The insurance market of Cyprus totaled EUR 870 million at the end of September 2023, increasing by 13.6% y-o-y, according to the quarterly data published by The Insurance Association of Cyprus - IAC.

Life insurance GWP was up by 18.5% y-o-y to EUR 443.5 million, while the non-life segment reported a 9% growth rate, reaching EUR 426.5 million.

The value of amount payable by local insurers on life insurance segment – including Death Claims, Maturities, Surrenders & Other insured events – totaled EUR 186.5 million, up by 14% y-o-y, while non-life gross incurred claims (paid claims by insurers and variation of claims reserves, summed-up) increased by 12.7% y-o-y to EUR 191 million.

The largest non-life insurer in terms of GWP was GENERAL INS. CYPRUS with 11.4% market share (EUR 48.7 million), while EUROLIFE (30.6% market share, EUR 135.5 million) led the life ranking, as data from the IAC shows.

Access xprimm.com and download the 3Q2023 Cyprus insurance market statistics.