STATISTICS: CYPRUS, 3Q2015: The market remained relatively at the previous year's level

8 December 2015 — Vlad BOLDIJAR
According to the quarterly report on insurers' performance published by the Insurance Association of Cyprus (IAC), between January and September 2015 the local insurance industry remained approximately at the 3Q2014 level, the volume of gross premiums written by the member companies totaling EUR 550 million (up by 0.2% y-o-y).

Per business segments, the value of life GWP was up by 0.4% y-o-y to EUR 228.3 million, while the Cypriots non-life insurers generated a volume of EUR 321.7 million (approximately 58.5% of the total premiums), up by 0.06% y-o-y.

Including the death claims, maturities, surrenders and other insured events related to the life insurance segment, the total value of incurred claims was approximately EUR 334.4 million, of which EUR 171.6 million for life policies. On the non-life segment, most of the gross paid claims were related to motor insurance - about EUR 78 million.

According to IAC's figures, the market was dominated by two companies which are members of the Bank of Cyprus Group: on the life insurance segment, the first position was held by EUROLIFE - almost 27% market share, while on the non-life insurance segment, the market leader was General Insurance of Cyprus (12.5% - market share).

According to IAC's website, there are 28 insurance company members which account for about 95% of the annual GWP.

Access and download the 3Q2015 Cyprus insurance market statistics.
  • Market portfolio (GWP/ Claims/ Growth rates)
  • Life and non-life rankings (GWP/ Market shares/ Growth rates)

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