The Bulgarian insurance market has been in turmoil since the insolvency of the Cypriot company Olympic and its Bulgarian branch in the month of August. Nearly 200,000 Bulgarians with a compulsory 'civil liability' vehicle insurance policy with the company have been left without cover.
The company, which filed for liquidation on 10 August, has had its licence withdrawn on the grounds of its insolvency. The management of the case by the Bulgarian Financial Supervision Committee (KFN) has been...