Cyprus

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Location map
author: OCHA/ ReliefWeb


Location:
- Eurasian island located in the Eastern Mediterranean Sea;
- Cyprus is the third largest island in the Mediterranean Sea.
- Neighbours: Greece, Turkey, Syria, Lebanon, Egypt.

Climate:
- subtropical climate Mediterranean type of climate, with very mild winters (on the coast) and warm to hot summers;
- snow is possible only in the Mountains, in the central part of island;
- rains occurs mainly in winter, summer being generally dry.

Natural Hazards:
- moderate earthquake activity;
- droughts.

Macro indicators
* 2018 estimates
Surface:9,251km2
Population*:0.9million
Pop. density*:93.0people/km2
GDP*:20.7EUR billion
GDP/capita*:23,987.4EUR

European Union:
EU member, since 2004

Currency: Euro
Code: EUR
Since: 2008


Insurance market portfolio
* 2018 estimates
TOTAL LIFE*:44%
TOTAL NON-LIFE*:56%
Overall Motor*:21%

Sources:


 


Statistics

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Cyprus FY2020 Market Portfolio

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Cyprus FY2020 Insurance Companies Rankings


See all statistics

Latest news

STATISTICS: Cyprus insurance market ended 2020 with increasing GWP

Last year, the insurance industry of Cyprus totaled EUR 917 million, up by almost 3% y-o-y, according to end-year preliminary market figures published on the IAC website - the local professional association.

Non-life GWP reported subunit decrease (-0.7% y-o-y) to EUR 507 million, while the life segment accelerated by 7.5%% y-o-y, totaling ~EUR 410 million.

In terms of profitability, the life insurance market reported a gross underwriting profit of EUR 27.43 million vs. EUR 42.82 million in 2019, while the net underwriting profit was EUR 21.66 million. The underwriting result in non-life insurance increased to EUR 44.65 million vs. EUR 24.42 million in 2019.

SSL Endeavour rebranded to OneGlobal Insurance Broking, in Greece & Cyprus

SSL Endeavour in Greece & Cyprus has now officially rebranded to OneGlobal Insurance Broking Ltd in full alignment with the Group's businesses globally. The group's rebranding operation started in June 2020, announcing ambitious plans for organic growth and the acquisition of like-minded broking businesses and talented individuals.