A cutting insert includes a rake end surface having four corners and, in a center thereof, a central surface portion. A supporting end surface has four corners and, in a center thereof, a central supporting surface portion. A peripheral side surface extends between the rake end surface and the supporting end surface. The peripheral side surface includes two opposing major side surfaces. A hole extends through the cutting insert from one of the major side surfaces to the other of the major side surfaces, wherein the central surface portion is disposed at a greater distance from a central axis (A) of the hole than is the central supporting surface portion. The single-sided cutting insert has a corner radii or cutting edge radii that extend over at least a quarter of a width of the cutting insert.