STATISTICS: Cyprus: insurers reported subunit growth in Q1 business

5 August 2021 — Andrei Victor
The insurance market of Cyprus totaled EUR 243 million at the end of Q1 2021, up by 0.5% y-o-y, according to Insurance Association of Cyprus - IAC's data. GWP from non-life insurance lines totaled EUR 131.8 million (down by -3% y-o-y), while the life insurance segment generated premiums of EUR 110.9 million, or 5% more y-o-y.

The value of gross claims incurred (payments and reserves summed-up) decreased by 22% y-o-y to EUR 103.8 million, of which EUR 51.5 million - life indemnities (-26% y-o-y), while non-life claims compressed by EUR 18% y-o-y to EUR 52.3 million.

The largest life insurer in the country was EUROLIFE (28.1% market share), while the non-life field was led by CNP ASFALISTIKI (11%).

Access and download the latest Cyprus insurance market statistics.

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