The insurance market of Cyprus totaled EUR 306 million at the end of Q1 2023, up by 11.83% y-o-y, according to Insurance Association of Cyprus - IAC's data. Gross claims incurred increased by 12.22% y-o-y to EUR 129.16 million, of which EUR 59.40 million - life indemnities (+1% y-o-y), EUR 69.75 million - non-life (up by 23.96%).

GWP from non-life insurance lines totaled EUR 151.24 million (up by 12.42% y-o-y), while the life insurance segment generated premiums of EUR 154.77 million, or 11.26% more y-o-y.

The largest life insurer in the country was EUROLIFE (28.29% market share), while the non-life field was led by CNP ASFALISTIKI (11.14%).

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