STATISTICS: Cyprus insurance market increased to EUR 1.3 billion in 2023

9 April 2024 — Andrei VICTOR
STATISTICS: Cyprus insurance market increased to EUR 1.3 billion in 2023

Cypriot insurers reported FY2023 aggregate GWP of EUR 1.31 billion, up by 13.3% 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 581 million (up by 9% y-o-y), while the life insurance segment generated premiums of EUR 729.5 million, or 17% more y-o-y.

During the period, the value of gross claims incurred was EUR 508.5 million (up by 9% y-o-y), of which EUR 258 million related to life insurance, EUR 133.2 million - motor, EUR 69.6 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 66% 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 31.4% of non-life GWP.

Access XPRIMM Database and download the FY2023 Cyprus insurance market statistics.
 

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