Mr. Vladimir Savov, Deputy Chairperson of the Financial Supervision Commission, Head of the Insurance Supervision Department, participated in an international conference on “Risk-based insurance supervision – the way forward in the post-pandemic world”, organized by the Croatian Financial Services Supervisory Agency (HANFA). The event brought together representatives of regulatory authorities from Central and Eastern Europe, who discussed insurance risks and prospects in the post-pandemic environment.

In his presentation, Mr. Savov drew attention to the major challenges in supervising the market behaviour of insurers and insurance intermediaries, the growing digitalization of the insurance sector following the Covid-19 pandemic, and shared the experience in supervising the insurance sector by the Financial Supervision Commission in Bulgaria.

He told the conference that “Despite the unprecedented global situation caused by Covid-19, the insurance market must find a balance between protecting consumer interests on the one hand and maintaining financial stability on the other.” Mr. Vladimir Savov also pointed out the advantage of digitalization in the insurance sector, noting that insurers have responded adequately to the pandemic and have imposed various workable solutions to facilitate insurance service users. He concluded that regulators must also adapt to the constraints and risks posed by the Covid-19 pandemic, adapt their supervisory practices to dynamically changing conditions, identify the effects on supervised entities ahead of time, and use technological solutions and develop their capacity to be able to make timely and effective decisions.