In order to improve the financial strength of local insurers, Central Bank of Kosovo (CBK) introduced at the beginning of February 2020 a set of rules that will limit the overall commissions and operational costs of non-life insurers to a maximum amount of 24% of all non-life gross written premiums volume.
Central Bank of the Republic of Kosovo (CBK), based on the International Monetary Fund review over the stability of financial sector of Kosovo, initiated the evaluation process over risk premiums on MTPL business line.
Kosovo's insurance companies posted a net loss of EUR -0.8 million at the end of September 2019, compared to a net profit of 2.1 million euro a year earlier, according to the "Monthly Information Report of the Financial System" published by the Central Bank.
The insurance market of Kosovo increased by 7.66% y-o-y during 3Q, to EUR 73.3 million, according to data published by the Central Bank - CBK. The aggregate value of paid claims was up by 8.52% y-o-y, to EUR 33.93 million, of which EUR 21.12 million related to Domestic MTPL policies.
Insurance companies from Kosovo were exempted from paying the tax of 5% on turnover, including the 1% share that was redirected to the Red Cross of Kosovo.
By the end of the first half of 2019, Kosovan insurance companies have written EUR 48.4 million in GWP, 7.8% more than the level recorded in the first half of the prior year (1H2018: EUR 45 million).
The net profit of Kosovo insurers decreased to EUR 100,000 at the end of March 2019, from EUR 400,000 a year earlier, as the figures published by CBK showed.
Central Bank of the Republic of Kosovo revokes the licens of the local unit of the Insurance Company INSIG, as the market authority informed on its website.
Between 2008-2017, Kosovo non-life insurance market increased by EUR 28.5 million (+50.6%) in terms of GWP. Paid claims volume rose as well, with Kosovo recording an increase in claims by EUR 24.5 million (+138.4%).
The insurance market of Kosovo totaled EUR 93.5 million at the end of 2018, 7% more y-o-y, according to data provided by the Central Bank (CBK).
The insurance market of Kosovo totaled EUR 2.1 million at the end of September 2018, 34% less y-o-y (vs. EUR 3.2 million), data provided by the Central Bank (CBK) showed.
Kosovo insurers posted an aggregate net profit of EUR 0.8 million in1H 2018, down from EUR 2.1 million a year earlier, according to the Financial System Monthly Report published by the local Central Bank.
The insurance market of Kosovo totaled EUR 21.4 million at the end of March 2018, 10.5% more y-o-y, data provided by the Central Bank (CBK) showed.
Kosovo insruance market totaled about EUR 87.4 million at the end of December 2017, 4.3% more y-o-y, data provided by the Central Bank (CBK) showed. Total gross claims paid increased by 19.7% y-o-y to EUR 46 million.
Kosovo's insurance companies turned to a net profit of 3.2 million euro ($3.7 million) in September 2017, from a net loss of 12.1 million euro in the same month a year earlier, central bank figures showed.
The insurance market of Kosovo increased by 2.5% y-o-y during the first nine months of the year to EUR 64.5 million, as the Central Bank - CBK market figures showed.
The Kosovo insurers' GWP increased by 2.74% y-o-y, to EUR 41.05 million in the first half of 2017, as shown by the Central Bank's data.