STATISTICS: CYPRUS, 3Q2019: Non-life insurers supported the market GWP positive rate

12 December 2019 — Andrei Victor
The Cypriote insurance market increased by 4.66% y-o-y at the end of 3Q2019 according to the data published by The Insurance Association of Cyprus - IAC, amounting to a figure over EUR 678.55 million in GWP.

Life insurance has dropped in the past 9 months of 2019 with a change of -1.15% y-o-y to EUR 284.48 million, while the Non-life segment reported a positive rate of 9.30%, reaching EUR 394 million as compared with EUR 360 million for the year 2018. The three major non-life classes - Accidents and health, Fire and Motor - totaled EUR 334.80 million (or half of total market), a rise from EUR 315 million at the end of 3Q2018.

At the same time, the value of paid claims by insurers was up by 7.3% to EUR 375 million due the double digit increase in non-life payments, according to the report of the Insurance Association of Cyprus on insurers' performance.

The top three non-life insurers remained the same as in 3Q2018, with slight changes in the companies' market shares: Universal Life with 10.16%, CNP Asfalistiki 9.75% and General Insurance of Cyprus 9.25% market share. In life insurance, EUROLIFE (25.31% market share) led the field ahead of CNP CYPRIALIFE (24.35%) and UNIVERSAL LIFE (13.91%), as data from the IAC shows.

Access and download the 3Q2019 Cyprus insurance market statistics.

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