STATISTICS: CYPRUS, FY2019: The market accelerated almost 4% y-o-y

16 April 2020 — Andrei Victor
Last year, the insurance industry of Cyprus totaled EUR 892 million, up by almost 4% y-o-y, according to end-year preliminary market figures published on the IAC website - the local professional association.

By segments, non-life classes grew by 5.3% to EUR 507 million, the main contribution to this growth-rate being the 8% rise in accident & health insurance business, or EUR 12 million in absolute value, followed by the 5.2% y-o-y increase (or EUR 8.7 milion) reported by Motor LoB. The life GWP accelerated by 3.7% y-o-y, totaling ~EUR 385 million.

In terms of premiums, the largest life insurers in the country were EUROLIFE, CNP CYPRIALIFE and UNIVERSAL Life - which accounted together for two quarters of life GWP, while in the non-life insurance segment, the Top 3 insurers (CNP Asfalistiki, UNIVERSAL and General Insurance of Cyprus,) accounted for about 31% of non-life GWP.

Access and download the latest Cyprus insurance market statistics.

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