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Spotlight on Bulgaria: 25 Years GrECo Bulgaria

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Today, GrECo Bulgaria is one of the fastest-growing risk advisors and insurance brokers in the country and enjoys a strong presence in the market.

2023 will mark GrECo Bulgaria’s 25th anniversary. When GrECo Bulgaria was founded in 1998, it was hard to find a footing in the market. Yet, since redefining the corporate priorities in 2015, they have been focusing on different and more modern ways of insurance.

Today, GrECo Bulgaria is one of the fastest-growing risk advisors and insurance brokers in the country and enjoys a strong presence in the market. Following only two rules -“matter of trust” and ” business made by people
for people” – GrECo Bulgaria has managed to ascend to the top 10 brokers in Bulgaria, competing not only with local providers who sell individual insurance but also with the competitors on a global level.

GrECo Bulgaria’s office is in the capital city of Sofia, where most of its clients are located. But the colleagues
are flexible and over the past few years they have travelled over 300,000 km just to be close to their clients.
The main focus of their specialized activities is on Financial Institutions, Agriculture, Transportation and Logistics, Property, Aviation as well as Health & Benefits.

Facts & Figures – Bulgarian Insurance Market

In 2022, inflation was a major setback, which GrECo Bulgaria successfully circumnavigated, working hand in hand with the clients. In doing so, they helped them overcome the difficulties they experienced throughout the year. As a matter of principle, the colleagues do not shirk from difficulties and are always ready to help and guide their clients through tough periods, just like the current situation that has been exacerbated by the military conflict in Ukraine.

The Bulgarian non-life insurance market was dominated by car insurance and property insurance, with a share
of 88.4% registered in 2022. The brokerage market has grown by 12% in 2022.

GrECo Bulgaria managed to place over 28 million EUR premium from a total of 330 clients and over 1,100 policies in 2022.

What our clients say:

GfK

For over 85 years, GfK has been supporting its clients in business-critical decision-making processes concerning consumers, markets, brands, and media. GfK’s reliable data and insights, together with advanced AI capabilities, have revolutionised access to real- time, actionable recommendations that drive marketing, sales, and organisational effectiveness of GfK clients and partners.
 

Polia Green

HR Business Partner – Global Operations & GSC Bulgaria (MI, MM, MCI)
Human Resources Department | GfK | Bulgaria

Whenever when we required a specific service, additional clarification and follow-ups they were there for us! GrECo is a true partner who has our needs in mind and best interests at heart. They are great advisors whom we can count on for insights, current trends and possible solutions.

KPMG ITS

KPMG ITS is an exclusive IT service provider to the member firms of the KPMG network across the world. They deliver the full spectrum of IT services, including Project and Process Consulting, Cloud, Software Engineering, and DevOps.
 

Anita Asenova

Associate Manager | Payroll,
Compliance & Benefits, KPMG ITS

We first started working together with
GrECo during the Covid pandemic.
Together we succeeded in not only adapting
to the fast-moving changes but also anticipating them. GrECo specialists shared their knowledge and ideas on how to improve
the management of benefits and wellness
for our employees and provided us with
updated information about new risks and
insurance trends in Health & Benefits.

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