STATISTICS: CYPRUS, FY2016: GWP up by 2.6% y-o-y, mostly supported by the non-life lines

27 April 2017 — Vlad BOLDIJAR
Cypriot insurers posted aggregate GWP of EUR 764 million last year, up by 2.6% y-o-y, according to the FY2016 market statistics published by the Insurance Association of Cyprus - IAC.

Per segments, the value of life GWP was up by 0.7% y-o-y to EUR 322 million, while the non-life insurers generated a volume of EUR 442 million, or 4% more 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 of EUR 472.5 million, of which EUR 217.5 million for life policies, and EUR 255 million - non-life.

In the life insurance segment, the top three businesses remained the same as as a year before, with slight changes in the companies' market shares: EUROLIFE with a 25.60% market share, CNP Cyprialife with 24.69% and UNIVERSAL Life with a 14.12% market share.

In non-life insurance, CNP Asfalistiki (a 11.19% market share) led the field ahead of GENERAL INSURANCE of Cyprus (10.17%) and UNIVERSAL Life (8.22%), as data from IAC shows.

Access and download the FY2016 Cyprus insurance market statistics.
  • Market portfolio (GWP/ Claims/ Growth rates)
  • Life and non-life rankings (GWP/ Market shares/ Growth rates)

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