Bulgaria insurance market
The Bulgarian insurance market recorded total gross written premiums of BGN 5.25 billion (EUR 2.68 billion) in full-year 2025, up approximately 12% year-on-year according to official Financial Supervision Commission (FSC/KFN) data as reported by XPRIMM. Non-life insurance dominates with an approximately 83.4% share; full-year non-life GWP reached a record BGN 4.38 billion (EUR 2.24 billion, up 12.16% y-o-y), while life insurers wrote BGN 870 million (up 11.36% y-o-y), with the life market overall growing about 11% and unit-linked products contributing BGN 346.2 million. Property insurance was the standout performer: gross written premium in Fire and other natural disasters rose over 24% y-o-y to BGN 542.3 million, and paid property claims almost 2.5x higher at close to EUR 180 million, reflecting growing climate-driven demand, while motor MTPL grew about 10% and Motor Hull about 15%. Growth accelerated through 2025: Q1 GWP rose 21.58% y-o-y to BGN 1.37bn, H1 was up 17% to BGN 2.73bn, Q1-Q3 reached BGN 3.94bn (+12.97%), and the full year closed at BGN 5.25bn (+12%); assets managed by Bulgarian insurers grew 14.4% during 2025 to around EUR 6.7 billion. Momentum cooled entering 2026: Q1 2026 GWP was about EUR 695.75 million, down 0.4% y-o-y, reflecting the fallout from the DallBogg crisis. ZD Evroins AD ended 2025 as the largest non-life insurer with GWP of about EUR 314.8 million, ahead of Bulstrad Vienna Insurance Group (EUR 246.65 million), Armeec (EUR 178.5 million), Generali Insurance AD (EUR 156.45 million, boosted by 23% growth in health insurance), OZK-Insurance (EUR 132.7 million) and Allianz Bulgaria (EUR 132.45 million); the top ten insurers together manage over EUR 1.8 billion of premium. As of end-2024, the latest formal FSC annual census before the 2026 licence revocation, there were 36 locally licensed insurers: 26 non-life (including health) and 10 life/mixed-activity; following the 9 June 2026 revocation of ZAD DallBogg's licence the number of active locally licensed insurers fell to approximately 35, with DallBogg's own 2025 gross written premium estimated by the FSC at about BGN 432 million (EUR 220 million) before its collapse. Around 434 EU/EEA insurers had notified intent to operate in Bulgaria under freedom of services as of March 2026. Insurance broker intermediated premium income (including EU-domiciled brokers) reached BGN 2.974 billion for full-year 2025, of which BGN 2.686 billion was earned by Bulgaria-domiciled brokers (up nearly 10% y-o-y); broker commissions rose 12% to BGN 537.7 million, an average commission ratio of 20.2% of premium, across 349 registered brokers (348 reporting activity) - MTPL-related broker premium alone reached BGN 947 million. Bulgaria's population as of 31 December 2025 was 6,423,207, a decline of 14,153 people (-0.22%) versus 2024, per final NSI data. Bulgaria's nominal GDP reached EUR 116.018 billion in 2025 per NSI (3.1% real growth, GDP per capita EUR 18,060), implying insurance penetration of roughly 2.3% of GDP, well below the EU average; home insurance remains particularly underdeveloped, with only about 10% of dwellings insured, last in Europe. Two landmark developments frame 2026: Bulgaria adopted the euro on 1 January 2026 at the irrevocably fixed rate of BGN 1.95583 per EUR 1, becoming the 21st eurozone member, so all insurance accounts and premiums are now denominated in euro; and on 9 June 2026 the FSC revoked the insurance licence of ZAD DallBogg: Life and Health AD, which had become one of Bulgaria's largest MTPL writers with over 900,000 customers in Bulgaria and abroad, after finding a EUR 280 million shortfall in capital reserves and citing non-compliance with the Solvency II minimum capital requirement, failure to implement administrative orders, systemic violations of EU internal market conduct rules, and refusal to pay court-ordered claims in Poland, Romania and Italy; a ban on new business had been imposed on 2 April 2026 after DallBogg's recovery plan was rejected by the FSC on 11 May 2026, and the company is now managed by two appointed quaestors, with the Guarantee Fund confirming it holds sufficient resources to meet resulting MTPL claim obligations. Earlier cross-border restrictions on DallBogg had been imposed by Polish (April 2025), Romanian (October 2025), and FSC (July 2025, renewed October 2025) regulators.
