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.
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.
According to data published by the Central Bank of the Republic of Kosovo, insurance market continued to grow in 2011, up to EUR 78.1 million in gross written premiums. As compared to the 2010 result, the figure shows a 9.7% increase, most of it generated by the over 605 thousand policies sold in the analyzed period, almost 65 thousand more than in 2010.
First nine months of 2011 represented, for insurance companies operating in Kosovo, a volume of gross written premiums of EUR 58.7 million, recording, compared to 2010, an increasing evolution of 7%. This value was generated by the over 465 thousand policies sold in the analyzed period. The characteristic of young market is strongly supported by the practiced insurance lines, 60% of the local market portfolio is attributed to MTPL insurance. Paid claims of insurers amounted to EUR 19.7 million.
Talks between the Association of Serbian Insurers and representatives of
insurance companies in Kosovo-Metohija on the method by which car
insurance can be purchased at administrative crossings will be held in
Vienna in the second half of January, 2012.
On Monday Kosovo introduces an insurance for all cars entering Kosovo
from Serbia, confirmed Kosovo's Interior Minister Bajram Rexhepi, cited
by Serbian B92 radio station on Monday.
Kosovo Interior Minister Bajram Redzepi stated on Sunday that
authorities will start charging vehicle insurance for cars coming to
Kosovo from central Serbia as of Monday, but that this measure will not
gain ground in the north immediately.
Austrian insurance group UNIQA said this week its unit SIGAL UNIQA has been granted a life insurance permit in Kosovo. UNIQA has been operationally active in the property insurance segment in Kosovo since 2003.