Tsvetanka Krumova for the news of TV+

According to the insurers in the country only a quarter of insurance policies in Bulgaria are relating to property, accidents at work or life. However, 75% of people have devoted resources to protect their motor vehicles. The disaster in Varna and Dobrich again demonstrated the need for a change in this trend, said leading insurers.

Insurance companies have sent more teams to help rapid evaluation and compensation for damages in the flooded region. Although many people there have lost their documents the insurance brokers soothe that this will not hinder the payment of insurance amounts.

IVETA KUNOVA, DEPUTY CHAIRWOMAN OF THE BOARD OF DIRECTOS OF THE BULGARIAN ASSOCIATION OF INSURANCE BROKERS

When documents are lost, they are lost with the customer, but insurers have them and can verify that the respective motor vehicle or property is insured.

We are most stringent regarding motor vehicles. This is the largest market for insurers. After seeing the photos with swept cars, their owners can be assured at least for them.

TSVETANKA KRUMOVA, EXECUTIVE DIRECTOR OF INSURANCE COMPANY

Large portion of damages that we expect to be paid are those relating to motor vehicles as car insurance is an essential part of our market.

According to insurers almost every household in the country will make a policy for its home or property to protect it from a natural disaster. They offer something more practical - the establishment of Catastrophe Insurance Pool that shall reimburse amounts for those damages.

IVETA KUNOVA, DEPUTY CHAIRWOMAN OF THE BOARD OF DIRECTOS OF THE BULGARIAN ASSOCIATION OF INSURANCE BROKERS

For example, if a property in Turkey is not insured for the mandatory earthquake insurance, due to the fact that Turkey is located in an earthquake region, it has no access to electricity. No insurance – no electricity. It is clear that something similar should happen in Bulgaria.

TSVETANKA KRUMOVA, EXECUTIVE DIRECTOR OF INSURANCE COMPANY

For example, France, where insurance is voluntary, each policy has a supplement that represents mandatory addition to this policy thus being a national Catastrophe Insurance Pool, which is guaranteed by the state and actually pays for the damages caused by catastrophic events.

Insurers recall that in financial terms the policy for protection of home from disaster is among the cheapest products they offer. Bulgarians remain irresponsible for their homes from this perspective. Among the few good news is that at least in recent years farmers have begun to take care of their properties.

MAYA GEORGIEVA– reporter; IVAN IVANOV – operator, TV+, 23.06.2014

The entire report can be viewed here.