STATISTICS: CYPRUS, 3Q2024: 7.6% overall growth, with a higher dynamic on the life segment

23 January 2025 — Daniela GHETU
STATISTICS:  CYPRUS, 3Q2024: 7.6% overall growth, with a higher dynamic on the life segment

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.

Life insurance GWP was up by 9.7% y-o-y to EUR 486.6 million, while the non-life segment reported a 5.45% growth rate, reaching EUR 449.7 million.

The value of amount payable by local insurers on life insurance segment – including Death Claims, Maturities, Surrenders & Other insured events – totaled EUR 208.85 million, up by 12% y-o-y, while non-life gross incurred claims (paid claims by insurers and variation of claims reserves, summed-up) increased by 3.14% y-o-y to EUR 196.8 million.

The largest non-life insurer in terms of GWP was GENERAL INS. CYPRUS with 11.08% market share (EUR 49.84 million), while EUROLIFE (28.9% market share, EUR 140.8 million) led the life ranking, as data from the IAC shows.

Access xprimm.com and download Cyprus insurance market statistics.
 

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