During the period January-June 2013, Kosovo insurance market has continued with an increase. The volume of gross written premium for the above mentioned period has arrived in amount of EUR 40.3 million or 16% more comparing with the same period of previous year.
As a result of the EU-mediated Integrated Border Management agreement
reached with Serbia, Kosovo has increased its customs revenues, which
should begin to make up for losses that been taking place since 2003.
At the end of 2012 Kosovo's insurers posted total gross written premiums of EUR 81.5 million, up 4.4% y-o-y, according to the financial figures published by the Central Bank of the Republic of Kosovo (CBK). During 2012, the number of policies sold by insurance companies was 757.2 thousand, representing an annual increase of 25%.
Total gross written premiums of the Kosovo insurance industry in the
first nine months of 2012 amounted to EUR 63.34 billion, representing an
increase of 7.86% over the corresponding period in 2011, while the
value of paid claims totaled EUR 21.6 million, or 9.5% more y-o-y, as
the Central Bank of Kosovo (CBK) informed. These values were generated
by 13 insurers who sold over 578 thousand policies in the analyzed
An agreement between Macedonia and Kosovo makes it easier for drivers to
travel between the two countries and simplifies the insurance
compensation process for motorists who have accidents after crossing the
Kosovo's Central Bank has a successful track record in ensuring the
country's financial stability. Gani Gerguri, Governor since May 2011
discusses the bank's policies and priorities.
No insurance company in Kosovo operates according to the laws in place.
Most of them do not reimburse their clients, the quality of their
services is not quality oriented, they have staff problems, they have
problems with their local operators and plenty of cases of corruption.
The irregularities identified by the inspectorate, made the Central Bank
to penalize all the companies.
The total premiums collected by the insurance companies operating in Kosovo territory rose 4% in 1H2012, to EUR 39.58 million, Central Bank data showed. This value was generated by the over 304 thousand policies sold in the analyzed period, 60 thousand more compared to January-June 2011. At the same time, the value of paid claims of insurers amounted to EUR 13.92 million.
In January-March 2012, the gross written premiums of insurance companies in Kosovo increased by 2.9%, reaching EUR 18 million, compared with total underwritings in the correspondent period of 2011. This value was generated by the over 130 thousand policies sold in the analyzed period (about 104 thousand in 1Q2011).
Expensive car insurance instituted last December has hindered Serbia-Kosovo cross-border transportation, stirring a furious debate about its economic impact on both sides of the border.