Country market
Available products
Market overview
Market numbers
Total premiums
BGN 5.25bn
Annual growth
Insurance penetration
2.3%
Active insurers
35
Population
6,423,207
Registered vehicles
4,376,838
Total premiums (BGN bn)
- 20255.3 BGN bn
- 20244.7 BGN bn
- 20234.4 BGN bn
- 20223.6 BGN bn
- 20213.2 BGN bn
- 20202.9 BGN bn
2020 — 2.9 BGN bn
2021 — 3.2 BGN bn
2022 — 3.6 BGN bn
2023 — 4.4 BGN bn
2024 — 4.7 BGN bn
2025 — 5.3 BGN bn
Annual growth (%)
Non-life share / Life share
Non-life share
83.4%Life share
16.6%Insurance penetration (%)
Market data by year
Gross written premium 2025 (BGN m)
- Euroins Insurance AD314.8 BGN m
- Bulstrad Vienna Insurance Group AD246.7 BGN m
- DZI - General Insurance EAD236.2 BGN m
- Lev Ins Insurance Company AD212.3 BGN m
- Armeec Insurance JSC178.5 BGN m
Euroins Insurance AD — 314.8 BGN m
Bulstrad Vienna Insurance Group AD — 246.7 BGN m
DZI - General Insurance EAD — 236.2 BGN m
Lev Ins Insurance Company AD — 212.3 BGN m
Armeec Insurance JSC — 178.5 BGN m
Market share 2025
Euroins Insurance AD
14.1%Bulstrad Vienna Insurance Group AD
11.0%DZI - General Insurance EAD
10.5%Lev Ins Insurance Company AD
9.5%Armeec Insurance JSC
8.0%Insurer directory
Active insurers
Insurers currently active in Bulgaria.
Euroins Insurance AD
Sofia, Bulgaria
Insurance Company Euroins AD is one of the first insurance companies in Bulgaria, licensed since 1998, and is currently the leader of the Bulgarian general insurance market by gross premium income. It is a subsidiary of Euroins Insurance Group AD, part of the Eurohold structure, and offers a full range of general insurance products through a wide office network across the country.
EUR 314.8m
Bulstrad Vienna Insurance Group AD
Sofia, Bulgaria
Bulstrad Vienna Insurance Group is one of the leading non-life insurers in Bulgaria, founded on 31 July 1961, that develops all lines of insurance and reinsurance business including aviation, marine, cargo, property, motor, construction and personal lines. It has been fully owned by Vienna Insurance Group AG since 2021.
EUR 246.66m
DZI - General Insurance EAD
Sofia, Bulgaria
DZI is the company with the longest experience on the Bulgarian insurance market, founded in 1946. A leader in the Bulgarian market, it has been part of the Belgian banking and insurance group KBC since 2007, offering a full range of general insurance, life insurance, and health-related products to both individual and business clients.
EUR 236.19m
Lev Ins Insurance Company AD
Independent (Bulgaria)
EUR 212.32m
Armeec Insurance JSC
Sofia, Bulgaria
Armeec Insurance JSC is one of Bulgaria's leading general insurers, established on 9 April 1996 and majority-owned by Chimimport AD, one of the largest Bulgarian holding companies. It offers a comprehensive range of non-life insurance products including motor, property, travel, liability, marine, aviation, technical, agricultural and financial risk insurance, distributed through a nationwide network of agencies, brokers and agents. The company's registered seat and head office is now located at 51 James Bourchier Blvd., Sofia, having previously been at 2 Stefan Karadzha Str.
EUR 178.54m
Generali Insurance AD
Sofia, Bulgaria
Generali Insurance AD is one of the leading insurance companies in Bulgaria and part of the global Generali Group. Operating under the Generali brand since 2006, the company offers a wide range of non-life insurance products including motor, property, health, travel and accident insurance, and also operates the Generali Zakrila Medical and Dental Centre in Sofia.
