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