This report consists of two main Sections and Technical Annexes. Section I first reviews the international experience in catastrophe risk transfer; it then analyses three different design options for the Bulgarian Catastrophe Insurance Pool and offers a detailed vision for the organizational, operational and financial organization of the national insurance program. Section II presents a preliminary actuarial pricing model for earthquake risk in Bulgaria that allows to price different catastrophe insurance products in each of seven cities chosen for the study. The Technical Annexes present the indicative prices for different insurance products as well as the proposed design of the catastrophe insurance policy that may be offered by the Bulgarian insurance pool.