"Insurance is made by people for people": See who took the awards in this Bulgarian sector

Private pension fund companies were also distinguished this year; the Financial Supervision Commission expects a reform in the Bulgarian pension system with the introduction of the so-called multi-funds

© ECONOMIC.BG / BTA

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Автор: Antoniya Simova Antoniya Simova

"Insurance is made by people for people. It allows everyone to build their lives in peace." With these words, Nikolay Stanchev, the Chairman of the Management Board of the Association of Bulgarian Insurers and CEO of Generali Bulgaria, opened the ceremony of the 16th annual awards of the Bulgarian insurance and pension securities sectors.

Organizers of the event are the Higher School of Insurance and Finance (VUZF University), the Association of Bulgarian Insurers, the Bulgarian Association of Supplementary Pension Security Companies, Prof. Dr. Veleslav Gavriyski Foundation and the Bulgarian Association of Insurance Brokers. 

Economic.bg is a media partner of the event.

Stanchev highlighted the state of the Bulgarian insurance market by emphasizing

sustained growth over the years", "a palette of insurance products and services which is constantly being enriched", and "customer satisfaction and trust in the sector which are increasing".

He pointed out that our common future depends on how we address the challenges in the present. Stanchev gave as an example climate change, which creates new risks for the economy and society and makes a systemic approach even more necessary in the development of adequate protective mechanisms.

Boyko Atanasov, the chairman of the Financial Supervision Commission (FSC), described the role of his regulator as "protecting the public interest through an appropriate business environment and balanced supervision, without the latter being administratively excessive or burdensome".

Rumen Spetsov, the director of the National Revenue Agency, wished good luck and success to the insurance sector, as "it is extremely important for the country's revenues" and "it makes businesses calm and allows them to grow".

Manyu Moravenov, CEO of the Bulgarian Stock Exchange, pointed out that insurance companies have "key importance for the capital market in Bulgaria".

The first prize in the "Insurers for Society 2024" category – which awards corporate social responsibility initiatives - went to Bulstrad Vienna Insurance Group for their national chain of children's volleyball tournaments "Little Giants". The second prize was awarded to Allianz Bulgaria for the Allianz&Friends Blood Donation initiative. The third prize went to Euroins AD for their donation drive for better healthcare treatment and rehabilitation.

The ceremony also saw the handing out of the "Prof. Dr. Veleslav Gavriyski" prizes. Plamen Shinov, executive director and member of the Board of Directors of Bulstrad Vienna Insurance Group and vice-chairman of the Association of Bulgarian Insurers, received an award for his overall contribution to the development of the Bulgarian insurance sector.

Iliya Stanoev, manager of Total Ins - Insurance Broker EOOD, received the award for his contribution to the development of the insurance brokerage sector. Here are the winners in the specific brokerage categories:

  • Insurance Broker of the Year for General Insurance - SDI;
  • Insurance Broker of the Year for Life Insurance - I&G Insurance;
  • Insurance Broker of the Year - Most Dynamically Developing Company - General Broker Club;
  • Insurance broker with sustainable development - Amarant.

For the first time in the history of the awards, VUZF University presented a special award for contribution to insurance education in Bulgaria. The prize went to the National Commercial and Banking High School in Sofia.

Private pension insurance sector

There were also awards for the private pension fund sector, which has already accumulated 12 billion euros and covers 5 million people. The Deputy Chairperson of the Financial Supervision Commission, Diana Yordanova, expressed hope that the companies in this sector will get an upgrade through the so-called multi-fund system.

That system, which has been a subject of debate for 20 years, became relevant again after the last mission of the Organization for Economic Cooperation and Development in Bulgaria recommended its introduction in the country. The FSC indicated that it was starting to work on the specific parameters of that mechanism. The idea is to allow different levels of investment risk when managing money in private pension funds.

I am convinced that next year you will celebrate the successful upgrade to the multi-fund system," Yordanova declared.

The award for overall contribution to the development of that sector in Bulgaria went to Andrey Shotov, executive director of Budeshte Pension Assurance Company AD. The other winners (per category) were:

  • Pension insurance company in "Additional mandatory pension insurance" - POK Doverie;
  • Pension insurance company in "Additional voluntary pension insurance" - Allianz Bulgaria;
  • Most dynamically developing pension insurance company - UBB Pension Insurance.

Translated by Tzvetozar Vincent Iolov