STATISTICS: CYPRUS, FY2015: Subunit growth rate for the insurance market

According to data published by the Insurance Association of Cyprus - IAC, last year, the total volume of GWP by the member companies remained approximately at the FY2014 level: EUR 732 million, up by 0.68% y-o-y.

The aggregate value of incurred claims was down by 1.85% y-o-y to EUR 450.38 million. In case of life segment, the figure decreased by 5.92% y-o-y to EUR 231.94 million, while in case of non-life subclasses, the same indicator was up by 2.87% to 218.45 million.

In terms of GWP, the value of life premiums increased by 1% y-o-y, totaling EUR 307.09 million, while the Cypriots non-life insurers generated a volume of EUR 424.91 million (~58% of total premiums), a contraction of 0.45% y-o-y.

In the life segment, the top three insurers as GWP were EUROLIFE (with a 27.20% market share), CNP CYPRIALIFE (with 23.91%) and UNIVERSAL Life Company (14.65%).

In non-life, CNP Asfalistiki (a 11.56% market share) led the field ahead of GENERAL Insurance of Cyprus (11.23%) and UNIVERSAL (7.40%), as data from IAC shows.

Access www.xprimm.com and download the FY2015 Cyprus insurance market statistics.
  • Market portfolio (GWP/ Claims/ Growth rates)
  • Life and non-life rankings (GWP/ Market shares/ Growth rates)

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

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