EUR 156.45m
OZK - Insurance JSC
Sofia, Bulgaria
OZK-Insurance AD (formerly Municipal Insurance Company AD) is one of the first licensed non-life insurers in Bulgaria, founded on 27 December 1996 with Sofia Municipality as majority shareholder. Privatised in 2008, it is now majority-owned by Bulgarian businessman Hristo Kovachki through EL EM IMPEX. The company holds licences for 12 classes of general non-life insurance and operates over 70 locations nationwide including 13 claims centres.
EUR 132.72m
Allianz Bulgaria Insurance and Reinsurance JSC
Sofia, Bulgaria
ZAD Allianz Bulgaria AD is the leading general insurer in Bulgaria, founded in 1991 as the first private insurance company in the country. It is part of Allianz Bulgaria Holding AD, which is majority-owned by Allianz SE of Germany. The company offers a comprehensive range of motor, property, health, life, travel and liability insurance products for individuals and businesses across Bulgaria.
EUR 132.45m
Bul Ins Insurance AD
Sofia, Bulgaria
Bul Ins JSC is a leading general insurance company in Bulgaria, established on 31 August 1995 and licensed in 1998, offering a full range of motor, property, medical, liability, cargo, and travel insurance products to individuals and businesses.
EUR 125.17m
Groupama Insurance EAD
Sofia, Bulgaria
Groupama Zastrahovane EAD is the non-life insurance subsidiary of the French Groupama Group operating in Bulgaria since 2008, offering motor, property, travel, health, and accident insurance products to individuals and businesses, in exclusive bancassurance partnership with DSK Bank.
EUR 77.15m
Market notes
Important news
Sep 23, 2026
Parliament adopts first reading of Insurance Code amendments strengthening the Guarantee Fund after the DallBogg case
On 23 September 2026 the National Assembly adopted at first reading amendments to the Insurance Code, submitted by MP Daniel Parushev and a group of lawmakers, passed 135 in favour, 8 against, 19 abstaining. The bill lets KFN decide on its own initiative to cover shortfalls in Guarantee-Fund-managed funds, lets the Guarantee Fund pay via the Compensation Fund instead of the Bulgarian motor insurers' Bureau for claims linked to an insurer with a revoked licence, and allows the Guarantee Fund to sign bilateral agreements with foreign national bureaux for cross-border cases.
Why it matters
A direct legislative response to gaps exposed by the DallBogg licence revocation, aimed at faster and more flexible compensation funding when an insurer fails, including cross-border claims. Some opposition MPs raised concerns about the risk of MTPL price increases if costs of failed insurers are socialised across the remaining market.
Sep 15, 2026
KFN issues guidance on Guarantee Fund subrogation rules after an insurer's licence is revoked
At its meeting of 15 September 2026 KFN adopted guidance clarifying that the Guarantee Fund acquires its subrogation claim against an insurer with a revoked licence from the moment it pays compensation to the injured party, but cannot enforce that claim until liquidation or insolvency proceedings begin or the revocation decision is overturned. KFN also clarified that Casco insurers that have subrogated against a driver are not entitled beneficiaries under Guarantee Fund payouts for MTPL claims.
Why it matters
Provides practical clarity for the ongoing DallBogg wind-down on how and when the Guarantee Fund can recover amounts it advances to claimants, directly affecting the sequencing of creditor claims in the insolvency process.
Aug 25, 2026
Bonus-malus system for mandatory MTPL enters into force
On 25 August 2026 KFN, the Interior Ministry, and the Transport Ministry promulgated amendments to Ordinance 49 on mandatory motor insurance and Ordinance 54 on Guarantee Fund registers, formally activating the bonus-malus mechanism for MTPL after more than a decade of debate and two failed attempts. Pricing will be based on each driver's five-year claims history, centrally verified by the Guarantee Fund regardless of which insurer the driver used previously.
Why it matters
Fundamentally changes MTPL pricing in Bulgaria by linking premiums to individual claims history rather than flat risk categories. Insurers must overhaul IT systems to query centralized claims data; KFN estimated around 20 percent of drivers would face higher premiums.
