STATISTICS: Cyprus insurance market posted Q3 subunit growth rate

14 January 2021 —
The Cyprus insurance market increased by 0.74% y-o-y at the end of 3Q2020 according to the data published by The Insurance Association of Cyprus - IAC, amounting EUR 66823 million.

Life insurance increased by 2.82% y-o-y to EUR 292.50 million, while the Non-life segment reported a negative change of -0.82%, reaching EUR 375.73 million as compared with EUR 378.84 million for the year 2019.

The three major non-life classes - Accidents and health, Fire and Motor - totaled EUR 330 million - half of total market, or 88% of Non-life GWP.

At the same time, the value of incurred claims (paid claims by insurers and claims reserves, summed-up) decreased by 9.38% to EUR 330.67 million.

The top three non-life insurers as GWP were formed by CNP ASFALISTIKI with 10.46% market share, GENERAL INS. CYPRUS 9.68% and UNIVERSAL 9.59%. In life insurance, EUROLIFE (27.53% market share) led the field ahead of CNP CYPRIALIFE (25.42%) and UNIVERSAL LIFE (13.73%), as data from the IAC shows.

Access and download the 3Q2020 Cyprus insurance market statistics.