According to data published by The Insurance Association of Cyprus, the 2012 total amount of GWP reached EUR 819.06 million - 2.65% less compared with the same period in 2011.

Separately, life insurance has decreased significantly over the past 12 months, by -7.09% compared to the same period in 2011. This drop affected the overall market's image, since life insurance represents 43.62% of the Cypriot market.

Non-life insurance maintained positive results during 2012 and the fiscal year closed with a 1.10% increase or EUR 461.76 million (compared to EUR 456.74 million in 2011). Accident & health and liability business lines have marked notable one digit increases - by 5.67% and 6.86% respectively.

As far as the companies are concerned, LAIKI Insurance remained the leader of the market in 2012, with a 14.90% market share and GWP amounting to EUR 68.81 million, increasing by 2.11% compared to EUR 67.39 million in 2011. GENERAL Insurance ranked second, with a 2.26% increase over the same period of 2011. PANCYPRIAN came third with a 0.77% drop, followed by the amazing UNIVERSAL Life that benefited from a 9.98% increase and totalized EUR 30.21 million in GWP. With a negative evolution during the past year, AIG ranked fifth, decreasing by 2.44% in 2012.

Given the current economic situation in Cyprus, the biggest concern of the industry is whether or not the insurance companies will be included in the agreement for the deposit accounts cuts that are going to be applied to bank accounts over EUR 100,000. If this happens, the expected losses for the insurance companies currently operating on the island are estimated to reach 27.5% of their deposit accounts.

Access www.xprimm.com and download the FY2012 Cyprus insurance market statistics.

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