GWP for the non-life sector increased to EUR 492.6 million from EUR 466.3 million a year before, an increase of 5.6% y-o-y. The life sector follows a positive path, with premiums increasing to EUR 378.9 million from EUR 348.5 million in 2017, representing an increase of 8.8%.
Incurred claims (summation of payments and reserves) in 2018 amounted to EUR 490 million, up from EUR 486 million in 2017, representing an increase of 0.8%.
In terms of profitability, at the end of 2018, the life insurance market reported a gross underwriting profit of EUR 34.1 million vs. EUR 38.3 million in 2017, while the net underwriting profit was EUR 29.2 million. The underwriting result in non-life insurance was EUR 26.6 million vs. EUR 25.0 million in 2017.
Access www.xprimm.com and download the FY2018 Cyprus insurance market statistics.