The insurance market of Cyprus totaled EUR 701.4 million at the end of September 2021, increasing by almost 5% y-o-y, according to the quarterly data published by The Insurance Association of Cyprus - IAC.

At the same time, the value of incurred claims (paid claims by insurers and variation of claims reserves, summed-up) decreased by 4.5% to EUR 282 million.

In terms of premiums, life insurance increased by 10.5% y-o-y to EUR 323.4 million, while the non-life segment reported a subunit change of 0.6%, reaching EUR 378 million. The three major non-life classes - Accidents and health, Fire and Motor - totaled EUR 25 million - almost half of total market, or 89% of Non-life GWP.

The largest non-life insurer in terms of GWP was CNP ASFALISTIKI with 10.8% market share (EUR 40.9 million), while EUROLIFE (28.5% market share, EUR 92.1 million) led the life ranking, as data from the IAC shows.

Access xprimm.com and download the end-September 2021 Cyprus insurance market statistics.