Bulgaria faces low property insurance penetration despite rising disaster risks

Kaloyan Manoilov of the Association of Bulgarian Insurers reports that while interest in property insurance has risen from 16% in 2020 to 31% recently, Bulgaria remains one of the EU countries with the lowest insurance penetration. Many Bulgarians continue to rely on state aid following natural disasters rather than maintaining private coverage, often only seeking insurance after material damage has occurred.

Common mistakes among property owners include the assumption that disasters will not affect them personally and the failure to include furniture and appliances in coverage, focusing only on the real estate itself. The increasing cost of property and repairs is driving up the financial impact of damages on household budgets.