STATISTICS: CYPRUS, 1H2017: Life policies generate about half of the incurred claims

In the first half of the year, the total volume of GWP by the Cypriot insurers member of IAC - the local professional association - was EUR 427 million, up by 6% y-o-y.

The value of life GWP was up by 8.4% y-o-y, totaling EUR 188 million, while the Cypriots non-life insurers generated a volume of EUR 239 million (~56% of total premiums), up by 4.3% y-o-y.

In case of the non-life segment, in quantitative terms, the market was dominated by three major sub-classes: A&H insurance (accidents & health) - 15.7% of total GWP, fire (12.9%) and motor insurance (20.6%), respectively. The three mentioned business lines generated EUR 200 million in GWP - a half of the total insurance industry or 88% of the non-life field.

In terms of claims, the value of incurred claims increased by 5.1% to EUR 228.8 million, of which EUR 107 million - life claims including death claims, maturitites, surrenders & other insured events

UNIVERAL LIFE was the largest Cypriot life insurer (about 31% market share), while General Insurance of Cyprus led the non-life insurance market (10.3% market share).

According IAC's web-site, there are 29 insurance company members which account for about 95% of the annual GWP.

Access www.xprimm.com and download the 1H2017 Cyprus insurance market statistics.
  • Market portfolio (GWP/ Claims/ Growth rates)
  • Life and non-life rankings (GWP/ Market shares/ Growth rates)

Follow XPRIMM Publications on LinkedIn, for more data on the insurance and financial industry.

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