STATISTICS: CYPRUS, FY2017: Non-life underwriting result increased by more than 10%

Total FY2017 GWP amounted to EUR 816.6 million, compared to EUR 765.3 million in 2016, representing a healthy 6.5% growth, according to the market figures published by the Insurance Association of Cyprus - IAC.

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)

Related articles

photodune-3834701-laughing-girl-xs

STATISTICS: CYPRIOT insurers' Q1 GWP up by 6.5% y-o-y

Cypriot insurers reported aggregate GWP of EUR 234.4 million in the first three months of 2017, up by 6.5% y-o-y, according to the quarterly market figures published by the Insurance Association of Cyprus - IAC.

2017-06-22

STATISTICS: CYPRUS, 3Q: The GWP growth-rate was supported by both market segments

According to the quarterly report on insurers' performance published by the Insurance Association of Cyprus (IAC), at the end of September 2016 the local insurance industry totaled EUR 565 million in GWP, up by 2.7% y-o-y. Per business segments, the value of life GWP was up by 3.3% y-o-y to EUR 235.7 million, while the non-life insurers generated a volume of EUR 329.4 million (approximately 58.3% of the total premiums), up by 2.4% y-o-y.

2016-12-08

STATISTICS: CYPRUS, 1H2015: Market's status almost unchanged in the last 12 months

According to the figures published by the Insurance Association of Cyprus - IAC, in the period January-June 2015, the total volume of gross written premiums by the member companies remained approximately at the 1H2014 level: EUR 381.74 million, down by 0.03% y-o-y. According IAC's web-site, there are 28 insurance company members which account for about 95% of the annual GWP.

2015-10-08

ON THE MOVE

TOP EVENT

FIAR 2018 - Motor Insurance Conference (I & II): with the right use of technoloogy, clients' expectations and MTPL insurer's profitability may go hand in hand

The first and second parts of the Motor Insurance Conference taking place at FIAR 2018 focused on the new MTPL Law in Romania and the way it changed the market after almost 1 year of implementation, as well as the consequences of the new legislative framework and the operational challenges this brings, but also the most suitable solutions for balancing regulation, insurers' appetites and customer expectations on the MTPL market.

16.05.2018

FIAR 2018: Brokers' Conference (II): digitization and technology are needed for efficient operations, but will not replace the human touch in consultancy

The second part of the Brokers' Conference taking place at FIAR 2018 analyzed the impact of European Union's legislative overhaul - IDD & GDPR -, also bringing into debate study cases and real-life scenarios of what the brokers face on the market, and, last but not least, trying to see whether digitization and InsurTech could truly lead to disintermediation.


15.05.2018

Brokers' Conference (I): Until 1 July, when we will see the final version of the IDD, we cannot say for certain if we are ready and how ready we actually are

The second day of debates at FIAR 2018 started with The Brokers' Conference, the event dedicated to the mediation market in Romania and in the CEE region. The first part of the conference focused on a market overview and also analyzed the challenges of the IDD implementation, as well as the potential impact of IPID for MTPL and PAD.

15.05.2018

INSURANCE IN A DIGITAL WORLD Conference: capacity, consistency and culture are the three key success factors in the digital transformation of insurers

The INSURANCE IN A DIGITAL WORLD Conference, taking place at FIAR 2018, brought into debate the impact of digitization on the insurance industry. The first part of the conference focused on risks & opportunities of digitalization for both industry and consumers, as well as case studies and best practices: BigData & IoT, BlockChain, Peer-to-Peer, and AI.

14.05.2018

Insurance Market Trends Conference (II): GDPR and IDD, European regulations affecting all business lines, as well as the compliance with the Solvency II framework, are the main challenges ahead for the Romanian market

During the second part of the Insurance Market Trends Conference, taking place at FIAR 2018, the debates focused on the current situation in Romania and the sustainable development for a growing and stable insurance market, as well as the challenges and opportunities for the local insurers.


14.05.2018

See all