Economic Archive

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  DEVELOPMENT OF THE BULGARIAN INSURANCE MARKET - CRISIS CHALLENGES OF THE DECADE

  The present study focuses on the development of the Bulgarian insurance market in the second decade of the XX century. It examines the issues of the relationship between the global financial sector, insurance and the phases of economic cycles; the debate on the importance of the financial sector and insurance for the economic development; the ... The present study focuses on the development of the Bulgarian insurance market in the second decade of the XX century. It examines the issues of the relationship between the global financial sector, insurance and the phases of economic cycles; the debate on the importance of the financial sector and insurance for the economic development; the establishment of correlations and dependencies between the dynamics of GDP and the dynamics of the Gross Premium Income (GPI) in the general insurance sector in Bulgaria for the period 2007-2019, presenting prospective reflections and assessment of the impact of the global pandemic COVID-19 on the Bulgarian insurance market. The linear model in a realistic scenario forecasts a decline in GPI of 18.2%, in a GDP decline of 9.0%. An additional assessment and forecast made using the model is that a decrease between 12.4% and 25% of GPI from the compulsory motor third party liability insurance (at the indicated level of GDP decline) will have a destructive effect on the Bulgarian model of general insurance, due to the impossibility to perform the social functions of this insurance such as the protection of victims of road accidents.

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  DIGITALIZATION AND SUSTAINABILITY – OPPORTUNITIES AND CHALLENGES FOR INSURANCE INDUSTRY

  Digital revolution and demands for sustainability are the most important determinants of the economic development in the last years. Insurance as a risk protection mechanism can support the achievement of many Global Sustainable Development Goals of the United Nations in direct or indirect manner. Decision engines and artificial intelligence ... Digital revolution and demands for sustainability are the most important determinants of the economic development in the last years. Insurance as a risk protection mechanism can support the achievement of many Global Sustainable Development Goals of the United Nations in direct or indirect manner. Decision engines and artificial intelligence support to decision-making allow insurers to propose tailored customer-centric services based on micro-segments and personalized risk profiles. Providing a more adequate set of products insurance creates a financial safety net for women, families and businesses and contributes to poverty alleviation and supports economic growth, innovations and employment. Therefore, the aim of this paper is to present the possibilities of application of information technology in insurance and challenges for its implementation.

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  PERSONNEL TURNOVER MANAGEMENT PRACTICES IN BULGARIA AND KOSOVO ENTERPRISES

  The paper addresses the issue of personnel turnover in enterprises in Bulgaria and Kosovo. It presents the theoretic aspects of the nature and forms of personnel turnover, its determinative factors and effects for business entities as well as focuses on some initial prerequisites for the two countries, which indirectly influence it. The paper also ... The paper addresses the issue of personnel turnover in enterprises in Bulgaria and Kosovo. It presents the theoretic aspects of the nature and forms of personnel turnover, its determinative factors and effects for business entities as well as focuses on some initial prerequisites for the two countries, which indirectly influence it. The paper also presents the findings from a conducted survey among companies from the two countries which findings confirm the significance of the problem with personnel turnover and are used for an analysis of the practices for its management.