Jul 2, 2026
KFN refers DallBogg to the Public Prosecution and to the National Revenue Agency
On 1-2 July 2026 KFN formally notified the Public Prosecution and the National Revenue Agency of suspicious asset-disposal contracts discovered by conservators after licence revocation, including a concealed December 2025 sale agreement for the pension subsidiary worth EUR 11 million and backdated property pre-contracts at key locations, with large cash deposits in breach of payment-limit laws.
Why it matters
Escalates the DallBogg affair into a criminal investigation, suggesting systematic asset-stripping prior to revocation. KFN also notified DANS (financial intelligence). Conservators are challenging the property contracts in court to preserve assets for creditors and policyholders.
Regulation
Regulation
KFN / FSC
Financial Supervision Commission
Specialised independent state body established in March 2003 responsible for licensing, regulation, and ongoing supervision of the insurance and reinsurance sector, capital markets, and supplementary pension insurance in Bulgaria. It reports to the National Assembly and cooperates with EU supervisory authorities including EIOPA. The FSC publishes quarterly and annual insurance market statistics on fsc.bg. In 2025-2026 it escalated supervisory action against ZAD DallBogg: Life and Health AD, imposing a cross-border services ban from July 2025, renewed October 2025; a ban on all new business from 2 April 2026 after rejecting the company's capital recovery plan on 11 May 2026; and full licence revocation on 9 June 2026, with the company placed under two appointed quaestors due to a EUR 280 million Solvency II minimum capital shortfall, failure to implement administrative orders, systemic EU internal market violations, and refusal to pay court-ordered claims in Poland, Romania and Italy. The FSC is chaired by Vasil Golemanski.
https://www.fsc.bgNBBAZ / NBBMI
National Bureau of Bulgarian Motor Insurers
Non-profit association established on 1 April 2002 and recognised as Bulgaria's sole representative National Bureau within the Council of Bureaux. It administers the Green Card system, issues Green Card certificates, handles cross-border motor TPL claims in Bulgaria involving foreign-registered vehicles, and acts as a Compensation Body under the Insurance Code.
https://www.nbbaz.bgABZ
Association of Bulgarian Insurers
Representative industry body for licensed insurance companies in Bulgaria, founded in 1992. Its member companies represent over 92% of the Bulgarian insurance market. It develops common industry policies, represents insurer interests at national and European level, publishes market analyses, and promotes consumer awareness, particularly regarding underinsured segments such as home insurance. Chaired by Nikolay Stanchev (also CEO of Generali Bulgaria).
https://www.abz.bgBAIB
Bulgarian Association of Insurance Brokers
Professional organisation representing licensed insurance brokers in Bulgaria. It promotes a regulatory environment enabling brokers to operate effectively, fair competition, adequate consumer protection, and a sound insurance market. As of end-2025 there were 349 registered insurance brokers in Bulgaria (348 reporting activity); FY2025 broker commission revenues reached BGN 537.7 million (up 12% y-o-y) on total intermediated premiums of BGN 2.974 billion (including EU-domiciled brokers) according to FSC data, with Bulgaria-domiciled brokers alone earning BGN 2.686 billion.
https://baib.bgGF
Guarantee Fund
Statutory body under the Insurance Code that compensates victims of road traffic accidents caused by uninsured or unidentified motor vehicles and pays claims where an insurer has been declared insolvent. It also manages the central information centre for MTPL insurance data. It confirmed in June 2026 that the Fund has sufficient resources to meet obligations arising from the DallBogg licence revocation, with claims received by the quaestors after 9 June 2026 to be transferred to the Fund. The Guarantee Fund's protection covers compulsory MTPL insurance only and does not extend to other lines such as credit or guarantee insurance.
http://guaranteefund.orgKey legislation
Key legislation
Kodeks za zastrahovaneto (Insurance Code), promulgated State Gazette No. 102/2015, in force 1 January 2016, with subsequent amendments
Insurance Code
The primary legislative act governing insurance and reinsurance in Bulgaria. Transposes the Solvency II Directive (2009/138/EC), the Insurance Distribution Directive, and the Motor Insurance Directives. Establishes licensing requirements for insurers and reinsurers, Solvency II risk-based capital requirements, technical provisions, investment rules, conduct-of-business obligations for insurance distribution, compulsory insurance lines including motor TPL, the National Bureau of Bulgarian Motor Insurers, and the Guarantee Fund. It also empowers the FSC to impose supervisory measures up to licence revocation, as applied to ZAD DallBogg: Life and Health AD in June 2026.
