Банкеръ Weekly

Briefs

NEW PRICES OF CIVIL LIABILITY INSURANCE EFFECTIVE

Insurance companies can already officially launch their advertising campaigns for obligatory insurances, connected with the use of motor vehicles. On November 11 the Director of the Agency for Insurance Supervision Roumen Galabinov issued an order, setting the minimum premiums for the Civil Liability and Accident insurance of passengers in public transport. The order is expected to be soon published in the Official Gazette. Afterwards the insurers can start selling the insurances themselves, the agency's press centre informed the BANKER weekly. Some companies have already begun advertising Civil Liability and the services connected with it. The price of that insurance for 2003 will be 13.3% up (on the average) than presently. The hike will be the highest for vehicles where the risk is the greatest. The increase for the most popular cars of 1,300 - 1,800 cu sm will be 14% and the respective minimum premiums will be BGN49 and BGN56. The owners of super powerful cars (of over 2,500 cu sm) will be paying the highest prices. These vehicles are the most risky for the traffic and the worth of the damages inflicted by them is 40% higher than the collected premiums. Therefore, the price of Civil Liability for them will go up 25%, reaching BGN79.The insurance premium for trolley buses and trams shall be hiked by BGN18 (24.32%), going up from BGN72 to BGN92. The price for motorcycles of up to 750 cu sm remains unchanged.Although the Civil Liability insurance is obligatory, a great number of vehicle owners evade it. Only 60% of the automobiles (of more than 3,000,000 registered vehicles) were insured in 2001. The average compensation paid by insurers under Civil Liability contracts in 2001 was BGN813 for property damages, and BGN5,127 for non-property injuries. Under the amendments to the Ordinance on Obligatory Insurance, approved by the Government in end-October 2002, the minimum insurance amount for Civil Liability as of 2003 was set at BGN100,000 for non-property injuries when one person is hurt, and at BGN150,000 when two and more persons are hurt. The limits for property damages shall be BGN7,000 for each insurance accident.

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