CYPRUS, 1H2012: The insurance market has slightly decreased

The total volume of gross premiums written by the Insurance Association of Cyprus (IAC) members amounted to EUR 420.50 million in 1H2012, representing a slight decrease of 0.44% Y-o-Y.

In the life insurance segment, GWP has decreased by 3.55%, reaching almost EUR 188 million, while the non-life insurance segment accounted for EUR 233 million (55.4% of total premiums), 2.2% more compared to 1H2011.

At the same time, almost entirely, the non-life segment was quantitative dominated by three major insurance classes: Accidents & Health, Fire and Motor insurance, respectively. The three business lines generated in the analyzed period almost EUR 203 million, or 87% of the non-life insurance field.

In life insurance segment, the top three ranking remained the same as in 1H2011, with slight changes in companies' market shares: EUROLIFE with 27.6% market share, LAIKI CYPRIALIFE with 25.9% and UNIVERSAL Life Company with 14.3% market share.

In non-life insurance, LAIKI Insurance (14.7% market share) led the field ahead of GENERAL INSURANCE of Cyprus (11.3%) and PANCYPRIAN (8.1%), as data from the Insurance Association of Cyprus show.

Access www.xprimm.com and download the 1H2012 Cyprus insurance market statistics.
  • Market portfolio (GWP/Growth rates)
  • Life and non-life market rankings (GWP/Market shares/Growth rates)

Follow XPRIMM Publications on LinkedIn, for more data on the insurance and financial industry.

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