STATISTICS: KOSOVO, 3Q2014: Voluntary insurances gaining ground

The Kosovo insurance sector reported a slight y-o-y increase in GWP, of 1.65%, to EUR 61.2 million in the first nine months of 2014, as the Central Bank data showed (Note: The figures presented by CBK include only the insurers' activity on non-life segment). MTPL premiums accounted for more than a half of total GWP, while the share of Border policies premiums was close to 20%. Other types of voluntary insurance accounted for ~28% of total market.

The total number of policies sold by insurance companies amounted to 765.7 thousand compared to 729.2 thousand policies in the same period of the previous year. Of total, 258 thousand were MTPL policies (1.3% more y-o-y), 380.7 thousand - Border policies (~6% more) and 127 thousand other types of voluntary policies (10.3% more).

Claims paid by insurance companies for this period decreased significantly by almost 22% y-o-y. The gross value of total claims paid by insurers until 30th September 2014 amounted to EUR 23 million compared with EUR 30 million in the previous year.

According CBK, 13 insurers activates on the local market, 10 of them provided non-life insurances, while 3 others provided life insurances as well. The local insurance industry has been independent since 2000, and some of insurers are members of well-known European insurance entities like VIG, GRAWE, UNIQA Group Austria, CROATIA Osiguranje Group or SAVA Re Group.

Access www.xprimm.com and download the 3Q2014 Kosovo insurance market statistics.

Follow XPRIMM Publications on LinkedIn, for more data on the insurance and financial industry.

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