He noted that there has been no increase in the price of compulsory civil liability insurance. "If we look at the longer term, we see that the average market price today is comparable to the prices in 2021. Over the past five years, it has increased by approximately 6.5%, while inflation is around 42%, and the cost of repairs and labor has increased by more than 105%", Stanchev said.
The implementation of the "bonus-malus" system, which links the cost of civil liability insurance to driver behavior on the road, is in its final stages. With the adoption of two regulations governing the system's operation, the Guarantee Fund and insurers are adapting their information systems. If all goes well, it's entirely possible that the system will be operational by early 2027, stated Nikolai Stanchev.
In recent years, insurers have noted an increasingly clear trend of rising interest in voluntary insurance. While motor insurance still accounts for approximately 70% of the non-life market, the faster growth of property, health, and other types of voluntary insurance is gradually leading to a more balanced market structure. This trend is confirmed by the results of a national survey conducted in May: the share of people who have or have had any of the main types of voluntary insurance has nearly doubled over the past six years.
"Even more telling is that the share of people insured solely by legal or contractual obligation has decreased from 59% in 2020 to 32% in 2026. This means that more and more people are choosing voluntary insurance coverage because they see a real benefit for themselves and their families, and not simply because they are obligated to have it", noted Nikolai Stanchev.
Despite this positive trend, the penetration of voluntary insurance in the country remains lower than in most European countries. Industry representatives believe this highlights a significant potential for market development.
Data from the Financial Supervisory Commission shows that property insurance was among the fastest-growing market segments in 2025, growing by over 24%, while a national survey on insurance attitudes shows that the share of people who have or have had a property insurance policy increased from 16% in 2020 to 31% in 2026, nearly doubling. The main reason is the increasing incidence of natural disasters.
A positive trend is also observed in agricultural insurance, which is also due to improved terms for co-financing insurance premiums – up to 70% – through the State Fund, as well as a simplified administrative process, the association's Chairman of the Board emphasized.
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