Based on data from the Association, cyprusinsurancenews.com presented top insurers from the total market participants that are active in the sector and are members of the Association of Insurance Companies of Cyprus (SAEK).
For the third quarter in a row, General Insurance remains at the top of the non-life ranking. The company recorded total premium production of EUR 49.8 million in the first nine months of 2024 (+2.4%). The company's market share was 13.6%. Fire insurance leads the company's production, exceeding EUR 24.4 million, followed by Motor Vehicle insurance with EUR 15.1 million.
CNP Asfalistiki ranks second with EUR 48.9 million (+2.6%). The company still maintains a high market share of 13.3%. Motor Vehicle insurance prevails in the company’s portfolio with GWP exceeding EUR 23 million, followed by fire insurance with EUR 16 million.
Trust Insurance Cyprus remains in third place with EUR 40.6 million for the period January – September 2024, marking a significant increase of 12.9%. The company, which has seen rapid growth in recent years, remains firmly in 3rd place in the ranking with its market share standing at 11.1%. The company’s strongest LoBs are Motor Vehicle insurance with EUR 21.6 million, and fire insurance with EUR 8.2 million.
Once again, Eurolife ranks first in life insurance. The company's GWP for the period January - September 2024 amounted to EUR 160.8 million (+3.9%). The company's total market share in 9M2024 saw a slight decrease and amounted to 28.2%. The insurer’s portfolio consists of life policies (EUR 129.8 million), pension plans (EUR 10.9 million) and Accident & Health (EUR 19.9 million).
CNP Cyprialife is firmly in second place in the life segment. The company's GWP for the period reached EUR 127.7 million, marking an increase of 12.1%, while the company's market share was 22.4%. The company of the CNP Cyprus group, whose acquisition by the Hellenic Bank group is expected to be completed in the coming months, generated EUR 114.6 million in life policies, EUR 11.7 million in Accident & Health while in pension insurance plans the company's premiums reached EUR 1.4 million.
Universal Life remains in third place with EUR 88.9 million (+11.2%). The company's market share for the first 9 months of last year was 15.6%. Universal Life is the leader in the Accident & Health segment with EUR 31.4 million while its life premiums reached EUR 50.4 million. The company's premium production in pension plans reached EUR 7.2 million, marking a significant increase, the source added.
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