Motor third-party insurance grows more expensive in Bulgaria
Several Bulgarian insurers updated the prices of their motor third-party liability policy in April. ALLIANZ Bulgaria cut the prices, whereas BULSTRAD and BULINS moved in the opposite direction. Gergana IVANOVA, manager of brokerage FIN Sales, said companies have also changed payment mechanisms, with BULSTRAD, for instance, requiring one or two installments.
Up till now, payments could be made at one or four goes. Bulgaria's insurance market decreased by 6.3% on an annual basis, with premiums adding up to BGN 1.7 billion (EUR 869 million). The general insurance market, which so far managed to keep clean of the red ink thanks to the motor policies, saw its premium income narrow by 4% to BGN 1.47 billion (EUR 751 million), according to Financial Supervisory Commission (FSC).
