STATISTICS: Cyprus insurance market ended 2020 with increasing GWP

3 June 2021 — Andrei Victor
Last year, the insurance industry of Cyprus totaled EUR 917 million, up by almost 3% y-o-y, according to end-year preliminary market figures published on the IAC website - the local professional association.

Non-life GWP reported subunit decrease (-0.7% y-o-y) to EUR 507 million, while the life segment accelerated by 7.5%% y-o-y, totaling ~EUR 410 million.

In terms of profitability, the life insurance market reported a gross underwriting profit of EUR 27.43 million vs. EUR 42.82 million in 2019, while the net underwriting profit was EUR 21.66 million. The underwriting result in non-life insurance increased to EUR 44.65 million vs. EUR 24.42 million in 2019.

In terms of premiums, the largest life insurers in the country were EUROLIFE, CNP CYPRIALIFE and UNIVERSAL Life - which accounted together for 67% of life premiums, while in the non-life insurance segment, the Top 3 insurers (CNP Asfalistiki, General Insurance of Cyprus and Universal) accounted for about 30% of non-life GWP.

Access and download the latest Cyprus insurance market statistics.

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