Insurances in BUL INS


Market share: 10.3% for 2011
Revenue: 138.5 million BGN for 2011
Year of founding: 1995
Number of offices: 30

BUL INS JSC insurance company was founded on August 31st 1995; in July 1998 the company received a license for performing insurance services. The company excels by having positive financial result through the years. Its credit rating is IBBB; it has a guaranteed re-insurance program executed through contracts with reputable leading international re-insurance companies.

The company has established its leadership position on the Bulgarian insurance market as it indisputably holds the leadership position for Motor Vehicle Casco Insurance.

With the aim of improving the speed and the quality of servicing BUL INS insurance company has an efficient non-cash technology for fast liquidation of damages and payment of compensation upon occurrence of an insured event. The modern organization for liquidating damages is unique on the Bulgarian insurance market.

The company is member of:

  • The association of Bulgarian Insurers
  • National Bureau of Bulgarian Motor Insurers
  • Bulgarian national insurance nuclear pool for insurance of Kozloduy Nuclear Power Plant for General Third Party Liability Covering the Liability of Nuclear Damage

The insurance company is operated under one-tier management system:
Board of Directors:

  • Petrozar Petkov – Chairman and Executive Director
  • Stoyan Prodanov (Associate Professor) – Deputy Chairman and Executive Director
  • Vanya Milcheva – Member of the Board of Directors
  • Evgeniya Tasova – Member of the Board of Directors

The company offers the following insurance products:

  • Insurance of motor vehicles, excluding rail transport - Motor Vehicle Casco Insurance
  • Mandatory insurance - Third Party Liability (TPL) Insurance of motor vehicles
  • Financial Loss Insurance
  • Property Insurance
  • Cargo Insurance
  • Travel Insurance (Assistance)
  • Accident Insurance
  • Mandatory Medical Insurance for Foreigners Staying for a Short or Long Period in the Republic or Passing in Transit through the Country
  • General Third party Liability Insurance
  • Crop Insurance
  • Fore and Natural Calamities Insurance
  • Credit Insurance
  • Health Insurance
  • Marine Insurance – any damage or loss suffered by vessels
  • Third party Liability Insurance for Owning and Using Vessels
  • Aircraft Insurance
  • Carrier’s Liability for Transporting Passengers and Goods

BUL INS JSC insurance company has a well developed distribution network. The company has 30 offices around the country with 314 highly qualified employees assigned to departments and specialized units.

The company has a wide network of over 528 insurance agents and 205 licensed insurance brokers who have signed contracts with Bul Ins.

In 2011 BUL INS JSC had a market share of 10.3% in the General Insurance sector. During the year the company had good results mainly in the field of motor insurance – with a share of 96.3% of the company’s portfolio, including Motor Vehicle Casco Insurance – 50.2%, Third party Liability insurance – 46.1% followed by property insurance – 2%, Accident Insurance – 0.5%, General Third Party Liability Insurance – 0.3%, etc.

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