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Rumen Erusalimov, Ventsislav Vasilev, Aneliya Paneva
THE NON-LIFE INSURANCE MARKET IN BULGARIA – 15 YEARS AFTER THE COUNTRY'S ACCESSION TO THE EUROPEAN UNION
Abstract:
The main aim of the study is to establish the state and development of the leading insurance industry in our country – Non-Life Insurance, as well as to outline its importance as an economic sector and to determine its market structures after Bulgaria's accession to the European Union in 2007.
The article traces the dynamics of gross written premiums realised by insurers in Non-Life Insurance during the period 2007-2021. The place of Non-Life Insurance in the Bulgarian economy has been established through the indicators "insurance penetration" and "insurance density". Its product structure for the same period has also been studied.
As a result of the research, it is concluded that Non-Life Insurance in Bulgaria occupies a small share of the country's economy; Bulgarian citizens do not spend enough money on insurance, and the product structure of the market is dominated by Motor Insurance.
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Rumen Erusalimov, Tanya Ilieva
SUPPLEMENTARY PENSION INSURANCE – INDIVIDUAL OR COLLECTIVE ALLOCATION OF THE PENSION FUND
Abstract:
Three financial coverage systems are known and applied in the theory and practice of pension insurance: cost coverage, capital coverage and premium coverage. These systems show how operating pension costs will be allocated over time as well as among those insured. The common thing between them is that they are based on a large aggregate insurance and on the principle of mutual assistance and solidarity between the participants. In the cost coverage system and the capital coverage system solidarity encompasses all age generations while in the premium coverage system the principle of mutual assistance is spread over a particular age generation.
Some of the regulations in the Social Security Code make it impossible to apply the financial systems already mentioned in supplementary pension insurance. This strongly impedes actuary calculations and the effective allocation of the accrued pension funds.
The results obtained from the numerical example calculated in this article clearly show that it is necessary to reconsider certain passages in the Social Security Code and consequently to proceed from an individual to a collective allocation of supplementary pension insurance funds.
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Rumen Erusalimov, Nikolay Valeriev Iliev
THE IMPACT OF COVID-19 ON DEVELOPMENT
OF MOTOR CASCO INSURANCE IN BULGARIA
Abstract:
: Motor Casco Insurance is the most concluded voluntary insurance policy on the Bulgarian insurance market and in recent years its market share is about 27% in the General (Non-life) Insurance Section.
The aim of the study is to assess the impact of measures taken by the state to limit the spread of SARS-CoV-2 virus on the development of Motor Casco Insurance.
As a result of the study, it was found that the measures imposed by the state did not significantly affect the development of Motor Casco Insurance in Bulgaria, but simply slowed down its pace. However, there is a significant reduction in the number of road accidents, especially in 2020, which is also reflected on the reduction of insurance payments.
