STATISTICS: CYPRUS, 1Q2020: Cypriot insurers reported Q1 increasing GWP and claims

10 September 2020 — Andrei Victor
The insurance market of Cyprus totaled EUR 255.63 million at the end of Q1 2020, up by 4.46% y-o-y, according to the most recent market figures published by the Insurance Association of Cyprus - IAC.

GWP from non-life insurance lines totaled EUR 135.88 million (up by 3.66% y-o-y), while the life insurance segment generated premiums of EUR 255.63 million, or 5.39% more y-o-y.

In terms of claims, the value of gross claims incurred (payments and reserves sumed-up) increased by 6.68% y-o-y to EUR 133.43 million. Per LoBs, on the life segment the mentioned indicator increased by almost 35% y-o-y to EUR 69.69 million, while non-life claims compressed by EUR 12.98% y-o-y to EUR 63.73 million.

The largest life insurer in the country was EUROLIFE (23.73% market share), while the non-life field was led by CNP ASFALISTIKI (10.09%).

Access and download the latest Cyprus insurance market statistics.
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