Scholarly record

CONSUMER ATTITUDES TOWARDS LIFE INSURANCE IN BULGARIA

Y. Hristova, P. Peeva

Abstract

The aim of the current paper is to analyze the consumer attitude towards life insurance in Bulgaria during 2018, considering the contemporary European trends and the increased necessity for life insurance. The European life insurance market has been developing with a rapid pace for the past several years, indicating that on average a European spends 1159 EUR annually for life insurance products. According to this indicator Bulgaria is one of the least developed countries among the EU member states. This begs the question as to what the reasons are which lead to this. The methods of the descriptive and comparative analyses have been applied to the statistical information of the state as well as to the tendencies of the Bulgarian and the European life insurance markets. The research has been conducted using data from Insurance Europe and the Bulgarian Financial Supervision Commission as well as from primary sources of data obtained via survey questionnaires where the method used is through proactive respondents providing their consumer opinions and attitudes towards life insurance products in Bulgaria for 2018. The investigation established that the lack of popularity of life insurance products among the Bulgarian consumers was based mainly on the lack of awareness of the potential benefits of these products and services. Based on the primary data findings, it could be concluded that the respondents were not aware of any life insurance

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