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Tsvetanka Krumova in "Predi obed" on BTV

Cvetanka Krumova BTV

Demand for insurance after disaster has a short-term effect

The Executive Director of Armeec Insurance Jsc., Ms. Tsvetanka Krumova was a guest of the show “Predi obed” on BTV to comment on the use of property insurance, only days after the floods in Varna, Dobrich and Veliko Tarnovo. Industry representatives at the studio commented that the insurance penetration in Bulgaria is at one of the lowest levels in comparison with countries of Western Europe. The interest in this type of insurance immediately after the catastrophic phenomenon is of short-term nature and unfortunately did not transmute into practice, added Ms. Krumova.

All insurers have made the necessary to reduce the maximum time limits for viewing and payment of insurance compensations, taking into account the fact that people are in distress, said the Executive Director of Armeec. Usually websites have published documents to be submitted and the forms to be completed. In some cases, however, leaded by the desire to facilitate the customers, we permit the insured to take the pictures themselves and send them to us.

Ms. Krumova pointed out that the policy contractual procedures are facilitated to the maximum. Property insurance is the cheapest thing that we can buy for our homes, compared to what we could receive subsequently.

The entire conversation can be viewed in the video.