Research of Forest Insurance Practices in Bulgaria
Research of Forest Insurance Practices in Bulgaria

Author(s): Diyana Bankova
Subject(s): Economy, National Economy, Business Economy / Management, Socio-Economic Research
Published by: Университет за национално и световно стопанство (УНСС)
Keywords: forestry; insurance; environmental; social; governancе
Summary/Abstract: Forest owners can choose forest insurance to manage financial risks associated with potential disasters affecting forests. Forest insurance refers to a financial risk management tool designed to mitigate the economic impact of forest disasters, such as wildfires, storms, pests, or diseases. The idea is to provide coverage and compensation for the losses incurred by forest owners or stakeholders when their forested areas suffer damage. To maximize its effectiveness, it is crucial to actively engage and involve all relevant stakeholders in the planning, implementation, and benefits of such insurance programs. This collaborative approach helps create a more resilient and sustainable management system for forests. The insurance market commits to take care, through insurance, of the forest enterprises' property as well as their employees. The paper aims to make an overall analysis of the insurance market in Bulgaria in terms of the proposed insurance for forest owners and forestry enterprises. For that purpose, the desk research method is used as well as the method of analyses and synthesis of data published on the websites of some of the biggest insurance companies in Bulgaria.

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