Insurers do not expect the euro acceptance to rise their prices

Joining the euro area will lead to increased economic stability, access to cheaper funding, increased investment activity and a higher credit rating for the country, Stanchev said.

Stresses that the prices of home insurance are completely affordable, vary on average about 100 – 300 BGN per year depending on the type of property, its location and the selected coatings. In practice, these are 10 – 20 BGN per month – almost every household can afford it, he said. According to the market, only 10% of the dwellings in Bulgaria are insured, which is the lowest share in Europe even compared to neighboring countries.

According to him, the lack of insurance protection leads to serious consequences. In the case of disaster or accident, most households and small businesses tolerate the losses completely on their own because there is simply no one to compensate for them, he said.

Market statistics have been showing the dominance of car insurance for years.