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
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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.
Kosovo's insurance companies posted a combined net profit of 900,000 euro ($1 million) in the first four months of 2017, flattish compared to the profit recorded a year earlier, figures from the central bank showed.
By the end of March 2017, the Kosovo insurance market totaled EUR 18.8 million - 1.5% more y-o-y, as the market figures published by the Central Bank of Kosovo - CBK indicate.
According to CBK's report, in 2016, the value of premiums written by insurance companies amounted to euro 83.5 million, which represents an annual increase of 4.4 percent.
Kosovo's insurance companies posted a combined net profit of 1.1 million euro ($1.2 million) in the first quarter of the year, compared to a net profit of 1.3 million euro in the like period of 2016, according to data from the country's central bank.
Kosovo's insurance companies posted a combined net loss of 23.9 million euro ($25.4 million), more than three times higher than their aggregate net loss of 7.7 million euro in 2015, data from the country's central bank shows.
Last year, the Kosovo insurance market totaled EUR 81.2 million, or 3.1% more y-o-y, according to the figures published by the Central Bank of the Republic of Kosovo (CBK). At the same time, the volume of paid claims by local insurers remained about at the 2015 level: EUR 39 million.
In 3Q 2016 the Kosovo insurers reported a 3% y-o-y increase in GWP to EUR 62.9 million, as the Central Bank - CBK data showed. MTPL premiums accounted for about 65% of total GWP, of which a share of 56% - third party liability policies, while the share of Border policies was close to 9%. Other types of voluntary segments accounted for ~35% of total market.
An agreement signed on September 14 will eliminate the need for drivers
of Kosovo-registered cars to purchase temporary "proba" plates when
traveling in Serbia. "After three years of the proba plates, I
told our international partners, 'It's time for reciprocity'," Edita
Tahiri, Kosovo Minister for Dialogue, said for PI.
Kosovo's insurance companies posted a combined net loss of 11.5 million euro for the first seven months of the year, compared to a net loss of 2.5 million euro in the same period last year, data from the country's central bank indicated.