New "Hail" Tax to be Introduced in Bulgaria

With a new bill, which provides for a percentage of the property policies to go to a hailstorm fund, a new "Hail" tax is expected to be introduced. The industry commented that it will raise the prices of the most used insuranceс.

The aim is to provide 100% prevention, as at this stage the hailing system currently covers only 1/3 of Bulgaria's territory. This will cost BGN 28 million per year. The money will come from the budget, the mandatory contribution from the farmers and the insurance.

According to the Agricultural Ministry, if the prevention covers the whole country, it will save the insurers' costs for hail damage.

Petya Petrova

Petya Petrova is a journalist, believer, and traveler.

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