Insurance sector from minus 24.7m euros in losses, to 9.9m euros in profits

Recent Kosovo Central Bank data (BQK) correctly reflects the results of a major commitment to overhauling and reforming the country's insurance sector.

Over the eight years, as 2016-2023 has become big jobs and changes, which because of them, the insurance sector today is completely different, equal to those in developed European countries.

During this period of time, the change of the Corporation Law has been made, and this law had largely damaged the country's insurance sector, as companies have paid additional taxes of 5 % of the gross circulation to legal changes.

Also, under the Constitutional Court's decision during this time period that I refer to has been changed the Law on the Red Cross, where until the abolition of this law companies have had to pay for the total Institution 1 % of the total circulation.

During this period of decision by the Central Bank of Kosovo from the insurance market, two insurance companies who had not fallen under pre-law provisions with law in place have been removed.

The reduction of unregistered vehicles in the country has also markedly affected market regulation. In this direction it is constantly working, the design for stickers has produced concrete results. The results will be even more evident during the coming year.

For positive changes during this period of time, the insurance sector has also been mentioned in positive cootation, even in Kosovo progress report.

So, in reference to official data in 2016, the insurance sector has closed the year with 24.7m euros in losses, until the end of July of this year, the sector has generated a net profit of 9.9m euros for seven months.

Thanks to changes that have been made technically Kosovo has met all criteria to become part of the Green Carton Bureau.