site.btaInsurers Discuss Sector's Problems at Conference in Sofia 

Head of the Association of Bulgarian Insurers (ABI) Konstantin Velev opened here on Wednesday a conference on the occasion of the 140th anniversary of the insurance sector in Bulgaria. The first insurance policy was sold in Ruse (on the Danube) 140 years ago, which set the beginning of insurance activities in Bulgaria.  

The insurance sector has much to satisfied about nowadays, Velev said, recalling that the insurance market in Bulgaria is part of the European one and functions in accordance with European legislation. Insurance companies are the third most important institutional investor in this country, he said. In addition, the sector clearly showed its resilience and ability to adapt over the past years, marked by the pandemic. 

The focus on Wednesday's conference was the future, the decisions that will help the sector face today's risks. Regulation in the sector serves as the "infrastructure" that can support its sustainable development and competitiveness, which is why one of the conference's highlights is the novelties in the regulatory framework and their impact on the insurance industry. 

ABI plays a role in stabilizing the Bulgarian economy by applying some of the best practices on the financial markets. The insurance sector's role is expected to increase with pension, health and property insurance, caretaker Deputy Finance Minister Daniela Dobreva said. ABI also plays a huge role in improving people's financial literacy, she added. 

Companies' goals and strategies may differ, but they should nevertheless share a common vision and ABI's role is to be a pillar of stability and a visionary, said Petra Hielkema, head of the European Insurance and Occupational Pensions Authority (EIOPA).