Zakon za Komisiyata za finansov nadzor (FSC Act), promulgated State Gazette No. 8/2003, with subsequent amendments
Financial Supervision Commission Act
Establishes the Financial Supervision Commission as an independent specialised state body, defines its structure, mandate, and powers of regulation and supervision over non-banking financial sectors including insurance, capital markets, and supplementary pension insurance, and empowers the FSC to issue binding instructions and impose administrative sanctions on supervised entities.
Directive (EU) 2016/97 - Insurance Distribution Directive (IDD), transposed into Bulgarian law through amendments to the Insurance Code
Insurance Distribution Directive
Governs the distribution of insurance products in Bulgaria, including conduct-of-business requirements, pre-contractual disclosure obligations, product oversight and governance rules, and professional competence requirements for insurance distributors and their employees.
Commission Delegated Regulation (EU) 2015/35 and associated Solvency II Delegated Acts, directly applicable in Bulgaria
Solvency II Delegated Acts
Detailed implementing rules for the Solvency II framework, covering the Solvency Capital Requirement standard formula, valuation of assets and liabilities, technical provisions, own funds, investment rules, group supervision, and ORSA requirements applicable to Bulgarian insurers and reinsurers. FSC market statistics on insurers with EU single-market access are reported under Regulation (EU) 2015/35. The minimum capital requirement under Solvency II was the central ground for the 2026 revocation of DallBogg's licence.
Zakon za vavezhdane na evroto v Republika Bulgaria (Law on the Introduction of the Euro), in force for euro adoption on 1 January 2026; Council Decision (EU) 2025/1407 and Council Regulations (EU) 2025/1408 and 2025/1409
Euro Introduction Law and EU euro-adoption acts
Bulgaria adopted the euro on 1 January 2026 at the irrevocably fixed rate of BGN 1.95583 per EUR 1, becoming the 21st eurozone member. The lev remained sole legal tender through 31 January 2026, with the euro becoming the sole currency from 1 February 2026. All bank accounts, contracts, and insurance premiums were automatically converted to euro; dual pricing in leva and euro was mandatory from 8 August 2025 to 8 August 2026. Insurance market reporting and premium accounting, including FSC broker reports, moved to euro from mid-2026 (e.g. the 30 June 2026 broker report is required in euro).
EU cross-border access
EU cross-border insurers
Allianz Trade S.A. (formerly Euler Hermes S.A.)
Freedom of Services
Home country: France
Supervisor: ACPR (France)
Offers credit insurance and guarantees for trade and export risks in Bulgaria under the freedom to provide services.
AXA Schengen (AXA France IARD S.A.)
Freedom of Services
Home country: France
Supervisor: ACPR (France)
Offers Schengen visa travel insurance to customers in Bulgaria through online channels.
Cigna Life Insurance Company of Europe S.A.-N.V.
Freedom of Services
Home country: Belgium
Supervisor: NBB (Belgium)
Offers international health insurance for expats and corporate clients in Bulgaria under the Freedom of Services regime.
Bupa Insurance Limited / Bupa Global
Freedom of Services
Home country: Ireland
Supervisor: CBI (Ireland)
Offers international health insurance for corporate clients and expats in Bulgaria under the Freedom of Services regime.
HDI Global SE
Freedom of Services
Home country: Germany
Supervisor: BaFin (Germany)
HDI Global SE offers corporate insurance in Bulgaria under the Freedom of Services regime, including industrial risk, liability and cyber risk coverage.
