Interview with Tsvetanka Krumova for Bulgaria On Air
Insurance companies in the country were ready to respond immediately after the hail
All insurance companies were ready to respond after the strong hail in Sofia on July 8. Those were the words of Tsvetanka Krumova, Executive Director of Armeec Insurance Company, in the morning program of Bulgaria On Air. She said that insurers have extended their working hours and deadlines for making claims, as well as simplification of the claim-making procedure.
Ms. Krumova reported that insurers will not insist on receiving a certificate by the Institute of Meteorology, which is normally required and costs BGN 35.00.
Ms. Krumova said that 2218 claims have been received for a single day at Armeec, which is a record. According to her, it is many times more than the other days.
Insurance is a highly regulated activity and all amounts will be paid, outlined Ms. Krumova. She said that the insurance companies should provide mandatory reserves with which to react in such situations.
Over 70% of the insurance market in Bulgaria is formed by the motor vehicles, said Ms. Krumova. She said that the main problem after the hail is expected to be the motor vehicles, because buildings were built under certain standards and it is expected to withstand hails.
Ms. Krumova commented that the amounts paid in capital city will be much higher than those paid in Varna. She said that there are many, but small claims.
Ms. Krumova noted that Bulgarians contracted insurance policies in time of such disasters. She emphasized that the insurance business in Bulgaria is on one of the last places in Europe. Pricing in insurance is mathematics and statistics, but also depends on the international markets, added Krumova.
The conversation can be seen in the video.