Insurance industry

What is the Purpose of Business Insurance?

The purpose of having insurance for business is to help cover the costs in the event of a claim associated with damages to property and liability claims from individuals. Without business insurance or with inadequate business insurance, paying out-of-pocket for costly damages, legal claims and expenses could be potentially devastating on a business and personal level.

Over half of Romanians not having private health insurance, not wanting one in next half-year

Over half of Romanians (52%) do not have private health insurance and do not want to take out one in the coming half year, show the findings of an online survey conducted under the national information campaign "All about health insurance." According to the survey, 48% of the respondents said that they do not undergo a full set of medical examinations once a year, with 30% of them claiming the

Major shifts in the pipeline for pension calculation methods

Over 4 million workers and pensioners insured with the country's main and auxiliary social security funds (EFKA and ETEAEP) can expect to see changes and shifts in their pensions and incomes judging by the blueprint the Labor Ministry is expected to send to the General Secretariat of the government on Wednesday, before heading to Parliament.

Pensions to be issued within 24 hours

The governing board of the Single Social Security Entity (EFKA) on Thursday approved its new action plan, which provides for 34.48 percent of new pension applications to be addressed within 24 hours of submission as of this June and for improving services for insured workers without their having to visit an EFKA branch in person.

Gov't seeks to encourage wage increases via contribution cuts

As part of its goal to ease the burden on businesses and to increase disposable incomes, the government has made the final tweaks to its four-year plan to gradually reduce wage contributions.

The plan has been incorporated into the social security bill which will be ratified in Parliament in January and is expected to take effect in July.

200 Tourists Waiting for BGN 350,000 Compensation from Astral Holidays Insurer

There are 200 affected people of the announced bankruptcy of Astral Holidays. These people should contact the tour operator's insurer - Unica

The total amount which needs to be covered from the insurer is BGN 350 thousand, Minister of Tourism Nikolina Angelkova together with representatives of Astral Holidays and the insurance company Unica revealed at a briefing.

EAEE calls for tax exemption for spending on insurance

Insurance companies are demanding the exemption of spending on insurance policies from taxpayers' taxable incomes in a bid to create an additional incentive for people to get covered. This has emerged in the context of the dialogue between the sector's enterprises and the government to strengthen the so-called third pillar, private insurance.