goals state:
“We are committed to maintaining an open dialogue between insur-
ers, consumers, state institutions, the technology industry and the
non-governmental organizations in order to achieve industry innova-
14,52% tiveness, development of activity in a fair competition environment,
20,06%
increased social responsibility and enhancement of the insurance
9,40% culture.” The Association also deems itself responsible from pre-
paring motivated and justified opinions on the draft legislation reg-
13,15%
ulating the insurance sector, coordinating the international relations
of their members, establishing contacts and having representative
42,87% functions toward the international organizations and unions. They
also initiate trainings, public campaigns and other similar initiatives
in support of their members’ activities.

Financial Supervision Commission shares

0-14 years 15-24 years 25-34 years information about the insurance market
55-64 years 65 years and over
Founded in 2003, Financial Supervision Commission (FSC) is an
institution that is independent from the executive authority and re-
billion USD; and major export partners are listed as Germany, It- ports its activity to the National Assembly of the Republic of Bul-
aly, Romania, Turkey, Greece, Belgium and France. From these garia. The primary missions of the institution are to maintain sta-
partners, Bulgaria mostly exports clothing, shoes, iron, steel, fuels, bility and transparency on the money and insurance markets, and
agricultural products, tobacco and information technologies. With to ensure the protection of the investors and consumers of financial
an import volume of 31.43 billion USD, Bulgaria mostly buys ma- services and products. Drafting and adopting regulations, issuing
chinery and equipment, metals, chemicals, plastics, and fuels mostly licenses and permits, supervising market participants, and providing
from Germany, Italy, Russia, Turkey, Spain and Greece. market-related and significant information create the main frame-
work of the institution’s activities.
The Association of Bulgarian Insurers
founded in 1992 As of November 2019, there are 35 companies operating in the non-
life segment of Bulgarian insurance market.

The Association of Bulgarian Insurers (ABZ) was founded in 1992.
Gathering 30 insurance companies under its roof, ABZ has a lead- 1.2 billion USD non-life production as of
ing position in the creation of common policies for the development November 2019
of the insurance sector, the protection of the industry rights and
interests, imposing fair competition in the sector and coordinating As of November 2019, non-life premium production of Bulgarian
among insurers on issues of common interest. insurance market reached 1.2 billion USD. When compared to the
previous years, we see that non-life production stood at 908.4 mil-

GDP, comparison by sector Non-life premium production
in years (USD)
4,3%
1.259.916.535

28% 1.031.954.026 957.301.914
908.481.889

67,4%

Agriculture Industry Services November 2019 2018 Q3 2017 2016