The take-up of voluntary insurance is growing significantly, with trust in the insurance sector reaching 60%. More people are getting insured, but awareness remains a challenge.

These are the findings of a nationally representative survey on "Attitudes and Awareness of Insurance", conducted by the Trend polling agency in May 2026. 

The study was commissioned by the Prof. Dr. Veleslav Gavriyski Foundation in May 2026, supported by the Association of Bulgarian Insurers and BACIC, and funded by individual members of both associations.

How much has trust in the insurance sector grown, and are positive attitudes toward insurance on the rise?

More and more Bulgarians trust insurance companies, while the share of distrustful respondents is declining. In 2026, 60% of respondents expressed trust in the sector, up from 47% six years ago according to a 2020 representative survey on insurance awareness and attitudes. Distrust also fell — from 41% to 31% in 2026. Demographic groups with the highest policy take-up also express the highest trust in the sector, suggesting a clear link between real customer experience and trust. 

The results highlight a positive shift in Bulgarians' views on insurance. The share of people who consider insurance a form of security has reached 82%, while 71% believe people should take out insurance to protect against unexpected future expenses.

Does growing trust lead to higher uptake?

Data shows that alongside rising trust, the adoption of insurance products is also increasing, with growth recorded across all key voluntary insurance types.

• The proportion of people who have or had health insurance rose from 12% to 27%.
• Insured borrowers increased from 7% to 17%.
• Casco insurance grew from 22% to 34%.
• The share of people getting insured solely due to legal or contractual obligations fell from 59% in 2020 to 32% in 2026.

One potential reason is that insurance is increasingly seen not just as an obligation, but as a voluntary financial protection tool.

Property insurance sees strong growth

A clear shift is visible in property insurance, where the percentage of respondents holding or having held a policy rose from 16% in 2020 to 31% in 2026. Attitudes toward property protection are changing as well.

• The share of respondents who believe insuring a property should be the owner's choice grew from 51% in 2020 to 65% in 2026.
• Fewer people expect the state or municipality to cover damaged property — down from 21% to 14%.
• Support for introducing mandatory insurance dropped from 17% to 14%.

These findings point to a evolving perspective on home protection — viewing it more as a personal responsibility and risk management tool, rather than something to be handled by the state or through compulsory regulations.

Real customer experience proves more positive than public perception 

While 39% of respondents agree that insurers handle claim payouts fairly, a striking 83% of those who actually received insurance compensation were satisfied with the outcome. This suggests that actual user experience is often far more positive than general public perception.

Awareness remains the main challenge

Alongside positive shifts in attitude, the survey highlights that a lack of information remains one of the main barriers to market growth.

• Nearly two-thirds of respondents (63%) agree that people don't understand insurance well enough, which deters them from buying it.
• 57% find policy terms and conditions hard to understand. Meanwhile, only 6% rate their knowledge as high, while nearly half consider it low or non-existent. 

This trend is reinforced by uninsured respondents: 41% state they do not understand insurance enough, while 44% see no need for coverage.

The study also reveals changes in how consumers research insurance products. 

More people are turning to digital channels like insurer websites, comparison platforms, and social media. However, purchases are still made predominantly through traditional channels. While consumers increasingly research options independently online, an insurer's reputation and professional advice remain key criteria when making a choice.

The insurer's reputation as a deciding factor grew from 23% in 2020 to 31% in 2026, with the importance of expert advice from an insurance advisor also reaching 31%.

From greater trust to more informed choices

Survey data demonstrates that over the past six years, insurance has gained a much more prominent place in how Bulgarians view financial security. Alongside growing trust and take-up, there is a clear need for better understanding of insurance products and their role in risk management. Boosting consumer awareness at every step — from recognizing the need for protection and choosing the right product to understanding coverage, terms, and rights during an insurance event — will be key to driving further market growth and closing the protection gap.