Insurance

Bulgarian business representatives have proposed changes to the methods for setting the minimum amount of insurable earnings.

Bulgaria needs an estimated BGN 3.2 M to repair flood damage to its rail infrastructure, according to caretaker Transport Minister Nikolina Angelkova.

Angelkova inspected Thursday flood-hit sections of the rail line Dimitrovgrad - Nova Zagora, according to a media statement of the Transport Ministry.

Turkey’s banking watchdog has granted an operation license to the Dutch Rabobank group, paving the way for the lender’s entrance into the Turkish banking sector.

The Banking Regulation and Supervision Agency (BDDK) has permitted the Rabobank group to establish a deposit bank, according to a decision published in the Official Gazette on Sept. 9.

Piraeus Bank, Greece’s second-largest lender by assets, has agreed to sell its ATE Insurance business to Ergo Insurance Group, a subsidiary of German reinsurer Munich Re, for 90.1 million euros in cash.

Economists and NGOs ponder the setting up of a mandatory disaster insurance scheme in Bulgaria, reports bTV.

Their estimations show that if all owners paid for their real estate a mandatory annual fee of BGN 10 and 30, the state could have at its disposal between BGN 40 and 60 M each year to help disaster stricken residential areas.

Bulgaria's caretaker Minister of Social Policies and Labour Yordan Hristoskov said he will propose again the criminalisation of non-payment of social insurances. 

Damages from the devastating hailstorm that hit Bulgaria's Sofia about 2 weeks ago will cost insurance companies more than BGN 100M.

So far, the big companies only have received damage claims for nearly 50,000 vehicles and the average compensation amounts to BGN 2,000 – BGN 4,000, Nova TV reports.

BELGRADE – Trade unions representing enterprises in restructuring have given up on the idea of staging protests over problems in the enterprises after reaching an agreement on social insurance and payment of minimum wages with Economy Minister Dusan Vujovic.

BELGRADE - Serbian Finance Minister Lazar Krstic said on Thursday that it is necessary to introduce changes to the Law on Pension Insurance so as to ensure the sustainability of the pension system and public finances as a whole.

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.