Bankrupt Insurer Left 275,000 Bulgarian Drivers Without Valid Third Party Liability Insurance

Due to the withdrawal of the license of the "Olympic" Company, nearly 275,000 drivers in Bulgaria don't have valid third party liability insurance. According to the data from the Financial Supervision Commission in May, the company managed to capture a 9.2% market share due to low prices. By August 18, anyone insured in "Olympic" will have to buy a new insurance, and if, until then, a crash happens, the cost of the damage will be at his expense, "Capital" reported.

Already in May, the Financial Supervision Commission pulled the Olympic Insurance Company from the market for the withdrawal of the company's license in Cyprus. It was banned from concluding new contracts in Bulgaria.

Because of the short lead time for the new insurances, users have made comments on social networks, saying that they thought the damage would have to be covered by the National Guarantee Fund. However, "Olympic" is not a Bulgarian insurer and obviously has not made any deductions to the Guarantee Fund. In addition to the lost premium, the price of the insurances the clients of the bankrupt insurer now have to buy, is already higher.

"Olympic" was established in 1995 and by January 2016 its owner is the Hispakol registered in Luxembourg.

Petya Petrova

Petya Petrova is a journalist, believer, and traveler.

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