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|
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|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|
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.
The Kosovo market is reduced as volume, but it is constantly expanding,
registering underwritings of about EUR 60 million. "We expect that over
the coming years it will reach EUR 90 million, because we expect many
investors to take over the former state-owned factories. The
privatization process is coming to an end, and the insurance sector will
grow with it", stated Visar RRUSTEMI, General Director, KOSOVA E Re, in
an interview for XPRIMM.TV, during the Annual Meeting of Reinsurers in
Reinsurance company SAVA Re signed a deal on the purchase of 49 percent
stake in Kosovo property insurance DUKAGJINI, in which it already
controls a majority ownership stake. Fixed part of the price for the
purchase of this stake, in the amount of EUR 8.5 million, will be paid
at the beginning of 2011.