Kosovo insurers posted a net profit of EUR 4.9 million in the nine months through September, compared to a net loss of EUR -0.8 million a year earlier, Central Bank monthly figures showed.
The Deputy Governor of the Central Bank of Kosovo (CBK) for Financial Supervision, Sokol Havolli and the Chairman of the Kosovo Competition Authority (KCA) , Valon Prestreshi presented to the media the measures taken regarding the new model that will be applied with the cost of compulsory insurance.
The insurance market of Kosovo totaled EUR 46.36 million at the end of June 2020, 4.29% less y-o-y, data provided by the Central Bank (CBK) showed.
It is estimated that about 140 thousand unregistered / uninsured vehicles circulate on the roads of Kosovo, which cause damage to millions of insurance companies, but also the Kosovo budget, the Insurance Association of Kosovo reports
The Executive Board of the Central Bank of the Republic of Kosovo in the meeting held on July 29 has decided to temporarily reduce the motor liability border insurance.
At the end of March 2020, the Kosovo insurance market totaled EUR 21.91 million, 2.22% more y-o-y, the market statistics published by the Central Bank of Kosovo - CBK indicates. During the reported period, claims paid by insurers totaled EUR 12.69 million, up by 17.57% y-o-y.
According to the Central Bank of Kosovo (CBK) Governor, Fehmi Mehmeti, between 40,000 and 60,000 uninsured vehicles circulated in Kosovo during 2019. This number represented roughly 20% of the total national fleet of vehicles.
The insurance market of Kosovo totaled EUR 101.5 million at the end of 2019, 8.5% more y-o-y, according to data provided by the Central Bank (CBK).
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).