The insurance market of Cyprus reported a volume of GWP of about EUR 196 million in the first quarter of 2014, representing an annual decrease of 6.3%, according to the figures published by the Insurance Association of Cyprus. In the case of life insurance, the local insurers reported a negative dynamic of -9.7% y-o-y, to EUR 80 million, while the non-life insurance segment decreased by ~3.9% y-o-y to EUR 116 million.

The Cypriot insurers paid, in 1Q2014, about EUR 117.5 million in claims, compared to EUR 144.6 million in 1Q2013.

On the life insurance segment, the value of indemnities (death claims, maturities & other insured events) totaled EUR 66.5 million, or 22.6% less y-o-y, while in non-life segment, the value of claims decreased to almost EUR 51 million, of which EUR 25.2 million related to motor insurance class.

Access www.xprimm.com and download the 1Q2014 Cyprus insurance market statistics.

• Market portfolio (GWP/ Claims/ Growth rates)
• Life and non-life market rankings (GWP/ Market shares/ Growth rates)