Distribution channels
Share by channel- 57%Insurance Brokers
- SDI Group EAD (Acrisure/Unilink)
- I&G Insurance Brokers OOD (Acrisure/Unilink)
- Amarant Bulgaria
- Total Ins
- Broker Ins
- UniCredit Insurance Broker
- General Broker Club
- Marsh
- Boleron Consulting
- 22%Direct SalesInsurer offices and call centres
- Lev Ins
- DZI
- Bulstrad Vienna Insurance Group
- Armeec
- 11%Insurance Agents
- Allianz Bulgaria
- Armeec
- OZK Insurance
- 6%Bancassurance
- UniCredit Insurance Broker
- UBB Insurance Broker
- DZI (KBC)
- 4%Digital and Online Direct
- Boleron
- Yettel Insurance OneClick
- Insurers' online platforms
Some companies appear in more than one channel.
Consumer rights
How to file a complaint- 1Complain to the insurer or intermediary
File a written complaint directly with the insurer or intermediary. The insurer must handle claims under its internal procedures required by the Insurance Code.
- 2Escalate to KFN
If dissatisfied, submit a written complaint to the Deputy-Chair of KFN overseeing Insurance Supervision. Attach copies of all relevant documents.
Email[email protected]In personSofia 1303, ul. Shar Planina 33 - 3KFN reviews your complaint
KFN reviews the complaint and may impose supervisory measures.
KFN cannot order payment of compensation. A significant share of complaints fall outside its jurisdiction because they concern the amount of compensation owed. - 4Disputes over the amount of compensation
Consumers may use the Sectoral Conciliation Commission for insurance and insurance intermediation disputes, operated under the Consumer Protection Commission (KZP). It is a free, voluntary alternative dispute resolution route before going to court.
- 5Go to court
If conciliation fails or is not desired, file a civil lawsuit in court. KFN cannot adjudicate civil insurance disputes over compensation amounts.
EU cross-border access
EU cross-border access
Bulgaria, an EU member since 2007 and eurozone member since 1 January 2026, fully implements the EU single insurance market. Bulgarian-licensed insurers may operate across the EEA via Freedom of Services or Freedom of Establishment by notifying KFN as home supervisor. Foreign EEA insurers may likewise enter Bulgaria after their home supervisor notifies KFN. KFN publishes public registers of all incoming and outgoing cross-border notifications.
EU Directive 2009/138/EC (Solvency II); EU Directive 2016/97/EC (IDD); EU Directive 2025/1 (Insurance Recovery and Resolution); Kodeks za Zastrahovaneto DV br. 102/2015, last amended DV br. 63/2025 and further amended by a 2026 bill on Guarantee Fund financing pending final adoption
freedom of establishment
An EEA insurer may open a branch or subsidiary in Bulgaria or a Bulgarian insurer in another EEA state. The home supervisor notifies the host regulator. Host-state conduct rules apply; prudential supervision remains with the home supervisor.
freedom of services
A licensed EEA insurer may offer policies in Bulgaria without a branch, and a Bulgarian insurer may do the same in other EEA states, after the home supervisor issues the cross-border notification. The DallBogg case demonstrated KFN powers as home supervisor: in October 2025 KFN imposed an indefinite ban on cross-border EU activities after Polish and Romanian regulators had imposed bans on their territories, and the case ended with full licence revocation in June 2026. A 2026 legislative amendment additionally allows the Guarantee Fund to sign individual agreements with national bureaux and compensation bodies in other EU states for cases involving a Bulgarian insurer with a revoked licence that had operated cross-border.
Market history
Market history
1990-2000
Post-Communist Liberalisation and Market Formation
The state insurance monopoly was dismantled after 1989 and private companies emerged. The Association of Bulgarian Insurers was founded in 1992. The 1996-1997 banking and currency crisis disrupted the economy, but market reform from 1997 and foreign firm entry enabled growth.
2000-2007
EU Accession Preparation and Regulatory Consolidation
KFN was established on 1 March 2003, consolidating supervision of insurance, securities, and pension markets. Bulgaria aligned its insurance law with EU directives for its 2007 accession. Motor liability dominated as car ownership grew rapidly.
2007-2015
EU Single Market Integration and Financial Crisis Impact
EU accession opened the single market to Bulgarian insurers. The global financial crisis caused premium income to fall until 2012, after which slow growth resumed. Insurance penetration remained low relative to EU peers. The new Insurance Code entered into force on 1 January 2016.
