Банкеръ Weekly



Our premiums for the first three quarters of 2001 exceeded BGL600,000, Georgi Georgiev, Executive Director of the insurer Hanover COOP Bulgaria, told the BANKER weekly. The company's proceeds are modest, but its should be born in mind that we have been on the market for just 9-10 months, Mr. Georgiev added. Hanover COOP's managers hope their premium proceeds would reach BGL1.3-1.4MN by the year-end. This amount is attainable, considering that the campaign for mandatory insurance is just beginning.Hanover COOP Bulgaria was licensed on November 20, 2000. A little later the company was accepted as a full-fledged member of the Association of Bulgarain Insurers (ABI). However, it launched active operations on the market in the beginning of 2001. For its quick affirmation Hanover COOP Bulgaria will stake on the names and prestige of its shareholders - HDI (an union for civil liability of German industry) and the Central Cooperative Union (CCU). Winning the trust of all structures within the CCU and attracting them as its clients are among the insurer's prime tasks. Currently, there are over 1,300 cooperative organisations with more than 3,000 economic establishments within the CCU. If Hanover COOP Bulgaria realizes this idea, the company will guarantee itself a successful start in the insurance business.For the sale of its policies Hanover COOP Bulgaria will rely on its 36 regional representative offices located in CCU's building, and on the branch network of the Central Cooperative Bank (CCB). The idea is to open a desk for selling insurance policies in each branch office of the CCB. The option of launching a number of joint insurance-banking services is under consideration as well. However, this idea will be put into practice later on. Presently, Hanover COOP Bulgaria offers 9 of all the 18 main insurance services, stipulated by law.

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