Relatively small and still affected by the financial crisis, the Cypriot insurance industry contracted by 5.6%, to EUR 577 million in the first three quarters of 2013, according to the report of the IAC - Insurance Association of Cyprus on insurers' performance. On the main insurance classes, the largest decrease in GWP was recorded in life insurance, from EUR 271 million to EUR 246.5 million (or 9% less y-o-y), while the non-life segment decreased by 2.9% y-o-y to EUR 330.5 million.

Including the death claims, maturities, surrenders and other insured events related to life insurance segment, the total of paid claims was about EUR 490 million, of which EUR 322 million for life policies. In case of non-life segment, most of the gross paid claims were related to motor insurance - about EUR 89 million.

According to IAC's figures, the market was dominated by the two companies member of the Bank of Cyprus Group: on the life insurance segment, the first position was held by EUROLIFE - almost 28% market share, while on the non-life insurance segment, the market leader was General Insurance of Cyprus (13.2% - market share).

Access www.xprimm.com and download the 3Q2013 Cyprus insurance market statistics.

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