The gross premiums written for the non-life sector increased to EUR 465.3 million in 2017 from EUR 442 million a year before, an increase of 5.3% y-o-y. The performance of the Accident & Health insurance subsector stands out, having surged by an impressive 12.3% y-o-y. At the same time, motor insurance remains, by far, the largest non-life class with total GWP reaching EUR 171 million. The life sector follows on a positive path, with premiums increasing to EUR 348.4 million from EUR 323.3 million in 2016, representing an increase of 7.8%.
Total claims paid in 2017 amounted to EUR 486.3 million, or EUR 1.3 million per day, up from EUR 472.5 million paid in 2016, representing an increase of 2.9%. This is driven by a significant uptick in the number of claims in the non-Life sector, from 437,639 claims in 2016 to 484,719 at the end of 2017. Of the total claims, a total volume of EUR 265.9 million was related to non-life business, a 4.3% y-o-y increase and EUR 220.4 million to life business, or 1.3% more y-o-y.
In terms of profitability, at the end of 2017, the life insurance market reported a gross underwriting profit of EUR 38.30 million (vs. EUR 28.07 million in 2016), while the net underwriting profit was EUR 33.41 million. All life insurers reported profits, from this point of view the top 3 being as follows: EUROLIFE (net profit of EUR 14.66 million), CYPRIALIFE (EUR 9.83 million) and UNIVERSAL Life (EUR 3.80 million).
The underwriting result in non-life insurance was EUR 25.03 million, or 10.10% more y-o-y. The largest contribution had the following segments: fire (EUR 19.18 million) and liability (EUR 7.38 million), while the A&H sub-segment experienced a loss of -EUR 1.22 million.
Life premiums in 2017 were shared among eleven insurance companies with the three largest companies controlling 72.62% of total life GWP, while non-life GWP was shared among 27 companies - top three insurers controlling 29.41% of total non-life GWP.
Access www.xprimm.com and download the FY2017 Cyprus insurance market statistics.
- Market portfolio (GWP/ Claims/ Growth rates)
- Life and non-life rankings (GWP/ Market shares/ Growth rates)