financial stability report - Banka Qendrore e RepublikÃ«s sÃ« KosovÃ«s

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Number 3 Financial Stability Report Table 11. The banking system network Description June 2009 june 2010 June 2011 June 2012 Number of ATM 282 380 441 472 Number of POS 4,612 5,493 6,654 7,713 Number of e-banking accounts 17,496 49,188 58,685 100,519 Burimi: CBK (2012) Out of the total card transactions (ATM, POS and E-Banking), the share of cash withdrawal from ATM by June 2012 was around 83.0 percent, whereas around 17.0 percent are clients’ payments by cards in POS equipments, reflecting the high degree of cash use in the economy. Regarding the development and expansion of banking infrastructure, Kosovo continues to move fast but is still below the regional average. Kosovo is approaching the region also in terms of installed POS devices. In 2011, the country had a total of 7,534 POS devices installed before Albania, who had the smallest POS equipment’s installed in the region (5,126). Regarding the number of E-banking accounts, the data show that Montenegro has the lowest number of E-banking accounts (27,230), followed by Albania (37,138) and Kosovo (100,519). 66 |

Financial Stability Report Number 3 7. Other Financial Institutions 7.1. Insurance Companies The system of insurance companies continued expanding its activity during the first half of 2012. Nevertheless, insurance companies manage only 3.2 percent of the total financial sector assets in Kosovo. From the 13 insurance companies currently operating in Kosovo, 10 insurance companies exercise their activity in non-life insurance, whereas 3 other companies offer life insurance. The ownership structure of the insurance companies remains similar with the structure of the previous years, where 10 insurance companies are foreignowned, whereas the rest are domestically-owned. Similar relation characterizes the ownership structure of the assets in insurance industry, where 77 percent are foreign-owned. Figure 62. Structure of insurance companies assets Conversely to the market structure of the other financial institutions, such as banks or microfinancial institutions, insurance companies are characterized with a relatively lower market concentration rate. 7.8% 49.5% 2.6% 40.1% For the period of January-June Loans 2012, the Herfiendahl-Hirschamn Own capital Technical reserves Index (HHI) suggests that the Other liabilities degree of market concentration in the insurance sector declined, i.e. Source: CBK (2012) 896.5 points in June 2012, compared with the 1,021.8 points in June 2011. 15.5% In the first half of 2012, total assets of the insurance companies reached the amount of euro 120.2 million and recorded a growth rate of 16.3 percent. The deposits represent the dominant category within the insurance assets, comprising 58 percent of the total assets (Figure 62). On the side of the liabilities, the technical reserves and the shareholder capital represent the categories with the largest share, comprising 48.5 percent, and 40.6 percent, respectively (Figure 63). Both categories recorded annual growth, with the shareholder capital recording a higher growth rate of 17.6 percent, relative to the technical reserves’ growth rate of 14 percent. In June 2012, the ratio between the insurance capital and assets, which indicates the insurance companies’ capitalization level, grew for 0.5pp, reaching at 40.6 percent. Further, in this period, the ratio between the capital and the technical reserves, which indicates the 24.2% June 2011 Current assets Deposits Non-financial assets Other assets Source: CBK (2012) June 2011 9.9% 50.4% 13.4% 19.9% June 2012 8.7% 58.0% Current assets Deposits Non-financial assets Other assets Figure 63. Structure of insurance companies liabilities 48.5% 7.5% June 2012 3.4% Loans Own capital Technical reserves Other liabilities 40.6% | 67

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