Cypriot insurers posted aggregate gross written premiums of EUR 191.92 million in the first three months of 2015, down by 2.19% y-o-y, according to the quarterly market statistics published by the Insurance Association of Cyprus - IAC. At the same time, in the analyzed period, the local insurers paid about EUR 115 million in life and non-life claims.
Cypriot insurance companies saw their premiums in both life and non-life
business follow a downward path as claims remained comparatively high,
official data showed.
Progressive Insurance, a leading general insurance provider in Cyprus,
has just introduced a mixed policy that includes motor, as well as home
At the end of 2014, the Cypriot insurance market totaled EUR 727 million, recording an annual decrease of 3%, according to the figures published by the Insurance Association of Cyprus (IAC). The value of paid claims declined by 26% y-o-y to EUR 459 million. In case of life insurance, IAC reported a negative dynamic of 4.7% y-o-y to EUR 304 million while in case of non-life insurance segment, the decrease was 1.9% y-o-y to EUR 423 million.
Hourly labour costs in the financial and insurance activities sector
were at least twice as high as the national average for the total
economy in 2012 in Cyprus (+106%), as well as in Portugal (+167%),
Romania (+136%), Latvia (+113%) and Hungary (+110%).
At the end of September 2014, the insurance market of Cyprus totaled EUR 549 million or 3.9% less y-o-y, according to the report of the Insurance Association of Cyprus on insurers' performance. On the main insurance classes, the largest decrease in GWP was reported in life insurance, from EUR 243 million to EUR 227 million (or 6.4% less y-o-y), while the non-life segment decreased by 2.1% y-o-y to EUR 321 million.
The total volume of gross premiums written by the Insurance Association of Cyprus (IAC) members amounted to EUR 382 million in 1H2014, representing a decrease of 2.2% y-o-y. According to the IAC website, there are 30 insurance company members accounting for about 95% of the annual GWP in the local market.
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.
Cypriot insurers reported EUR 750 million in gross written premiums last year, an annual decrease of 7.4%, according to the figures published by the Insurance Association of Cyprus.
The financial crisis that struck Cyprus in 2012 has seriously harmed the country's economy, but in turn may have created greater opportunities in the insurance sector Foreseeing a large-scale financial crisis is something that not many can claim genuine credit for. While some have insisted they knew all along that an economic downturn was on the horizon, there are only few examples of companies preparing for such a devastating event. There is no more obvious an example of a country burying its head in the sand than that of Cyprus.
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.
The outlook for Cyprus's financial markets - especially the banking system has remained negative and unchanged since May 2009, according to MOODY's Investors Service, ansamed.info informed. The financial crisis in Cyprus triggered a deep and prolonged economic recession that will further strain the already highly stressed operating environment. "In this context the outlook reflects the formidable challenges the banks are facing, namely acute asset-quality deterioration, continued concerns over their solvency, and intense funding and liquidity pressures. The banks will continue to operate in a highly-stressed environment, with MOODY's expecting a 12% contraction of GDP in 2013 and 6.4% in 2014."
At the end of March 2013, the insurance market of Cyprus totaled EUR 211.8 million or 6.7% less than in the first quarter of 2012, according to the report of the Insurance Association of Cyprus on insurers' performance.
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.
Cyprus' central bank says all insurance firm deposits in the bailed-out country's second largest bank will now take a loss of 27.5 per cent.
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.
The total volume of gross premiums written by the Insurance Association of Cyprus (IAC) members amounted to EUR 420.50 million in 1H2012, representing a slight decrease of 0.44% Y-o-Y.
New regulations establish the value added tax (VAT) rules for
transactions involving the possession, repossession, and resupply of
goods by insurance and finance companies.
Registrations of Motor Vehicles decreased in the first half of 2012.
The insurance market of Cyprus proved itself to be build on really
strong foundations after the research conducted by the IAC (Insurance
Association of Cyprus) regarding the economic results for the first
quarter of 2012 with the total premium production maintaining a positive
growth of 2.04% from the same period in 2011.