At the end of March 2016, the insurance market of Cyprus totalled about EUR 218 million or 13.5% more than in the first quarter of 2015, according to a report of the Insurance Association of Cyprus.

On the main insurance classes, the largest increase in GWP was recorded in life insurance, from EUR 80.2 million to EUR 101 million (or 25.9% more y-o-y), while the non-life segment increased by 4.6% y-o-y to EUR 116.9 million.

According to IAC, the explanation of the large growth-rate reported in life insurance was due to the fact that ALLIANZ GWP "relating to the annually renewable group life policies (covering the period commencing from 01.01.2016) have been recognised for accounting purposes at the beginning of the year. This shift in approach concerning the recognition of GWP was decided in order to become aligned with international accounting standards".

Excluding the ALLIANZ contribution to the life GWP, the growth-rate was only 1.6%.

Access www.xprimm.com and download the 1Q2016 Cyprus insurance market statistics.

• Market portfolio (GWP/Growth rates)
• Life and non-life market rankings (GWP/Market shares/Growth rates)