Kosovo Insurance Bureau: Record, 50,33, % damage payment increases

During January alone, 2023 insurance companies licensed by the Central Bank, as well as the Kosovar Security Bureau, have managed to pay nothing less than 13 million and 496 thousand euros for damages compensation, or 50,33 % more than in the same period of the year. As never before, the payment of damages from both companies and BKS is being carried out in record time terms.

Even during February of this year's insurance industry has continued with the same trend of paying damages to damaged parties. As never before in January and February of this year, insurance companies, as well as the Kosovar Security Bureau, pay nothing less than 13,496,882 euros for compensation of damages from parties damaged in both traffic accidents and treatment of various diseases covering the police. According to official data from the Kosovo Central Bank (BQK), the month of January and February of this year has been the record of paying means for damages compensation. During January alone and February 2023 insurance companies licensed by the Central Bank, as well as the Kosovar Security Bureau have managed to pay nothing less than 13 million and 496 thousand euros for damages compensation, or 50,33 % more than in the same period of the year.

Very high increase in damage pay 

It always refers to official data from the Central Bank of Kosovo that 29,621 damages have been paid by insurance companies as well as BKS during January and February 2023 alone. If we make a comparison with the same period of the preliminary year it is clear that the payment of damages has increased from nothing less than 53 %. The number of damages paid during January and February 2023 compared to the same period in the preliminary year has increased to 3,208 damages, reaching 29,621 of which 29,561 damages have been paid by non-Life insurance companies and 60 by life insurance companies” is said in the latest report of the Central Bank of Kosovo in terms of January-February of this year.

260 million for 5 years of paid damages 

Referenced to official data from the Central Bank of Kosovo (BQK), nearly half of the total revenues of Kosovo Insurance companies and the Kosovo Bureau of Insurance over the past five years has been spent on damages compensation. Based on official data from the Kosovo Central Bank, it is seen that over this period the value of past cuts has been 539m euros, until the value of damages paid 260m euros. In 2018, BQC data showed that the value of grossly written Primes was 92.1m euros, while the value of damages paid by insurance companies and BKS has been 42.9m euros. Based on this data it turns out that 46 %s of total revenues during 2018 were spent only on damages compensation. Also, during 2019 total inflows of insurance companies from the written Prims Bruto have reached 99.2m euros, until this year in the name of damages insurance companies, but the Kosovar Insurance Bureau has paid nothing less than 47.9m euros. This year it is seen that over 48 % total revenues of companies have been spent on compensation for damages to damaged parties.

/Kosovo Security Bureau/