2016-2023
Strong Premium Growth and Market Concentration
The market recorded sustained double-digit growth in most years from 2021 to 2023, with total GWP rising from BGN 3.24 billion in 2021 to BGN 4.38 billion in 2023, a 21.3 percent jump. Motor insurance drove over 70 percent of non-life premiums. Foreign groups including VIG, Generali, Allianz, and KBC consolidated leading positions alongside domestic players. The 2018 collapse of Cyprus-based insurer Olympic left over 200,000 Bulgarian motorists without cover.
2024-2026
Regulatory Turbulence, Eurozone Entry, Bonus-Malus and the DallBogg Collapse
Total GWP reached BGN 4.69 billion in 2024 across 36 registered insurers, and BGN 5.25 billion (EUR 2.68 billion) in 2025, up 12 percent, with non-life representing about 83.4 percent of premium and life about 16.6 percent. Bulgaria joined the eurozone on 1 January 2026. The DallBogg crisis dominated, ending with KFN revoking the insurer's licence on 9 June 2026 over a EUR 280 million reserve shortfall, and the long-delayed MTPL bonus-malus system entered into force on 25 August 2026. In September 2026 parliament also advanced Guarantee Fund reform legislation in response to the DallBogg fallout.
Glossary
Glossary
bg
Застраховател
A KFN-licensed joint-stock company or mutual insurance cooperative authorised to underwrite insurance risks under the Bulgarian Insurance Code.
bg
Застрахователен брокер
A KFN-licensed intermediary acting on behalf of the client, distributing products from multiple insurers, prohibited from simultaneously acting as an insurance agent.
bg
Застрахователен агент
A KFN-registered intermediary acting on behalf of one or more specific insurers, distributing their products under a mandate from those insurers.
bg
Гражданска отговорност
Mandatory liability insurance for all Bulgarian-registered motor vehicles covering bodily injury and property damage caused to third parties. The most traded insurance product in Bulgaria.
bg
Автокаско
Voluntary insurance covering damage to or theft of the insured vehicle regardless of fault. Second-most common motor insurance product in Bulgaria.
bg
Застрахователна полица
The written insurance contract document specifying covered risks, insured sums, premium, and conditions, issued by the insurer to the policyholder.
bg
Застрахователна премия
The price paid by the policyholder to the insurer for coverage, calculated based on risk profile, coverage scope, and applicable tariffs or bonus-malus rules.
bg
Застрахователно обезщетение
The amount paid by the insurer to the insured or a third-party beneficiary upon occurrence of an insured event, as determined under the policy terms.
Market notes
FAQ
Market notes
Sources
Last updated: Sep 25, 2026
- 01Financial Supervision Commission (FSC/KFN)
Official regulator publishing quarterly market statistics, registers, decisions, and supervisory actions.
- 02KFN Bonus-Malus Ordinance Amendments August 2026
Official KFN announcement that implementing ordinances for the bonus-malus MTPL system entered into force on 25 August 2026.
- 03KFN DallBogg New Business Ban April 2026
Official KFN press release announcing the ban on DallBogg from concluding new insurance contracts dated 2 April 2026.
- 04KFN DallBogg Tag Archive
KFN official archive of all supervisory decisions and press releases regarding DallBogg: Life and Health.
- 05Investor.bg DallBogg Licence Revocation June 2026
Report confirming KFN revoked DallBogg's insurance licence on 9 June 2026 and EUR 280 million reserve shortfall.
- 06Investor.bg KFN Guarantee Fund Subrogation Guidance September 2026
Report on KFN guidance of 15 September 2026 clarifying Guarantee Fund subrogation rules after licence revocation.
- 07Investor.bg Guarantee Fund Reform First Reading September 2026
Report on the Insurance Code amendment strengthening KFN and Guarantee Fund powers, adopted at first reading on 23 September 2026.
- 08Capital.bg MTPL Price Review Announcement April 2026
Report on KFN and Competition Commission announcing a review of MTPL pricing practices after motorist and transport operator protests.
- DZI · Motor third-party liability · Product information sheet
Information-document-for-insurance-product-MTPL.pdf · Oct 8, 2026 (opens in a new tab)