The Cypriote insurance market seems to be reduced by 2.21% by the end of 3Q/2012 according to the data published by The Insurance Association of Cyprus, amounting to a figure over EUR 611 million in GWP.

Life insurance has dropped significantly in these past 9 months of 2012 for the Cypriot insurance industry with a change of -6.2% over the same period in 2011. This fall reached EUR 271 million from EUR 289 million by 3Q/2011.

In the Non-life segment one can observe a small increase in GWP of 1.2%, reaching EUR 340 million as compared with 336 million for the year 2011. The three major non-life classes - Accidents and health, Fire and Motor - yielded a total of EUR 299 million, a rise from EUR 297 million in 3Q/2011.

As for claims, an interesting development was the fact that during the first nine months of 2012 the gross claim ratio in the credit type of insurance had a negative growth of -52.48% in comparison with the same period in 2011, when the ratio was 121.37%. This means that the insurance companies which operate these kind of insurance programs actually had to gain by paying less claims for the 3Q/2012 period.

Access www.xprimm.com and download the 3Q2012 Cyprus insurance market statistics.

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