The GWP of Kosovo insurers increased by over 9% y-o-y to EUR 146.50 million during January-December 2023 while total gross claims paid increased by 11.5% y-o-y to EUR 71.70 million, according to the official monthly figures published on the website of the Central Bank of Kosovo showed.

Gross written premiums from non-life insurance totaled EUR 139.85 million, up from EUR 127.72 million during 2022, according to "Insurance Companies Activity" published by CBK, while life insurance premiums increased to EUR 6.65 million from EUR 6.30 million, according to "Financial System - Monthly Information" released by the market authority.

The number of non-life insurance policies increased by over 12% y-o-y (or by 162.5 thousand) to 1.48 million, out of which 572.8 thousand – Motor TPL, 503 thousand – Border policies and 405.7 thousand were other non-TPL insurance contracts.

During the year, the aggregate net profit of local insurers more than tripled amounting to EUR 10.7 million at the end of December 2023, up by EUR 7.2 million from EUR 3.5 million a year earlier, according to data published by the Central Bank.

At the same time, the assets held by Kosovo insurance companies increased to EUR 305.4 million as of December 31st, 2023, from EUR 267.5 million a year earlier, out of which life insurers held EUR 25.5 million, the remaining EUR 279.9 million being administrated by non-life insurers.

The figures comprise data for 12 insurance companies operating in Kosovo (7of them being foreign owned), 10 - non-life insurers and two life companies. At the same time, the number of offices decreased from 493 at the end of 2022 to 469 at December 31^st, 2023.

Access XPRIMM Database and download the latest Kosovo insurance market statistics.