The Insurance Association of Cyprus (IAC) announced its official membership, as of November 12, in the Global Federation of Insurance Associations (GFIA), the most important global federation of insurance associations and one of the most recognized representative bodies of the international insurance industry, cyprusinsurancenews.com reported.

Alpha Bank announced that it has reached an agreement for a strategic merge in Cyprus that is expected to lead to the creation of one of the three largest insurance groups in the country in both life and non-life sectors, with a leading position in the accidents and health insurance.

The insurance market of Cyprus totaled EUR 1,020.8 million at the end of September 2025, increasing by 9% y-o-y, according to the quarterly data published by The Insurance Association of Cyprus - IAC.

Life insurance GWP was up by 9.54% y-o-y to EUR 533 million, while the non-life segment reported a 8.47% growth rate, reaching EUR 487.77 million.

The value of amount payable by local insurers on life insurance segment – including Death Claims, Maturities, Surrenders & Other insured events – totaled EUR 256.2 million, up by 22.7% y-o-y, while non-life gross incurred claims (paid claims by insurers and variation of claims reserves, summed-up) decreased by 0.5% y-o-y to EUR 195.8 million.

The largest non-life insurer in terms of GWP was GENERAL INS. CYPRUS with 11.21% market share (EUR 54.67 million), while EUROLIFE (31.11% market share, EUR 165.8 million) led the life ranking, as data from the IAC shows.

Access xprimm.com and download Cyprus insurance market statistics.

The Cyprus Insurance Institute (AIK) is preparing to host the 21st Annual Insurance Conference on November 12, 2025, at the Hilton Cyprus Hotel in Nicosia, cyprusinsurancenews.com writes.

The entry of Fairfax Financial Holdings Limited into the share capital of ERB Insurance, the general insurance company of Eurobank Limited in Cyprus, is expected to bring new dynamics to the Cypriot insurance sector, cyprusinsurancenews.com reports.

The merger of the Cypriot insurance companies of the Eurobank Group was completed on 10 October 2025, with the transfer of all insurance portfolios, assets and liabilities of Hellenic Life Insurance Company Limited and Pancyprian Insurance Limited to ERB Cyprialife Limited and ERB Asfalistiki Limited respectively, as Eurobank Limited announced, insuranceforum.gr reports.

After 26 years of strong presence in the Cypriot insurance market and with a clear commitment to strategic growth, Prime Insurance, a leading Cypriot insurer, enters a new chapter with the official presentation of its new brand: Grawe Insurance Company (Cyprus) Ltd., cyprusinsurancenews.com writes.

The insurance industry in Cyprus continued its upward trend in the first half of 2025, with total GWP amounting to EUR 696 million (+10.16% y-o-y), according to recent data from the Insurance Association of Cyprus - IAC.

The insurance market of Cyprus totaled EUR 346.5 million at the end of Q1 2025, up by 5% y-o-y, according to Insurance Association of Cyprus - IAC's data. Gross claims incurred increased by 7% y-o-y to EUR 153.27 million, of which EUR 89.8 million - life indemnities (+24.86% y-o-y), EUR 63.5 million - non-life (down by almost 11%).

The devastating fires that have hit the mountainous Limassol region have caused huge damage to hundreds of homes and properties.

International business of insurance companies-members of the Insurance Association of Cyprus (IAC) recorded a significant increase of 21.1% in 2024, reaching EUR 43.3 million from EUR 35.8 million in 2023, according to recent data, cyprusinsurancenews.com writes.

Austrian insurance group Grazer Wechselseitige Versicherung AG (GRAWE) has announced a major expansion move into Southeastern Europe by acquiring a 98.7% stake in Prime Insurance Company Ltd., a leading Cypriot insurer. The deal, subject to regulatory approval, marks GRAWE’s first foray into the Cypriot insurance market as a primary insurer.

In the first quarter of 2025 the results of the Bank of Cyprus Group in the insurance sector are characterized by a significant increase in profitability and strategic expansion, confirming the growth path of the organization’s insurance business, cyprusinsurancenews.com writes. It is noted that acquisition of Ethniki Insurance (Cyprus) further strengthens the Group’s position.

Bank of Cyprus Holdings Public Limited Company announced the signing of a binding agreement with the Hellenic General Insurance Company “Ethniki” for acquisition of 100% of Ethniki Insurance (Cyprus) Ltd.

Cypriot insurers reported FY2024 aggregate GWP of EUR 1.31 billion, up by 8.23% y-o-y, according to the year-end market figures report published by the Insurance Association of Cyprus - IAC. One should note that statistical information for 2023 were reconsidered, since the moment we have published the FY2023 analysis

The Bank of Greece approved the acquisition of CNP Cyprus’s insurance companies – CNP Cyprialife and CNP Insurance – by the Hellenic Bank group, according to the Hellenic Bank CEO Michael Louis, cyprusinsurancenews.com wrote.

Hellenic Bank presented strong financial results for 2024, confirming its growth trend and strategic commitment to strengthening its position in the insurance sector of Cyprus, cyprusinsurancenews.com wrote.

Celebrating the milestone of 100 years of the insurance industry in Cyprus, the Cyprus Insurance Association (SAEK) held its traditional ceremony in Nicosia on February 5.

The insurance market of Cyprus totaled EUR 936.3 million at the end of September 2024, increasing by 7.6% y-o-y, according to the quarterly data published by The Insurance Association of Cyprus - IAC.

According to the Association of Insurance Companies of Cyprus, the insurance sector confirmed over the first 9 months of 2024 its stability and resilience to external factors.