From a lack of capital and negative balance, Mazreku shows how the Insurance Industry has returned in the past four years

Mazreku has thanked Kosovo Central Bank Governor Fehmi Mehmeti for the huge contribution he has made to overhauling this sector.

Also for the successes achieved over the past few years, Director Mazrek has thanked Assembly Speaker Agim Elshani, but also all the directors of security companies for the great commitment they have had over the years.

According to him, it has been years since the industry has changed almost entirely, so it has taken a completely different form. According to Mazrekut, during the time that is very important insurance companies have had little problem, but by the end of 2022 it is clear that companies are very sound financially.

“If we refer to official data from the Central Bank of Kosovo (BQK), it is seen that in 2018, out of 21.8m euros, as it was a capital shortage, in 2022 it has dropped to zero. Also, the lack of assets acceptable in covering technical projections of 16.2m euros as it was on December 31st 2018 has dropped to zero. Out of a total of 12 non-Life providers operating in Kosovo in 2018, six of them lacked capital, until currently no provider has a capital shortage. Out of the total 12 non-Life providers operating in Kosovo in 2018, five of them lacked acceptable assets in coverage of technical projections, while now no one has the lack of assets acceptable to cover technical projections” has said director Mazreek.

Furthermore, according to him over the past five years, the value of previous cuts has been 539m euros, while the value of damages paid 260m euros.

In 2018 the value of the print Primes was 92.1m euros, while the value of damages paid by insurance companies and BKS has been 42.9m euros, or 46 %s of total revenues during 2018.

During 2019 the revenue from the written Primes Bruto has reached 99.2m euros, while the value of damages paid was 47.9m euros, or over 48 % total revenues of companies.

In 2020, Kosovo insurance companies on behalf of Prime Minister had invested 99.3m euros, until the damage had paid over 46m euros, or over 46% of the total revenues of companies.

In 2021 the insurance companies on behalf of the written Prim have had revenues of 117.4m euros, until this year the damage was paid at 60.3m euros, or 51.36 % of total insurance companies in our country.

In 2022 it was estimated that total revenues of insurance companies have reached the highest point so far at 130.9m euros, while the value of paid damages is 62.1m euros, or 47,44 % of total insurance companies.

In 2016 the security sector in Kosovo had closed with a negative balance of more than 24m euros. While now after six years the Kosovo insurance sector has a completely different mirror. The net profit of insurance companies in our country during 2021 was nothing short of 7.7m euros. A similar profit like this is estimated to be in 2022, a year when the insurance sector in our country has first reached the resolution.

The insurance companies operating in our country had closed with nothing less than 24.6m euros in losses. By 2017, companies had closed with 6.3m euros in profits. N2018 with a clean net profit of 1.5m euros. By 2019 insurance companies operating in our country had also closed it with a negative balance of 5.3m euros, until a year later. By 2020, it was closed with a total profit of 4.1m euros. In 2021 the insurance companies in our country had closed the year with a clean profit of 7.7m euros. In 2022 our insurance companies have closed the year with a positive balance. During January-November 2022 company clean profit has been more than 5.1m euros. Not included in this value is the last month of 2022” director Mazreku said.

At the end of the works, Principal Mazrek has also distributed gratitude to all the participating journalists. He has even thanked all the media for the continued support they have given in correct reporting for the insurance sector in the country. /Periksopi/