STATISTICS: CYPRUS, 1H2018: Local insurance industry increased in almost all LoBs

11 October 2018 —
STATISTICS: CYPRUS, 1H2018: Local insurance industry increased in almost all LoBs
During the first half of the current year, the local insurance industry increased in almost all business classes, with total GWP being up by almost 8% to EUR 458 million, according to half-year market figures published on the IAC website - the local professional association.

By segment, non-life classes grew by 5.8% to EUR 250 million, the main contribution to this growth-rate being the 13% rise in accident & health insurance business, or EUR 9 million in absolute value.

The life segment reported an accelerated growth rate, with GWP going up by 10% y-o-y, totaling ~EUR 208 million, while the non-life GWP portfolio was dominated, as in previous reporting periods, by three major sub-classes: A&H insurance (accidents & health) - 16.5% of total GWP, fire (12.1%) and motor insurance (19.6%), respectively, the three mentioned business lines generated more than EUR 220 million in GWP - almost half of the total insurance industry or 89% of the non-life field.

In terms of premiums, the largest life insurers in the country were UNIVERSAL Life, EUROLIFE, and CNP CYPRIALIFE - which accounted together for almost three quarters of life GWP, while in the non-life insurance segment, the Top 3 insurers (General Insurance of Cyprus, CNP Asfalistiki, and UNIVERSAL Life) accounted for about 30% of non-life GWP.

In the "claims and benefits chapter," the local insurance industry reported total incurred payments of about EUR 239 million - about EUR 10 million over the previous year, of which EUR 107 million were life claims including death claims, maturities, surrenders, and other insured events.

Access and download the 1H2018 Cyprus insurance market statistics.