Банкеръ Weekly

Briefs

VICTORIA INSURANCE COMPANY EXPECTS 2% MARKET SHARE

Victoria - the smallest insurance company on the local market - succeeded to take part in the campaign for the sale of Civil Liability insurance. Its managers expect gross premium proceeds from it of some BGN400,000, although in the words of Zhaneta Djambazova, Deputy Chairperson of the company's Management Board, the insurance policies were sold after mid-December, 2002. The former insurance company Mel Ins currently has 20 chief agencies round the country and a number of officies with them in almost all regional towns. (The new structure consists of chief agencies, agencies, and offices with them). As it is known, the company changed its ownership in the end of last November, and at the general meeting on November 29, 2002, Mel Ins was renamed to Victoria. The new Supervisory Board includes Tsvetan Vassilev (Chairman), Yanko Ivanov (Deputy Chairman) and Bisser Lazarov. Dancho Danchev and Zhaneta Djambazka were appointed Chairman and Vice Chairwoman of the Management Board, which included as members Evelina Yordanova, Stefan Kerekov, and Yuri Kopach.The new player on the local insurance market expects to win a 2-percent share on it by end-2003.A key question for the company is to choose adequate marketing and competitive strategy. The accent will be placed on the improvement of the terms for insurances and conforming the price policy with the requirements of the market. In 2003 the efforts of the management will be directed to building the company's image. Within quite a short period Victoria succeeded to get from the Agency for Insurance Supervision licences for almost all insurances, stipulated in the Insurance Act. (Mel Ins AD had licences only for General Civil Liability and Employer Liability, which necessitated to project and present a number of new products, Ms. Djambazka explained in front of the BANKER weekly). Property insurances are standardized and do not differ much from those, offered by the other insurance companies. The difference is mainly in some definitions and the number of risks they cover.Within the short period of its existence Victoria has worked out and improved all standard insurance products in the sphere of liaility and financial risk. The new product, offered by a limited number of insurers, is Liability of Commercial Companies' Managers. Insurances for products, the use of arms for security and self-defence, liability of hoteliers and restauranteurs, are projected as well. Lawyers, insurance brokers, notaries, certificated expert accountants, doctors and medical personnel can insure themselves against the risk of making professional mistakes. Victoria presents the same opportunity to dentists, architects, designers, construction engineers, and persons conducting technical supervision on the design or construction, or independent construction supervision.

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