Location map
author: OCHA/ ReliefWeb

- Eurasian island located in the Eastern Mediterranean Sea;
- Cyprus is the third largest island in the Mediterranean Sea.
- Neighbours: Greece, Turkey, Syria, Lebanon, Egypt.

- subtropical climate Mediterranean type of climate, with very mild winters (on the coast) and warm to hot summers;
- snow is possible only in the Mountains, in the central part of island;
- rains occurs mainly in winter, summer being generally dry.

Natural Hazards:
- moderate earthquake activity;
- droughts.

Macro indicators
* 2018 estimates
Pop. density*:93.0people/km2
GDP*:20.7EUR billion

European Union:
EU member, since 2004

Currency: Euro
Code: EUR
Since: 2008

Insurance market portfolio
* 2018 estimates
Overall Motor*:21%



STATISTICS: Cypriot Q1 insurers' business expanded to EUR 330 million

The insurance market of Cyprus totaled EUR 330 million at the end of Q1 2024, up by 7.8% y-o-y, according to Insurance Association of Cyprus - IAC's data. Gross claims incurred increased by 10.8% y-o-y to EUR 143.1 million, of which EUR 71.9 million - life indemnities (+21% y-o-y), EUR 71.2 million - non-life (up by 2.1%).

STATISTICS: Cyprus insurers' H1 GWP expanded to EUR 586 million

Cypriot insurers posted H1 2023 aggregate GWP of EUR 585.9 million, up by EUR 57 million (or by 11.8% y-o-y), according to the half-year market figures report published by the Insurance Association of Cyprus - IAC. Non-life insurance segment totaled EUR 292.5 million (up by 9.8% y-o-y), while the life insurance segment generated premiums of EUR 293.3 million, or 11.8% more y-o-y.

STATISTICS: Cyprus: insurers reported subunit growth in Q1 business

The insurance market of Cyprus totaled EUR 243 million at the end of Q1 2021, up by 0.5% y-o-y, according to Insurance Association of Cyprus - IAC's data. GWP from non-life insurance lines totaled EUR 131.8 million (down by -3% y-o-y), while the life insurance segment generated premiums of EUR 110.9 million, or 5% more y-o-y.

STATISTICS: Cyprus insurance market ended 2020 with increasing GWP

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.

SSL Endeavour rebranded to OneGlobal Insurance Broking, in Greece & Cyprus

SSL Endeavour in Greece & Cyprus has now officially rebranded to OneGlobal Insurance Broking Ltd in full alignment with the Group's businesses globally. The group's rebranding operation started in June 2020, announcing ambitious plans for organic growth and the acquisition of like-minded broking businesses and talented individuals.