The insurance market of Cyprus totaled EUR 765.5 million at the end of September 2022, increasing by more than 9% y-o-y, according to the quarterly data published by The Insurance Association of Cyprus - IAC.

Life insurance increased by 15.8% y-o-y to EUR 374.4 million, while the non-life segment reported a 3.5% growth rate, reaching EUR 391.1 million. The three major non-life classes - Accidents and health, Fire and Motor - totaled EUR 334.1 million - almost 44% of total market, or 85% of Non-life GWP.

The value of amount payable by local insurers on life insurance segment - including Death Claims, Maturities, Surrenders & Other insured events - totaled EUR 163.6 million, up by 7.4% y-o-y, while non-life gross incurred claims (paid claims by insurers and variation of claims reserves, summed-up) increased by 4.7% y-o-y to EUR 169.4 million.

It is worth mentioning that IAC data reflects the local insurance business by IAC member companies which represent approx. 98% of the local GWP.

The largest non-life insurer in terms of GWP was GENERAL INS. CYPRUS with 11.33% market share (EUR 44.3 million) ahead of the former leader CNP ASFALISTIKI (11.1% market share, EUR 43.4 million).

EUROLIFE (27.8% market share, EUR 104.3 million) led the life ranking, while CNP CYPRIALIFE ranked second with EUR 85.6 million (22.9%), as data from the IAC shows.

Access xprimm.com and download the 3Q2022 Cyprus insurance market statistics.