STATISTICS: CYPRUS insurance market declined by 3% in 2014

At the end of 2014, the Cypriot insurance market totaled EUR 727 million, recording an annual decrease of 3%, according to the figures published by the Insurance Association of Cyprus (IAC). The value of paid claims declined by 26% y-o-y to EUR 459 million. In case of life insurance, IAC reported a negative dynamic of 4.7% y-o-y to EUR 304 million while in case of non-life insurance segment, the decrease was 1.9% y-o-y to EUR 423 million.

All in all, the GWP market portfolio consisted of about 41.8% - life insurance, 22.0% - motor insurance, 14.8% - fire insurance, 13.8% - accidents an health, 5.3% - liability, while the remaining 2.3% was accounted by other non-life classes.

In the life insurance segment, the Top 3 largest insurers remained the same as in 2013, with slight changes in the companies' market shares: EUROLIFE ranked first with a 27.5% market share, followed by CNP CYPRIALIFE with 23.9% and UNIVERSAL Life Company with a 15.2% market share.

In non-life insurance, GENERAL INSURANCE of Cyprus (12.5% market share) led the market, followed by CNP Asfalistiki (11.9%) and UNIVERSAL (7.4%).

Access www.xprimm.com and download the FY2014 Cyprus insurance market statistics.
  • Market portfolio (GWP/ Claims/ Growth rates)
  • Life and non-life market rankings (GWP/ Market shares/ Growth rates)

Follow XPRIMM Publications on LinkedIn, for more data on the insurance and financial industry.

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