More and more Bulgarians trust insurance companies, and the share of people with distrust is decreasing. In 2026, 60% of respondents stated that they have trust in the sector, while six years ago this share was 47% according to data from the survey. A decrease is also reported in terms of distrust - from 41% to 31% in 2026.
The results also outline a positive change in Bulgarians’ attitude towards insurance. The share of people who define insurance as a form of security reaches 82%, and 71% believe that people should get insurance to save on future unforeseen expenses.
In parallel, the use of insurance products is also increasing. Growth is observed in all major voluntary types. The share of people who have or have had health insurance increased from 12% to 27%, borrower insurance - from 7% to 17%, and Motor Hull - from 22% to 34%.
The data also shows another important change. The share of people who are insured solely due to a legal or contractual obligation decreased from 59% in 2020 to 32% in 2026. A possible explanation is that insurance is starting to be perceived not only as an obligation, but also as a voluntary tool for financial protection.
The change is clear in property insurance, where the share of respondents who have or have had such insurance increased from 16% in 2020 to 31% in 2026. There is also a change in attitudes towards property protection. The share of respondents who believe that a property owner should decide on insurance rose from 51% in 2020 to 65% in 2026. At the same time, the share of people who believe that the state or municipality should take care of damaged property is decreasing – from 21% to 14%. Support for introducing mandatory insurance is also decreasing – from 17% to 14%.
39% of respondents agree that insurers are fair in paying out claims. At the same time, the overwhelming majority (83%) of survey respondents who actually received compensation indicated that they were satisfied with it. A possible interpretation of these data is that actual consumer experience is more positive than persistent public perceptions of insurance.
The results also outline another interesting imbalance. On the one hand, 82% of respondents define insurance as a form of security, and 71% agree that people should get insurance to save on future unforeseen expenses. However, only 14% indicate that they would rely primarily on insurance in the event of a serious problem related to their health or property. Significantly more often, people would seek support in their own savings (34%) or in the help of relatives and friends (33%). This shows that although insurance is increasingly perceived as a useful tool for financial protection, it is not yet fully established as a primary mechanism for dealing with risk.
Along with the positive change in attitudes towards insurance, the study shows that insufficient awareness continues to be one of the main challenges to market development. Nearly two-thirds of respondents (63%) agree with the statement that people do not understand enough about insurance and therefore do not buy it, and 57% describe the terms of insurance as difficult to understand. At the same time, only 6% assess their own knowledge as high, while nearly half of respondents describe it as low or absent. This trend is also confirmed by people who do not use insurance. Among them, 41% indicate that they do not understand enough about insurance, and 44% do not see a need for such protection.
The importance of insurers’ reputation as a factor in choice increased from 23% in 2020 to 31% in 2026, and the share of consumers who cite advice from an insurance consultant as an important criterion also reaches 31%.
The survey data shows that insurance is increasingly prominent in Bulgarians' perceptions of financial security. Along with growing trust and consumption, there remains the need for a better understanding of insurance products and their role in risk management. Thus, a key factor for the market further development and for limiting the gap in insurance protection is consumer awareness at every stage, the Association added.
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