Institutional investors

The damages from the disastrous hailstorm that hit Sofia on Tuesday are yet to be assessed, but they are expected to run up to at least BGN 40-50M, according to experts.

According to the head of the National Bureau of Bulgarian Motor Insurers Orlin Penev, the compensations could reach BGN 100M, Capital Daily informs.

Hundreds of owners of damaged cars have been queuing in front of the insurance companies offices in Sofia after Tuesday's severe hailstorm.

Some of them claim to have been waiting since Tuesday night, Nova TV reports.

Insurance companies informed they will provide simplified procedures and quick payment of compensations to customers whose property was damaged by the hail.

Over 60% of the cars stolen in Bulgaria since the beginning of 2014, are cars of 10 years or older, of modest makes, shows Interior Ministry statistics. 

Usually they do not have a CASCO insurance and the entire loss is covered by the owner, reports the Nova TV national channel. 

BELGRADE - Serbian President Tomislav Nikolic met in Belgrade on Tuesday with directors of insurance companies operating in Serbia to discuss the catastrophic floods which hit Serbia and the manner in which to continue to aid the affected areas and recover damaged facilities.

Police in Drama, northern Greece, said Thursday that they were seeking a 50-year-old insurance salesman who is believed to have defrauded dozens of people and two insurance firms out of more than 40,000 euros since 2011.

BELGRADE - Finance Minister Lazar Krstic said Wednesday that the government of Serbia passed an amendment to postpone the implementation of the amended rates for pension and disability insurance contributions by one month, to August 1.

By Evgenia Tzortzi

The local insurance market is bracing for a challenging summer as the Bank of Greece has decided to force all of the sector’s companies to take part in stress tests to be conducted by the European Insurance and Occupational Pensions Authority (EIOPA) this fall.

 Breakdown of buyers shows nearly half of them are investment fund managers as interest proved diverse

By Sotiris Nikas

Four police officers, two lawyers and an insurance adjuster are among 13 people arrested on Friday in connection with an insurance scam which cost at least 27 companies an estimated 1.3 million euros.

More than 6 million euros will be distributed to the residents of Cephalonia, the Ionian island that suffered significant damage in a large earthquake in January, the Hellenic Association of Insurance Companies (HAIC) said on Friday.