STATISTICS: CYPRUS, 3Q2014: The value of paid claims, down 30% y-o-y due to the reduction of "surrender and redemption phenomena"

At the end of September 2014, the insurance market of Cyprus totaled EUR 549 million or 3.9% less y-o-y, according to the report of the Insurance Association of Cyprus on insurers' performance. On the main insurance classes, the largest decrease in GWP was reported in life insurance, from EUR 243 million to EUR 227 million (or 6.4% less y-o-y), while the non-life segment decreased by 2.1% y-o-y to EUR 321 million.

At the same time, the value of paid claims by insurers decreased 30% to EUR 339 million due the 42% reduction of life indemnities (to EUR 183 million). In absolute values, the number of surrender claims almost halved from 25 thousand to 12.7 thousand claims.

On the life insurance segment, the top three insurers remained the same as in 3Q2013, with slight changes in the companies' market shares: EUROLIFE with a 27.3% market share, CNP CYPRIALIFE with 23.4% and UNIVERSAL Life Company with a 15.1% market share. In non-life insurance, General Insurance of Cyprus (a 12.8% market share) led the field ahead of CNP Asfalistiki (11.4%), as data from the IAC shows.

Access www.xprimm.com and download the 3Q2014 Cyprus insurance market statistics.
  • Market portfolio (GWP/ Claims/ Growth rates)
  • Life and non-life market rankings (GWP/ Market shares/ Growth rates)

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

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