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 GWP from non-life insurance lines totaled EUR 614.18 million (up by 5.64% y-o-y), while the life insurance segment generated premiums of EUR 689.45 million, or 10% more y-o-y.

During the period, the value of gross claims incurred was EUR 556.55 million (up by 9.46% y-o-y), of which EUR 286.7 million related to life insurance, and EUR 269.8 million to non-life insurance. Whitin the non-life insurance scope, the segments with the largest claim expenses were: motor - EUR 144.62 million, accidents & health - EUR 58.9 million and fire insurance – EUR 387 million.

The largest life insurers in the country in terms of GWP were EUROLIFE, CNP CYPRIALIFE and ANCORIA, who took over the third position from UNIVERSAL Life - which accounted together for 65% of life premiums, while in the non-life insurance segment, the Top 3 insurers (CNP Asfalistiki, General Insurance of Cyprus and Trust) accounted for about 31.67% of non-life GWP.

Access XPRIMM Database and download the FY2024 Cyprus insurance market statistics.