On focus

The Guarantee Fund reported high performance for the year 2023

16 May 2024

At its meeting of 8 April 2024, the Guarantee Fund Board adopted the Audited Annual Financial Statements for 2023, the Board's Report on the GF's activities for 2023, and the Independent Auditor's Report on the Audit of the 2023 Financial Statements. It was noted that the Guarantee Fund (GF) had performed particularly well in the past year.

"The high performance is due to the effective strategic planning, which started three years ago, our proactive approach in optimizing operations and introducing innovations. Our motivated and professional team is the other essential factor for the successful development" said Mr. Maxim Kolev, Chairman of the Board and Executive Director of the Guarantee Fund.

The financial indicators for 2023 clearly outline the positive dynamics of the GF's activities. The total comprehensive income reached BGN 63 422 thousand and the total net assets - BGN 267 544 thousand. A significant growth in investments in financial assets was achieved - 44% in the Uninsured Motor Vehicle Fund and 42% in the Security Fund.

In accordance with the legal provisions, up to 5% of the Uninsured Motor Vehicle Fund is allocated to the Ministry of the Interior for road safety activities. In 2023 BGN 2 174 thousand has been allocated for the purchase and supply of technical equipment for Traffic Police.

A total of 1,022 claims have been submitted to the Uninsured Motor Vehicles Fund, 981 claims have been paid out for a total amount of BGN 18,527 thousand.

The most frequently used service offered by the Guarantee Fund is the online check for valid MTPL insurance through GF site. Significant increase has been achieved in regard to this indicator as well - in 2023 the number of online checks for validity of MTPL  insurance is 9 670 076 - more than twice as many as in 2022.

In 2023, 707,109 notifications were sent to owners of uninsured motor vehicles as one of the measures that the Guarantee Fund implements in order to increase the national MTPL insurance coverage.