Property insurance has been on the Bulgarian market for years, but we often only think of it after suffering damage and wondering how to cover it with our own funds. Tell us, what is the benefit of property insurance?

- In recent years, we have witnessed severe climate change and natural disasters, with scientists predicting this trend will continue due to global warming. Unfortunately, we expect a significant increase in the risks of floods, torrential rain, storms, hail, periods of extreme drought, and other severe events. The good news is that modern people have tools to minimize and limit the impact of such events, one key solution being taking out home and contents insurance.

In Bulgaria, over the last few years, we've seen a positive trend in people taking out property insurance. At Groupama, we are happy to report nearly 25% growth over 2 years in customers purchasing property insurance. We also notice that more and more people take out policies independently, without being required to by a bank loan, showing higher awareness and informed choices to protect their interests.

At the same time, demand often surges following a recent natural disaster locally or in neighbouring countries. I would recommend that customers don't wait for these moments and take out property insurance regularly, rather than being prompted by an event. This ensures peace of mind, knowing that if needed, they can rely on financial support to repair damage to their home.

We have great growth potential here, as practice shows people usually think about their cars first, and only then about their lives and property. Statistics show that the share of property insurance in 2020 in Bulgaria was 14%, compared to an average of 37% in Europe. This leaves many families and households at high risk, because when damage occurs, they lack an extra source of funding for repairs or replacing belongings.

In short, property insurance provides financial support during tough life situations, offering peace of mind that you can restore your home's comfort without being overwhelmed by unforeseen expenses. The value of property insurance compared to its price is unmatched.

Tell us more about Groupama's property insurance "Favourite Home Standard" — why do we need it?

- With "Favourite Home Standard" insurance, you can protect your real estate and contents against numerous unexpected events, with main and optional covers protecting against over 15 risks. The core package covers natural perils and disasters like floods, fire, earthquake, and more. The policy offers a choice of 10 optional risks that every customer can tailor to their needs.

You can also insure your contents as well as additional structures on your house property, like yard structures. This makes the policy highly adaptable to every customer's specific needs, letting them choose their own protection. A major advantage is that you can take out the policy entirely online in minutes via the company's website platform, where you see your exact insurance premium in real time based on selected risks. It is completely transparent – each coverage clearly shows its additional cost and the exact compensation you will receive.

Another key benefit is that our customers can choose an indefinite term policy, eliminating the need for annual renewals, re-signing documents, or risking a lapse in coverage.

It's time to stop viewing home insurance as a luxury. For example, the average price for insurance at Groupama last year was around 150-160 BGN, varying based on size, property type, condition, and chosen optional covers. Think about what you can buy for your family for 10-15 BGN a month.

Is it easy to use the insurance, and how does the claim payout process work?

– At Groupama, we focus heavily on high-tech solutions to serve our customers better. That's why we offer online claims registration for property insurance directly through our client portal, My Groupama. Customers don't need to visit offices, wait in lines, or fill out paper forms. Everything takes just a few clicks and under 3 minutes.

Exclusively on the market, Groupama also offers remote loss assessment via the Groupama Video Assistant app. This is done directly from the customer's smartphone or tablet and takes only a few minutes. This significantly speeds up the registration and processing of registered claims, as well as the payout process. In the coming periods, we plan to upgrade these digital solutions to streamline processes even further and speed up payments.

You mentioned that more people realize the benefits of insurance — can you share some examples?

- I'll let our customers speak for themselves. They frequently share the benefits of our insurance and the high level of service they receive. Recently, a client who received compensation after a severe natural disaster wrote to us: “I received the claim decision letter and the payout itself in the exact same hour. Your expertise and swift actions restored my faith in insurers!” Results from our regular customer survey among Groupama property policyholders released in late February also show this. Fast service during claims handling is consistently highlighted as a key competitive advantage.

“I didn't expect such great service in Bulgaria,” shared one customer. “I am delighted by the quick response,” said another. “Fast communication, polite, and responsive,” a third customer described our service.