KOSOVO: insurers’ aggregated net profit for 2023 increased tenfold compared to 2022

31 January 2024 — Daniela GHETU
According to the Central Bank of the Republic of Kosovo (BQK), Kosovar insurers wrote gross premiums worth EUR 146.4 million, which is 9.2% more y-o-y. At the same, the aggregated net profit reached EUR 13.3 million in 2023, as compared with EUR 1.3 million the previous year.

The assets of insurance companies at the end of December 2023 reached a value of 304.1 million euros, representing an increase of 3.5 million euros compared to the previous month.

The structure of assets in the insurance sector consists of balances with commercial banks, accounting for 45.8%, securities and other assets 29.4%, and reinsurance with participation 14.2%.

Total liabilities reached EUR 304.1 million, out of which technical reserves account for EUR 198.6 million. The total profit reached at the end of December 2023 the amount of EUR 13.3 million.

Gross Written Premiums amounted to EUR 146.4 million, while premiums ceded in reinsurance were EUR 19.5 million. Insurers’ financial income reached EUR 5.1 million. On the expenses side, gross claims paid amounted to EUR 70.8 million, while operating expenses were EUR 45.4 million, out of which EUR 15.7 million related to acquisition costs.

By the end of December 2023, Kosovar insurers sold 1.48 million policies, out of which 572,800 for domestic mandatory MTPL and 503,000 border policies. The number of claims paid reached 70,600, out of which 41.3 thousand were for one of types of MTPL contracts.