STATISTICS: Cyprus insurance market crossed the EUR 1 billion threshold at the end of 2022

6 April 2023 —
STATISTICS: Cyprus insurance market crossed the EUR 1 billion threshold at the end of 2022
Cypriot insurers reported FY2022 aggregate GWP of EUR 1.05 billion, up by 9.5% y-o-y, according to the year-end market figures report published by the Insurance Association of Cyprus - IAC.

The GWP from non-life insurance lines totaled EUR 533 million (up by 4% y-o-y), while the life insurance segment generated premiums of EUR 520 million, or 15.7% more y-o-y.

During the period, the value of gross claims incurred was EUR 466.6 million (up by 9% y-o-y), of which EUR 231.3 million related to life insurance, EUR 130.5 million - motor, EUR 66.4 million - accidents & health.

The largest life insurers in the country in terms of GWP were EUROLIFE, CNP CYPRIALIFE and UNIVERSAL Life - which accounted together for 65% of life premiums, while in the non-life insurance segment, the Top 3 insurers (CNP Asfalistiki, General Insurance of Cyprus and Trust) accounted for about 31% of non-life GWP.

In terms of profitability, the life insurance market reported a gross underwriting profit of EUR 76.62 million vs. EUR 28.81 million in 2021, while the net underwriting profit was EUR 64.12 million vs. EUR 22.31 million. The underwriting result in non-life insurance decreased by 5.5% y-o-y to EUR 62.12 million vs. EUR 65.76 million at the end of 2021.

Access xprimm.com and download the FY2022 Cyprus insurance market statistics.

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