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Bulgaria: Conference discusses need for catastrophic risks insurance pool

June 27, 2014 - 6:05am


Estimates presented during a recent conference on major risks in Bulgaria said a 7.0-magnitude earthquake in the capital city of Sofia would possibly destroy around 39,000 buildings and cause €20 billion ($27 billion) in damage to infrastructure, Xprimm reported.

The need to form a catastrophic risks insurance pool in the country was also discussed. Kiril Kirov, a risk assessment consultant, said "direct material compensation of the population has its strong points" and it may provide "wide insurance coverage of the private properties, crops and livestock."

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