STATISTICS: CYPRUS 1H2024: Steady evolution in both non-life and life insurance sectors

9 October 2024 — Marina MAGNAVAL
STATISTICS: CYPRUS 1H2024: Steady evolution in both non-life and life insurance sectors

The insurance industry in Cyprus continued its upward trend in the first half of 2024, with total GWP amounting to EUR 631.8 million (+7.8% y-o-y), according to recent data from the Insurance Association of Cyprus - IAC.

This trend was demonstrated by both non-life and life insurance sectors. Life insurance, excluding Accident & Health premiums, reached EUR 322.91 million, up 10% y-o-y. Collections from life insurance amounted to EUR 283.4 million, while group pension plans collected EUR 39.5 million. At the same time, non-life saw a 5.58% increase to EUR 308.90 million.

Accident and Health premiums from all companies amounted to EUR 71.32 million in the first half of 2024, compared to EUR 69.76 million in 2023.

The motor industry saw an increase of 11.84%, reaching EUR 120.80 million in 1H2024, from EUR 108 million in the same period of 2023. Transport (MAT) recorded a decrease of 1.7%, with premiums set at EUR 2.26 million.

Fire insurance remained almost stable, with a slight decrease of 0.06%, and premiums of just over EUR 71 million. Liability insurance recorded an increase of 5%, with EUR 39 million. Credit insurance remained almost stable with a decrease of 0.2%, reaching EUR 65.7 thousand. Other Insurance (MISC) rose 5.3%, generating EUR 4.4 million.

Access xprimm.com and download the latest Cyprus insurance market statistics.
 

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