Southeast Europe, between Serbia and Macedonia
influenced by continental air masses resulting in relatively cold winters with heavy snowfall and hot, dry summers and autumns; Mediterranean and alpine influences create regional variation; maximum rainfall between October and December
Sources:Insurance Association of KosovoCentral Bank of the Republic Kosovo
|1H2014||Insurance market overview ||pdf|
|1H2014||Insurance Companies Rankings||xlsx|
|FY2013||Insurance market overview ||pdf|
|1H2013||Insurance market overview ||pdf|
|FY2012||Insurance market overview ||pdf|
|1H2012||Insurance market overview ||pdf|
|FY2011||Insurance market overview ||pdf|
|1H2011||Insurance market overview||pdf|
|2010|| Insurance market overview||pdf|
More than 300 requests for compensation for damages caused by a vehicle
accident or other mishap en route are being submitted to the national
insurers' bureaus by the citizens of Kosovo and Macedonia traveling in
both countries, Telegraf.mk reads.
During the first six months of the current year, due the volume of gross written premiums criteria, the insurance sector in Kosovo reported a slight decrease of 0.5% y-o-y to EUR 39.2 million, the Central Bank data showed.
For the January-March 2014 period, the Central Bank of Kosovo - CBK reported a 5.9% decrease of the insurance market to EUR 18 million, due the 21% decrease of MTPL insurance sector. Claims paid by insurers totaled EUR 7.6 million at the end of March 2014, or 42% less compared to 1Q2013.
In 2013, the Kosovo's' insurance market was characterized by a 5% decrease in GWP, a 26% increase in claims paid by the insurers and a 21% increase in the total number of policies sold by the companies, according to the full year preliminary results published by the local market authority - Central Bank of Kosovo (CBK).
According to data published by the Central Bank of the Republic of
Kosovo (CBK), the insurance market reported a negative result in 3Q2013.
Gross written premiums totaled EUR 60.2 million, or 5% less as compared
to the January-September 2012 period. At the same time, the paid claims
of insurers increased by 37% to EUR 29.5 million.
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.