Economic Archive

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  DEVELOPMENT OF THE BULGARIAN INSURANCE MARKET - CRISIS CHALLENGES OF THE DECADE

  The present study focuses on the development of the Bulgarian insurance market in the second decade of the XX century. It examines the issues of the relationship between the global financial sector, insurance and the phases of economic cycles; the debate on the importance of the financial sector and insurance for the economic development; the ... The present study focuses on the development of the Bulgarian insurance market in the second decade of the XX century. It examines the issues of the relationship between the global financial sector, insurance and the phases of economic cycles; the debate on the importance of the financial sector and insurance for the economic development; the establishment of correlations and dependencies between the dynamics of GDP and the dynamics of the Gross Premium Income (GPI) in the general insurance sector in Bulgaria for the period 2007-2019, presenting prospective reflections and assessment of the impact of the global pandemic COVID-19 on the Bulgarian insurance market. The linear model in a realistic scenario forecasts a decline in GPI of 18.2%, in a GDP decline of 9.0%. An additional assessment and forecast made using the model is that a decrease between 12.4% and 25% of GPI from the compulsory motor third party liability insurance (at the indicated level of GDP decline) will have a destructive effect on the Bulgarian model of general insurance, due to the impossibility to perform the social functions of this insurance such as the protection of victims of road accidents.

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  ANALYSING AND FORECASTING THE DEBT BURDEN OF THE EU COUNTRIES: IS THERE A NEW EUROPEAN DEBT CRISIS ON THE HORIZON?

  The debt crisis which afflicted Europe highlights the weaknesses and instability of the EU member states' financial systems, as well as the inability of their national economies to maintain normal levels of indebtedness. The deteriorating economic environment requires changes in the fiscal policies across Europe. These changes are effected using ... The debt crisis which afflicted Europe highlights the weaknesses and instability of the EU member states' financial systems, as well as the inability of their national economies to maintain normal levels of indebtedness. The deteriorating economic environment requires changes in the fiscal policies across Europe. These changes are effected using new financial instruments to raise the necessary funds for implementation of economic reforms in the EU member states. The aim of this study is to analyse the current levels of sovereign debt across the European Union and to forecast their development in the future using specialized econometric software. The results may be used to identify possible future economic shocks in Europe.

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  FRAGMENTS OF THE LIFE AND WORKS OF THE FOUNDER OF ACADEMIC EDUCATION IN INSURANCE IN BULGARIA

  The aim of the article is to commemorate and pay tribute to the renowned scientist and practitioner Prof. Veleslav Gavriyski, DSc. It highlights the most significant facts and events from his biography outlining his extensive studies in prestigious universities in the country and abroad and emphasizing his role as a co-founder and the first head ... The aim of the article is to commemorate and pay tribute to the renowned scientist and practitioner Prof. Veleslav Gavriyski, DSc. It highlights the most significant facts and events from his biography outlining his extensive studies in prestigious universities in the country and abroad and emphasizing his role as a co-founder and the first head of the only insurance department in Bulgaria. Moreover, it describes Prof. Gavriyski’s role as a pioneer in the fields of theory (economics) of insurance, reinsurance and insurance law in Bulgaria with his remarkable contribution to the writing of the first fundamental university textbooks and manuals in these fields. In 1996, Prof. Veleslav Gavriyski, DSc Foundation was established in acknowledgement of the contribution and support of this remarkable scientist for the development of the national insurance and social security sectors in the country.