STATISTICS: KOSOVO 1Q2018: Insurers' net profit more than halved

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.

Non-life GWP increased by 10.3% y-o-y to EUR 20.7 million, of which EUR 10.6 million related to Domestic MTPL, EUR 1.0 million - Border policies and EUR 9.1 million - other voluntary classes, according to "The Insurance Companies Activity" published by CBK. At the same time, life insurance premium decreased by about 16% y-o-y to EUR 0.7 million, according to the "Financial System - Monthly Information" released on CBK website.

The figures revealed that the quarterly aggregate insurers' net profit decreased to EUR 0.4 million, from EUR 0.9 million at the end of March 2017. On the other hand, the assets held by Kosovar insurers increased to EUR 175.5 million (of which EUR 157.7 million accounted for by the non-life insurers), from EUR 165.0 million in Q1 2017.

In the analyzed period, the total number of non-life policies sold by local insurers was 203.5 thousand (vs. 181.9 thousand in Q1 2017), of which about 92.4 thousand were Mandatory TPL contracts, 47.7 thousand - border policies, and 63.3 thousand - other voluntary non-life insurances.

15 insurers were active on the local market, of which 12 - non-life and 3 specialized life insurers. According to CBK, currently eight companies are foreign owned and are holding about 53.5% of total assets.

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