site.btaPrice of Motor Third Party Liability Insurance May Reach 1,000 Leva - Insurers

114 ECONOMY-MOTOR THIRD PARTY LIABILITY INSURANCE

Price of
Motor Third Party Liability Insurance
May Reach 1,000 Leva - Insurers


Sofia, November 5 (BTA) - Proposed amendments to the Insurance Code may increase the price of motor third party liability insurance to 1,000 leva, or thrice the current price, Svetla Nestorova, Chairperson of the Governing Board of the Association of Bulgarian Insurance Companies, said during a BTA-hosted news conference on Monday.

The possible price increase is also caused by a decision of the Supreme Cassation Court rendered during the summer months which extends the scope of people eligible for compensations for damages.

Nestorova said that the insurance companies will need to raise between 800 million leva to 1.3 billion leva in order to pay out claims for damages suffered in the past five years. RY/ZH//